Centuria CEO on Queenstown Lakeview exit: "Time is right to step back."

In a statement to Crux today the CEO of Centuria NZ, Mark Francis, has explained that "the time is right to step back from the (Lakeview) project."

Centuria owned 25% of the $2 billion Queenstown project. The terms of Centuria's exit have not been disclosed.

Here's the full statment:

"Melbourne-based property developer, 94 Feet, has acquired Centuria NZ's interest in the mixed-use development, Lakeview-Taumata, taking full control of the project.

Previously, the project was a collaboration between 94 Feet (lead developer), Centuria NZ, and Britomart Hospitality Group, in partnership with the Queenstown Lakes District Council.

Mark Francis, Centuria NZ CEO, said "We are proud of our involvement in the Lakeview-Taumata development and our team has made significant contributions throughout the planning and consenting phases.

“Recently, 94 Feet expressed interest in acquiring Centuria NZ’s position and we concluded the time was right to step back from the project as our strategic focus shifts to other emerging investment opportunities.

“We are confident 94 Feet's expertise and vision will make Lakeview-Taumata a great success, bringing significant benefits to the Queenstown Lakes area over the long-term."

Lakeview-Taumata is a long-term Queenstown development providing residential, hospitality, and retail offerings."

Source: Mark Francis, CEO of Centuria NZ.

Read full Crux coverage of the troubled QLDC Lakeview project that has so far cost Queenstown ratepayers in excess of $100 million.