Fletchers in $425m buy-up

The price was disclosed in three Overseas Investment Commission approvals in the latest batch of decisions.

The buyer is Fletcher Residential, New Zealand's largest builder of houses.

It is part of Fletcher Building, the country's third-largest listed company.

The biggest of the deals is the $299.8 million purchase of 60.27ha of former Mt Wellington quarry land from Greg Olliver's company, Landco Mt Wellington, which is the subdivider.

It is the biggest area of undeveloped residential-zoned land in Auckland.

Fletcher Building chief executive Ralph Waters said yesterday the company would finance the purchases from the sale of finished properties in other Fletcher housing estates, rather than paying $425 million in one chunk.

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