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Update: SkyCity Confirms Unconditional Sale of Commercial Properties; Shares Jump 7%

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(Update to add stock movement on the Australian bourse in the third paragraph)

SkyCity Entertainment Group (NZE:SKC, ASX:SKC) said the sale of its 99 Albert Street office building and Victoria Street investment properties has become unconditional, according to Friday filings with the New Zealand and Australian bourses.

Mainland Capital, in partnership with Russell Property Group, has agreed to acquire the properties for NZ$74.5 million, with the transaction expected to settle on Sept. 1, the filing added.

The company's New Zealand shares jumped 7% in recent Friday trade. Its shares also rose 4% in recent trading on the Australian bourse.

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