By Chris Hutching
Friday 5th April 2002 |
Text too small? |
The management company has rights to management fees and also rights to control voting and appointment of directors to Kiwi Income Property Ltd.
The Stock Exchange-listed Colonial First State Property Trust, whose management is also ultimately controlled from Sydney, is unaffected by the move.
Colonial First State, through its control of Kiwi Income and Colonial Property Trust now controls 38.75% of the NZSE property index.
One of the reasons for selling Kiwi Property Management appears to have been to facilitate capital-raising for Kiwi Income Property Trust's proposed redevelopment of Sylvia Park in Auckland, estimated to require about $400 million. Investment money for the Sylvia Park development in Auckland may come from Australia.
There is also speculation that Colonial might merge Colonial First State Property Trust and listed Newmarket Property Trust (managed by the Colonial group) but shareholders of both trusts would have to agree.
No comments yet
Contact secures gas supply
MCK - MARKET UPDATE ON RESPONSE TO CDLHHNZ TAKEOVER NOTICE
January 22nd Morning Report
ATM - 1H25 Results Announcement Date and Webcast Notification
MCK RECEIVES TAKEOVER OFFER FROM CDLHHNZ
PHL - Senior Manager Change
Steel & Tube 1H25 Interim Results to be announced on 24 Feb
January 20th Morning Report
KPG - Changes to the Kiwi Property Board
IKE - Timing of Quarterly Performance Update and Conference Call