Paramount Property lists at $1.00

The company raised $25 million in an initial public offering last month.

The trust plans to use the money raised to buy two Auckland properties, AGC Building in the Viaduct Harbour precinct, and Ericsson House in the Domain Centre office park, and intends to subsequently add further properties to its portfolio.

Symphony Group and associates, developers of the properties that Paramount will acquire, will be issued 6.277 million units outside of the public offer as part consideration for the properties.

Symphony Group is the manager of the trust through a wholly owned subsidiary.

The initial gross dividend yield for the trust is forecast to be 11 percent for the year to March 31, 2003, on an annualised basis, increasing to 11.2 percent for the financial year to March 2004. Dividends are to be paid quarterly.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.