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
KMD Brands announces new Group Chief Financial Officer
Commerce Commission to issue SOI re Viridian application
FBU - Moody's affirms FBU Baa3/stable rating
Contact Energy FY25 Financial Results Presentation
NZX Chief Executive Mark Peterson to depart in April 2026
BRW - Expansion of Napier Production in Post-Cyclone Rebuild
July 24th Morning Report
Air New Zealand 2025 Annual Results Webcast Details
FPH provides Investor Event presentation
Tower to discontinue multi-policy discounts