Friday 7th November 2003
|Text too small?|
The properties are located in Auckland, Wellington and Christchurch and are a mixture of commercial, industrial and retail buildings. The vendors offered the properties for sale to the trust as a portfolio. Accordingly, the trust
will look to dispose of a number of the smaller and lower value properties in due course and in an orderly manner.
MFL Mutual Fund and SIL Mutual Fund are two separate New Zealand
superannuation funds registered under the Superannuation chemes Act 1989. They have in aggregate $900 million under management and approximately 48,000 members.
The agreed price for the acquisition is $282.7 million. The purchase price will be funded through the issue to the Vendors of 182 million new units in the trust at $1 per unit and $100.7 million cash. The Trust has received approval from the ANZ Bank to extend its banking facility.
The acquisition is subject to unitholder approval and the approval of the Overseas Investment Commission. Documentation is expected to be concluded imminently. An explanatory memorandum and an appraisal report in respect of the acquisition will be sent to unitholders shortly and a date for a meeting of unitholders to consider the acquisition will be advised accordingly.
NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.
No comments yet
ING Property replaces difficult retail site
ING Property Trust announces re-appointment of independent director
ING Property sees challenging year ahead
ING trusts getting name change
ING Property says $96.8m depreciation hit won't hurt pay-out
ING Property Trust loss narrows, breaches covenant on Manawatu JV
ING Medical takes swipe at proposed tax tweaks
ING Property posts 1st half loss of $5.6 mln as property market remains strained
ING Property sells three properties for $10.4 million
ING Property Trust planned asset sales progressing