Revamp for ANZO

Listed AMP NZ Office Trust (ANZO) manager AMP Capital will sell half the management contract to Ronin Property Group, which manages the Ronin Property Trust, a specialist office Trust, listed on the Australian Stock Exchange with a market capitalisation of about $A1 billion.

Ronin Property Group will become ANZO's largest unitholder, acquiring 30% of ANZO at $0.87 a unit from the National Provident Fund (NPF), which has 37% of ANZO. (AMP is one of eight fund managers of the NPF.)

To sweeten the deal for unitholders and strengthen the share price by reducing the supply of units, ANZO intends to return capital to investors in a buy-back on one unit for every seven held by investors at 87c (compared to 90c a unit asset backing). ANZO's gearing (debt/total assets) will rise from 20% to 31%.

     

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