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ANZ Bank gets offer for Argosy, Vital property management contracts

Friday 29th October 2010

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ANZ has received offers for the management contracts for Vital Healthcare Property Trust and Argosy Property Management, its exchange-traded investment units.

Vital and Argosy made separate, identical statements to the NZX about the expressions of interest, giving no details. 

“Accordingly there is no assurance that the manager will remain a member of the ANZ National group of companies,” the statements from ING corporate affairs manager Andrew Park said. Units of Vital rose 0.8% to $1.35 on the NZX.

Argosy was unchanged at 78 cents. Bloomberg reported this month that Auckland-based Du Val Group, a real estate asset manager, planned to create a US$700 million fund next year to acquire an Australian listed property trust and was separately seeking to raise NZ$250 million to acquire a similar asset in New Zealand. 

Vital and Argosy were renamed from ING Medical Properties Trust and ING Property Trust when ANZ acquired the 51% of their management companies it didn’t already own. The management team running each trust and their boards remained unchanged.

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