Symphony is silent on market-listing rumours

By Christine Nikiel

Friday 5th July 2002

Symphony's determination to keep tight-lipped about its plans to list has been raising speculation about how and when it will do so.

Rumours have circulated around the market for some time but enquiries to director Chris Minty this week drew a response of "sorry, no comment."

Mr Minty said last week the group was close to announcing details of a management contract.

Obvious questions about the group's intentions include what properties comprise its portfolio, on what terms they would be included and what type of payout or yield it would offer.

Symphony's attempt to take over management of Newmarket Property Trust from Sovereign in April included a proposal to sell its AGC building in Auckland's Viaduct Harbour and Ericsson Hse in Carlton Gore Rd. The market speculated if the group included those two buildings and perhaps its latest project, a small office building near its residential development The Parc in the Viaduct. There was also speculation as to whether the aborted Newmarket venture was an attempt to gain entry into funds management "on the cheap" (without having to list). The group proposed taking over just 19.9% of the fund manager's stake in the trust - just below the threshold that would require a full bid to all unitholders.

Symphony was set up in the early 1990s, a property development vehicle for former Chase Corporation chairman Colin Reynolds and Mr Minty, Chase's general manager Auckland property. Symphony converted Auckland's historic Farmers building into the Heritage Auckland apartments and has three residential CBD developments underway.

Symphony expanded into the commercial sector in the mid-1990s, converting 300 Queen St into offices.

In Auckland the group has an office project under way in Newmarket (the Domain Centre), and owns the Domain Tces, as well as office complexes in the Viaduct (32 & 39 Market Pl) and East Tamaki.

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