AMP Office Trust gets active shareholder

Thursday 15th January 2004

Australian property investor Ronin Property Group has taken a 30% stake in the listed AMP Office Trust, paying a premium for its stake.

The group bought its share from National Provident Fund $130 million - or 87 cents each.

Also AMP Capital Investors has transferred a 50% stake in the trust's management company to Ronin.

AMP Capital signalled these transactions in December when it unveiled a series of major initiatives to enhance the performance of ANZO. Ronin Property Group purchased the units in two transactions, 5% prior to Christmas and further 25% following a 15 Business Day 'notice and pause' period required by the NZX.

Ronin is an active property investor which brings its property management and experience in the Australian commercial sector to the trust.

The intended unit buy-back also announced in December is dependent on ANZO receiving confirmation from the IRD on its tax treatment of any buy-back proceeds.

ANZO's application is currently before the IRD
The NPF said its sale was part of its strategy to diversify its property investments.

"We are very satisfied with the sale. The price is at a premium to market and it opens up opportunities for us to diversify our investments in property," NPF chairman Sue Sheldon said.

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