Investors to vote on takeover deal

Thursday 11 March 2004

About 3800 unit-holders in the former Colonial First State Property Trust will vote this month on a radical deal which will further bed down the takeover of their trust by Australia's Macquarie Goodman.

The listed Colonial real estate trust was rebranded Macquarie Goodman Property Trust before Christmas when it was announced Macquarie had spent $33 million to get a listed presence in New Zealand.

Although Macquarie Goodman Industrial Trust is listed in Australia and it had bought a substantial Auckland portfolio in the past two years, Macquarie had no public presence until December 16 when it unveiled a series of transactions which resulted in it buying Colonial's management company for $5.75 million, renaming the Colonial trust Macquarie and taking a 20 per cent stake in the trust for $27.61 million.

Read More - Opens in a new window
Commenting is closed

Property News

Thursday news in brief

Life is busy and it’s easy to miss some of the stories that hit the news. So here’s a brief rundown of some of the stories that might have slipped by you this week…

Commercial

Tenant magnetism: top 10 tips

Attracting and retaining tenants is critical for success in commercial property investment, so we talked to a few industry veterans for advice on how to make a property appeal to tenants.

Mortgages

Market slowdown different this time

Interest rate movements mean that this time round the post-LVR cooling of the property market is different, ANZ economists say.

Site by PHP Developer