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.

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