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

Speculators, land banking - election hot topics

Property speculators and land-banking will be targeted if former Labour Party leader Phil Goff becomes Auckland’s mayor in October.

Commercial

Optioning commercial alternatives

Booming commercial property sector could offer alternatives to investors worried about what lies ahead for the residential property market.

Mortgages

Finding solutions to 60% LVRs

The Reserve Bank’s new investor-targeted LVR rules come into effect on 1 October, but there are solutions to the restrictions for investors willing to think laterally.

Site by PHP Developer