Investors support $232m syndicate

Friday 27 February 2004

A new $232 million property entity has emerged from Wellington's St Laurence Group after widespread acceptance of its syndicate offer.

By The Landlord

Now, St Laurence wants to transform itself into a more active entity, aiming for a sharemarket listing and to form joint ventures with various developers to change at least half its real estate holdings.

St Laurence managing director Kevin Podmore said yesterday 86 per cent of investors in 13 property investment funds accepted an offer made late last year and were issued with property notes.

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