House Prices

Trans Tasman property deals worth $90m

Trans Tasman Properties is close to selling two Auckland sites in deals that could fetch more than $90 million.

Monday, May 03rd 2004

The revelation bolsters Trans Tasman's independent directors' arguments that SEA Holdings' $95 million bid to take full control of the troubled property company is unfair. SEA holds 59.97 per cent of Trans Tasman's shares.

A conditional contract for the Citibank Centre and negotiations over the Fletcher Challenge complex, both in Auckland, were revealed in the independent directors' rejection of the SEA offer.

No sale price was disclosed but BusinessDay has learned that the proceeds could lift Trans Tasman's cash to $215 million. This is the equivalent of 36 cents a share and is just shy of the 40c offered by SEA.

Investors will argue the remainder of the company, including a property portfolio of some of Auckland's landmark buildings, is worth considerably more than 4c a share.

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[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

SBS FirstHome Combo	6.74
Heartland Bank - Online	6.89
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24
TSB Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.55
SBS Bank Special	6.69
TSB Special	6.75
Westpac Special	6.75
China Construction Bank	6.75
ICBC	6.75
AIA - Go Home Loans	6.75
ASB Bank	6.75
Unity	6.79
Co-operative Bank - Owner Occ	6.79

SBS Bank Special	6.19
ASB Bank	6.39
Westpac Special	6.39
AIA - Go Home Loans	6.39
China Construction Bank	6.40
ICBC	6.49
Kiwibank Special	6.55
BNZ - Classic	6.55
Co-operative Bank - Owner Occ	6.55
TSB Special	6.59
SBS Bank	6.79

SBS FirstHome Combo	6.19
AIA - Back My Build	6.19
ANZ Blueprint to Build	7.39
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ICBC	7.85
Heartland Bank - Online	7.99
Pepper Money Essential	8.29
Co-operative Bank - Owner Occ	8.40
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First Credit Union Standard	8.50
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