Trans Tasman property deals worth $90m

Monday 3 May 2004

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

By The Landlord

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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