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.
Read More - Opens in a new window
Commenting is closed
Property News
Why the future is not bleak for the housing market
Uncertainty continues to cast its shadow over the housing market but economist Tony Alexander has put together a list of reasons which offset the negatives and mean the market remains well-supported.
Commercial
$75m on offer for new developments
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
Mortgages
Mortgage borrowing rebounds in May
New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.
