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

Return to market form

There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.

Commercial

NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Mortgages

LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer