St Laurence raises Rural Equities bid
Thursday 24 June 2004
Wellington property company St Laurence Equities has raised its takeover offer for fund manager Rural Equities, despite claims by rival bidder Sir Selwyn Cushing that he has already reached a controlling 50.01 per cent stake.
By The LandlordSt Laurence yesterday upped its offer by 10c to $1.60 a share, valuing Rural Equities at more than $23 million.
Rural Equities is a spinoff of rural services group Williams & Kettle. It owns 32 per cent of Rural Property Trust and manages the trust assets, which include about 30 farms and a 856ha forest near Ngaruawahia, with a total net value of about $103 million.
Read More - Opens in a new window
Commenting is closed
There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Economists say that the Reserve Bank has left the door open to lower or even negative rates, as it kept the official cash rate on hold in its Monetary Policy Statement (MPS) today.