Stepping stone to Blue Chip listing
Thursday 24 June 2004
A property company aiming to unlock the $250 billion New Zealanders have tied up in their own homes is about to make its sharemarket debut.
By The LandlordBlue Chip NZ, headed by former Capital Properties chief Nick Wevers, is confident of winning over investors from a shell company who will vote this month on a reverse takeover deal which will give the residential property specialist a listing.
Blue Chip, an Auckland housing investment specialist, has built a $5 million company in just four years through unlocking what it calls "dormant equity" tied up in New Zealanders' housing wealth.
Founded by failed apartment developer Mark Bryers and former bankrupt Bob Bangerter, Blue Chip promotes residential investment to investors who have part or all of the mortgages on their own homes paid off. Blue Chip encourages clients to unlock that untapped potential by using their nest eggs as a lever to get more funds for investment housing.
Blue Chip runs seminars, finds tenants for its clients' investment properties and manages its investors' housing portfolios.
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