Trust harvests cash for building

Thursday 6 May 2004

Kiwi Income Property Trust, New Zealand's largest listed property entity, has raised $50 million to buy Unisys House in Wellington.

By The Landlord

Chief executive Angus McNaughton said the trust had placed 49,504,950 units at $1.01 with institutional investors.

Kiwi has more than $1 billion of assets, including Vero Centre, New Zealand's tallest office tower.

Kiwi will buy the building for $44 million and the new units will be issued tomorrow. But these unit-holders would not receive the final dividend for the March year, due to be paid in June, McNaughton said.

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