Urbus management deal goes unconditional

Tuesday 20 July 2004

A deal to sell the management of Urbus Properties for about $25 million has gone unconditional.

By The Landlord

Urbus chairman Denis Thom said the deal to sell the manager to a joint venture company owned by ING (NZ) and Symphony Group was to settle on August 11.

But the deal has cost Urbus chief executive Murray Barclay his job. He has resigned, saying he will continue for the next three months.

He was appointed last year and said yesterday that when he took up the post, the management company was not for sale. Barclay, former commercial manager at Auckland International Airport, has not decided where to go next.

Barclay had earlier signalled a new direction for the company's property portfolio, including the sale of some Wellington buildings and buying more in Auckland.

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