Australia's Multiplex Establishes A$265M NZ Ppty Fund

Tuesday 31 August 2004

Australian construction and property company Multiplex Group Ltd. (MXG.AU) said Monday it has established a property fund, consisting of 11 properties in New Zealand valued about A$265 million.

By The Landlord

The fund is expected to deliver an annualized yield of 9.0% in fiscal 2005 with distributions significantly tax advantaged, Multiplex said in a statement.

Multiplex's trust, Multiplex Property Trust, has agreed to sell the ASB Bank Centre in Auckland to the fund for A$102.5 million. It will also sell its interests in the Foodland Associated Ltd. (FOA.AU) portfolio and the South City Shopping Centre in Christchurch to the fund.

The new fund will raise A$63 million, which represents 55% of the total fund equity, from new investors, Multiplex said.


Read More - Opens in a new window
Commenting is closed

Property News

Price expectations spiral down

Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer