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.

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