National Property Trust raises more cash

Monday 25 October 2004

National Property Trust (NPT) has raised another $5.9 million to repay debt and boost cash reserves.

By The Landlord

The Christchurch listed property trust raised the money from institutional investors from the issue of 6.7m units at 88 cents, a slight discount to Monday's closing price of 92c.

NPT is also planning to issue another 9m new units to pay for the $11.4m purchase of two buildings in New Plymouth and Auckland.

Executive chairman Paul Dallimore said there was good institutional demand for the 6.7m units that were issued yesterday.

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