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 LandlordThe 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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