Kiwi Income snares 19.9% of Capital Properties

Wednesday 24 November 2004

Kiwi Income Property Trust today completed a lightning raid to snare 19.9% of Capital Properties at $1.15 a share.

By The Landlord

The $55 million raid was via a stand in the market through broker Goldman Sachs JBWere and was on a first-come-first-serve basis.

Capital Properties shares settled 8c up at $1.10 after the raid.

Shares in Kiwi Income fell 1c to $1.09.

Kiwi Income Properties had today instructed its share broker Goldman Sachs JBWere to stand in the market to buy 19.9% of Capital Properties at $1.15 a share.

The overnight offer and stand in the market was conditional on Kiwi Income Properties (KIP) winning at least a 10% stake.

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