AMP NZ Office Trust to raise $30M

Wednesday 15 December 2004

Listed property owner AMP NZ Office Trust (Anzo) today announced plans to raise about $30 million in a placement to local and offshore institutional investors.

By The Landlord

Anzo said the funds raised would be used "to pursue a range of potential investment opportunities within the New Zealand office market" while maintaining gearing ratio at about current levels and e nhancing unitholder returns, Anzo executive manager Rob Lang said in a statement.

The placement of 34.5 million units is equal to 6.5% of pre-placement units on issue including Mandatory Convertible Notes issued earlier this year.

The placement, underwritten by investment bank UBS, would consist of a bookbuild starting today at noon with a starting price of 87c per unit.

Anzo owns high profile office buildings, mainly in Auckland and Wellington, and has assets of approximately $766 million.

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