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Kiwi Income Property Trust seeks up to $150m
Monday November 2, 09:46 AM
Kiwi Income Property Trust is considering raising $100 million to $150m through a primary offer and an entitlement offer of unsecured subordinated mandatory convertible notes.
Should the offers go ahead, proceeds would initially be used to reduce net bank debt and may be used for new investment opportunities, Kiwi Income said today.
The trust was seeking preliminary indications of interest from investors. Goldman Sachs JBWere was advising the trust on the potential offer.
A month ago the trust said the total value of its portfolio, which includes key retail centres and office buildings, had fallen 3.5 percent to $1.83 billion.
At the time Sean Wareing, chairman of the manager of the trust, said the rate of decline in values appeared to be slowing and there was an expectation that recent improvements in global economic conditions would help to stabilise property values.
Source:
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- Tourism Holdings Limited (NZX: THL.nz)
- Tower Limited (NZX: TWR.nz)
- Fletcher Building Limited (NZX: FBU.nz)
- Infratil Limited (NZX: IFT.nz)
- Telecom Corporation of New Zealand Limited (NZX: TEL.nz)
- Contact Energy Limited (NZX: CEN.nz)
- Fisher & Paykel Healthcare Corporation Limited (NZX: FPH.nz)
- New Zealand Exchange Limited (NZX: NZX.nz)
- Nuplex Industries Limited (NZX: NPX.nz)
- Port of Tauranga Limited (NZX: POT.nz)
- Sky City Entertainment Group Limited (NZX: SKC.nz)
- Telecom Corporation of New Zealand Limited (NZX: TEL.nz)
- The Warehouse Group Limited (NZX: WHS.nz)
- Fletcher Building Limited (NZX: FBU.nz)
- Property for Industry Limited (NZX: PFI.nz)
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