Colonial returns to property
Colonial First State is returning to the property market with plans to raise money, next month for a listed property trust.
Tuesday, April 20th 1999, 12:00AM
Colonial First State is returning to the property market with plans to raise money, next month for a listed property trust.Details of the listing are scarce at present, however it is expected the group will be looking to raise about $150 million which will be used to to acquire a high-quality diversified portfolio of New Zealand properties.
More details will be available next week once a prospectus is registered.
Reports suggest Colonial will purchase three office buildings from the Auckland-based Symphony Group.
The trust will be managed by Colonial First State Property (NZ) Limited, and it is expected the company will retain about 40 per cent of the fund.
The New Zealand Herald reports that Symphony will put three buildings worth about $65 million into the trust. The properties being the IBM building on the corner of Wyndham and Nelson Streets. Other buildings include two of Symphony's Domain Centre in Newmarket.
Unlisted property funds offered by Colonial First State's predecessor Joseph Banks were closed last year.
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