St Laurence goes marching in to St John
Under the auspices of its Asset Management subsidiary the St Laurence group has purchased the management contracts for the St John Balanced Property Fund.
Tuesday, October 2nd 2007, 8:17AM
by David Chaplin
St Laurence, which acquired 56% of St John in March this year through its NZDX-listed vehicle St Laurence Property and Finance, finalised the latest deal on September 27.In a statement, Kevin Podmore, St Laurence managing director, said the St John management contract purchase marks a significant stage in the group's growth.
"Securing more than 56% in St Johns has added to our strong position in the market of property-based investments and we are now pleased to add a further funds management contract to that," Podmore said.
"As the new managers of St John, St Laurence would like to take this opportunity to thank the management of previous managers St John's Management Services Limited for their services to the Fund."
The St John properties, which include Canterbury Arcade in Queen Street, Walton Plaza in Whangarei and Bunnings Warehouse in Manakau, Auckland, had a book value of just over $46 million as at March 31 this year.
Following the St John deal, St Laurence now manages over $1.2 billion in assets, with total investor numbers now well over 18,000.
St Laurence executive Kevin Podmore, Philip Burt and Paul Chapman joined the board of St John in August this year.
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