Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Property trust portfolio purchase agreement

Property trust portfolio purchase agreement

Agreement to Acquire Portfolio of 71 Properties

ING Property Trust (trust) has announced that it has reached agreement in principle with the trustees of MFL Mutual Fund and SIL Mutual Fund (vendors) to acquire a portfolio of 71 properties.

The properties are located in Auckland, Wellington and Christchurch and are a mixture of commercial, industrial and retail buildings. The vendors offered the properties for sale to the Trust as a portfolio. Accordingly, the trust will look to dispose of a number of the smaller and lower value properties in due course and in an orderly manner.

MFL Mutual Fund and SIL Mutual Fund are two separate New Zealand superannuation funds registered under the Superannuation Schemes Act 1989.

They have in aggregate $900 million under management and approximately 48,000 members.

The agreed price for the acquisition is $282.7 million. The purchase price will be funded through the issue to the vendors of 182 million new units in the Trust at $1 per unit and $100.7 million cash. The trust has received approval from the ANZ Bank to extend its banking facility.

The acquisition is subject to unitholder approval and the approval of the Overseas Investment Commission. Documentation is expected to be concluded imminently. An explanatory memorandum and an appraisal report in respect of the acquisition will be sent to unitholders shortly and a date for a meeting of unitholders to consider the acquisition will be advised accordingly.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>