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


Merged ING trust becomes NZ’s second largest

24 June 2005

Merged ING trust becomes NZ’s second largest

ING Property Trust and Urbus Properties Limited are merging to form New Zealand’s second largest listed property vehicle, following ING’s successful takeover offer for Urbus.

ING Property Trust announced today it had received acceptances exceeding the 90% threshold required to effect a full merger of the Trust and Urbus. Under the Takeovers Code, the Trust can at this point compulsorily acquire all outstanding Urbus securities. The offer will close today, as scheduled.

Chairman of ING Property Trust Management Limited, Mike Smith, said he is delighted at the outcome, pointing to the benefits likely to flow from the increased size and scale of the combined property portfolio. Mr Smith said that the growth in ING Property Trust, since its establishment in late 2002, had been phenomenal, resulting in a transformation of the formerly ‘boutique’ Trust into one of the country’s leading listed property investment vehicles.

“Less than three years ago, the Trust owned just two properties. Since then, due to the strong vision and belief in the Trust’s potential, much has happened – and the possibilities for where the Trust can go from here are very exciting.” Once merged, the Trust is also likely to rank in the top 30 stocks listed on the NZSX50.

“The Trust will be able to participate in more significant, and a greater number of, investment opportunities, with the potential for increased earnings and higher returns for all unitholders,” said Mr Smith.

Broader benefits of the merger include a simplified capital structure and operational costs savings for the combined group.

At the end of April, Urbus security holders received a formal offer from ING Property Trust of 0.980 ING units for every one share or convertible note held in Urbus. The offer was favourably endorsed by independent advisers and analysts, and also carried a recommendation from the Board of Urbus for all Urbus security holders to accept the offer.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news