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

 


Goodman Property unit purchase oversubscribed, scaled back

Goodman Property scales unit purchase plan after oversubscription

Jan. 8 (BusinessDesk) - Goodman Property Trust, the second-biggest property investor on the NZX, has scaled its unit purchase plan after oversubscriptions.

The Auckland-based property investor has scaled applications to 77.95 percent after receiving $38.5 million of bids in the offer to unitholders, some $8.5 million above its limit, the company said in a statement. The UPP was seeking to raise $20 million at $1 per unit as part of an $80 million capital raising to partially fund its buy-out of Auckland's half-developed Highbrook Business Park.

Last year, Goodman Property raised the first $60 million from institutional investors in a private placement, meaning it raised a total of $90 million of new equity after the oversubscription.

The $186.6 million acquisition of the 100 hectare property in East Tamaki got investor approval last month after a special meeting.

Goodman Property is buying 25 percent of Highbrook Development from Goodman Group, the Australian parent of the trust’s manager Goodman (NZ) and the remaining 25 percent from Fisher Highbrook, a company associated with the family of Woolf Fisher, the original owner of the land. The remaining 25 percent of Highbrook Business is being acquired from Fisher Highbrook.

Units in the property trust fell 0.5 percent to $1.015 in trading today. The stock is rated an average 'hold' based on six analyst recommendations compiled by Reuters, with a median target price of $1.041.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news