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

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news