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

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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