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

 

ING Property Trust raises $35 million

ING Property Trust raises $35 million

ING Property Trust (ING) has successfully raised $35 million through a placement of units to institutional investors to part-repay existing bank debt of the Trust and to fund further growth opportunities.

There was very strong demand for units under the placement from both existing institutional unitholders and new institutional investors. This strong support meant that the proposed placement size of $25-30 million was increased to $35 million.

Andrew Evans, Managing Director of the Trust’s manager said the placement had been very successful, with 31,390,134 units being placed at a price of $1.115 per unit (ex dividend). Settlement will occur on Wednesday, 23 November 2005, and the new units to be issued will rank equally in all respects with existing units, but will not participate in the Trust’s second-quarter distribution of 2.4875 cents per unit, which has a record date of 25 November 2005.

“We are extremely pleased with the results of the book build and the confidence the market continues to show in ING Property Trust”, Mr Evans said. “The very strong level of demand for units reinforces to us the benefits of the growth strategy we have adopted.”

As announced on 17 November, the Trust also intends to implement a unit purchase plan of $5,000 per unitholder to allow all of the Trust’s unitholders to participate in the capital raising and growth initiatives. More details on the proposed unit purchase plan will be announced in due course.

First NZ Capital Securities and Harmos Horton Lusk acted for ING Property Trust in connection with this placement.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>



Climate Leaders Coalition: Launches New Statement Of Ambition, Appoints New CEO Convenor

The Climate Leaders Coalition is tonight officially launching a new Statement of Ambition to accelerate business action on climate change... More>>


Retail: New Law Paves Way For Greater Supermarket Competition

Legislation that bans major supermarkets from blocking their competitors’ access to land to set up new stores paves the way for greater competition in the sector, Minister of Commerce and Consumer Affairs Dr David Clark said... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>