Macquarie Property Trust joins the market's big boys
Macquarie Goodman Property Trust (MGP) plans to buy $304 million of assets from its Australian-based sister Macquarie Goodman Group (MGQ), effectively doubling its size and propelling it into the sharemarket's top 50.
Wednesday, March 9th 2005, 6:09AM
by The Landlord
MGP's management company Macquarie Goodman NZ Ltd (MGNZ) said today the plan would result in MGP becoming the second largest NZX listed property group by market capitalisation.The deal is expected to take MGP into the benchmark NZSX-50 gross index of top stocks, "thereby increasing investor awareness... and enhancing trading liquidity in the MGP units".
The assets MGP will acquire are MGQ's interests in New Zealand industrial and commercial property developments which have either been completed or commenced and which are currently held jointly by the two groups.
MGP will also take a 50 per cent interest in development land at MGQ's Central Park Corporate Centre, Greenlane and The Gate Industry Park, Penrose in Auckland.
As well as creating New Zealand's second largest listed property trust the deal would simplify MGP's property ownership structure, MGNZ said.
Read More - Opens in a new window
| « Bollard leaves rates unchanged despite worsening inflation outlook | 'White lies' can kill a claim » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
