AMP to list $500mill property trust
AMP Investments has announced its intention to make a commercial property trust offering.
Wednesday, October 15th 1997, 12:00AM
AMP Investments (AMPI) has confirmed it is going ahead with plans to float a $500 million prime CBD property trust.There has been much speculation about the float, particularly earlier this week when AMPI announced it had purchased the Fay Richwhite building at 151 Queen Street, Auckland.
Details of the proposed float will remain sketchy until a prospectus is registered.
AMPI managing director Roger Greville says the public offer will be made available in November for a period of three weeks.
"It is intended the offer will be of ordinary units and convertible notes on a stapled basis. It is anticipated that these securities will be traded separately."
The trust will have a total market capitalisation of about $500 million with AMPI and NPF as the principal unitholders.
Greville says the public offering will be about $175 million in size.
The proceeds of the float will be used to acquire six prime CBD buildings currently held either by AMP in an unlisted trust or owned by National Provident Fund.
The buildings are: Quay Tower, 151 Queen Street and the Coopers and Lybrand Tower in Auckland, and the IBM Centre/Parkroyal Hotel, the Trust Bank Centre and No 1 The Terrace (the Treasury Building) in Wellington.
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