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Waltus takes a raincheck

Waltus has decided to postpone listing its $140 million prime property trust.

Thursday, October 16th 1997, 12:00AM

by Philip Macalister

Waltus Investments has pulled the plug on its proposed $140 million listed property trust - for the time been.
The company says there is too much competition from other offerings and it will revisit the float in about July next year when tax cuts are due to be implemented.
The announcement comes a day after heavy weight fund manager AMP announced it was proceeding with its prime CBD listed property trust.
Waltus cites the AMP offering as will as those proposed by Trans Tasman Properties, Dynasty Pacific and Government Property Services as reasons for its rain check.

"We had to step back and take a hard look at what's going on in the market. Basically it's going to be flooded by floats seeking around $1 billion of capital in the New Zealand property sector. That amount of money's equivalent to what might usually be sought in one sector over a three to four year period," Waltus director Shayne Hodge says.
Waltus, he says, isn't as far advanced in its listing preparations as some of the other offerings, he says.
Waltus Prime Properties planned to list in Australia and New Zealand. Its assets were to be an interest in the development and ownership of the Mobil on the Park building in Wellington, and the KPMG Centre in Auckland.
Hodge says Waltus' agreement to purchase the Auckland building will go ahead with settlement in early 1998. The company was continuing negotiations with Richina Pacific Ltd regarding purchase of the Mobil on the Park building.
« Sovereign confirms listingGet your tax questions answered online »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
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Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
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Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
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TSB Special 8.64 7.39 6.75 6.75
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Median 8.64 7.45 7.37 6.77

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