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.
Waltus Investments has pulled the plug on its proposed $140 million listed property trust - for the time been.