Kiwi trust alive

Kiwi Development Trust's $144 million capital raising on again.

Wednesday, November 5th 1997, 12:00AM

Kiwi Income Property Trust's (KIPT) property float is back on again now the sharemarket has settled down.
A week ago KIPT said it was putting its Kiwi Development Trust (KDT) plans on hold after world sharemarkets fell sharply.
"On Tuesday of last week when markets were in a state of turmoil we did stand aside and keep a watching brief and our view by the end of the week was that it settled down," a KIPT director Ross Green, says.
KIPT now says that the public issue is on again and that the float would open on November 12 and close on December 5.

The prospectus will be available on Tuesday. Allotment of units is expected on December 10 and listing is expected on December 11.
It is seeking $144 million to partly building the 38 level Royal SunAlliance Centre in Auckland on a 4230 square metre site jointly owned by KIPT and global insurance group Royal SunAlliance.
The building will become Auckland's tallest office tower at 170m and the first big office tower in the city since the Coopers and Lybrand building was completed in 1991.
KDT's money will be raised from "substantial foundation investors" from New Zealand and overseas, a non-renounceable one-for-five offer to existing KIPT unitholders, an allocation to brokers, and from a public pool.

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Kiwi trust alive

Kiwi Development Trust's $144 million capital raising on again.

Wednesday, November 5th 1997, 12:00AM

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