Three investment related books have hit the market (just in time for Christmas).Kiwi Development Trust launched
Kiwi Income Property Trust (KIPT) has an option to acquire the 38 level Royal SunAlliance Centre in Auckland once it is completed.
Last week Kiwi Development Trust issued a prospectus to raise $144 million to help fund construction of what will be the tallest office tower in Auckland. The balance of the funding, $51 million will be provided through bank loans.
The projected internal rate of return for KDT equity investors is forecast to be 19.9 per cent before tax.
Subscription for units is in three instalments, with the first payment of 75c being made on application, $1.05 on June 30, 1999 and $1.20 on May 1, 2000. The public offer opened on November 12 and closes on December 5.
AJs makes changes
Armstrong Jones has re-christened its Pacific Share fund and changed the trust's mandate. It is now called the Asia Pacific Share Fund, and it is allowed to include up to 25 per cent of its portfolio in Australian and New Zealand equities.
Also the fund now feeds directly into a wholesale pool managed by Fiduciary Trust, rather than being run separately by Fiduciary.
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