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Urbus looks for a partner

Urbus Management, the company which manages listed property company Urbus (formerly Waltus) says it is conducting a strategic review which may lead to finding a new partner.

Tuesday, March 30th 2004, 11:37PM
The company says the review is in line with its strategy of "establishing itself as the pre-eminent property manager of listed property companies in New Zealand."

"We are interested in partnering with the right company; however we also acknowledge that a full acquisition of the business may have more appeal to an investor," joint managing director Shayne Hodge says. "We are exploring these options with the full knowledge and support of the Urbus Properties board."

"A strategic partner will provide us with additional opportunities and expertise to better achieve our growth targets."

"Urbus Management is New Zealand's largest privately owned property management company. Taking on an investor is the logical step to achieve the next stage of the company's vision," Hodge says.

The company holds the management contract for NZX listed property investor Urbus Property's diversified $400 million portfolio.

Northington Partners Limited in New Zealand and Grant Samuel Corporate Finance Pty Limited in Australia have been mandated by Urbus Management as joint advisors. Urbus Properties chairman Denis Thom says the strategic review of its management company is independent of Urbus Properties Limited.

Thom said whilst this process, which had been instigated by the manager, was under way it was "business as usual" and was a consequence of the manager's approach to ensuring a continuing high quality of management.

"We have a very good relationship with our manger and they are undertaking this review with the board's full knowledge and support and we will be kept informed of developments." Thom said.

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