About 3800 unit-holders in the former Colonial First State Property Trust will vote this month on a radical deal which will further bed down the takeover of their trust by Australia's Macquarie Goodman.
Thursday, March 11th 2004, 6:53AM
by The Landlord
The listed Colonial real estate trust was rebranded Macquarie Goodman Property Trust before Christmas when it was announced Macquarie had spent $33 million to get a listed presence in New Zealand.
Although Macquarie Goodman Industrial Trust is listed in Australia and it had bought a substantial Auckland portfolio in the past two years, Macquarie had no public presence until December 16 when it unveiled a series of transactions which resulted in it buying Colonial's management company for $5.75 million, renaming the Colonial trust Macquarie and taking a 20 per cent stake in the trust for $27.61 million.
