Kiwi Income Property Trust will next week open a funding offer to raise $143 million for its $538 million Sylvia Park development in Auckland.
Wednesday, June 1st 2005, 7:57AM
by The Landlord
Today, it will go to the market with a mandatory convertible notes offer to raise the money for the first stage of the park, where Multiplex Constructions (NZ) is putting up a large shopping centre.
The deal has angered some unitholders, including powerful institutional investors, who believe it may be too risky.
The new financing offer will be lead-managed by Goldman Sachs JB Were and will close on July 1.
The $143 million must stay with Kiwi until June 2010, when the notes will convert to Kiwi units.
