ING Property Trust has reached the 90 per cent threshold for takeover target, Urbus, allowing it to compulsorily acquire all remaining shares.
Monday, July 4th 2005, 7:20AM
by The Landlord
ING chairman Mike Smith said he was "delighted" with the deal's success.
"The combined group will be able to participate in more significant, and a greater number of, investment opportunities, with the potential to lead to increased earnings and higher returns for all unitholders," Mr Smith said.
The merged company will become the country's second largest listed property trust by market capitalisation, behind Kiwi Income .
With assets of about $800 million and a market capitalisation of about $550 million, it will be big enough to be listed on the Stock Exchange's top 50 index.
