Archive | Albany City

Albany bond issue oversubscribed

Published 18 May 2007

Albany City Property Investments Ltd has closed its $20 million secured bond offer to the public oversubscribed.

The company announced the bond issue in November. The Albany City Property group will use the money to acquire perpetually renewable subleasehold interests in 12.85ha of land at Albany, valued at $63 million.

The offer closed on Tuesday, after being extended from its original closing date of 30 March. The bonds were listed on Unlisted’s trading platform on 1 March.

Director Garry Looker said the company received an extensive amount of interest in the bonds in the days leading up to the close of the offer: “This demonstrates the confidence our investors have in the Albany City development. Our expectations are that quality office, retail & residential space in Albany will increase in demand as the area becomes more populated.”

The subleasehold interests the group has acquired, or will acquire, are near Westfield’s Albany shopping centre development (under construction), North Harbour Stadium, Massey University & the Albany park-&-ride bus station.

The bonds will pay interest at 10.5%/year for an initial term up to 15 December 2009.

Earlier stories:

1 April 2007: Albany City to start first building, extends bonds offer

2 March 2007: Albany City bonds trade on Unlisted

24 January 2007: Valad takes 2 bites of Albany City project

17 November 2006: Albany City launches $20 million bond offer as start of major Shore growth centre

Colliers sqm magazine article, City tales (contributed by me this year)

9 November 2006: Symphony proposes Albany bulk retail centre

12 May 2006: Minty plans 146-unit residential development in newly zoned Albany centre

10 January 2006: Westfield starts Albany earthworks

21 October 2005: Albany Centre plan change approved for notification

21 December 2004: Cornerstone buys Neil out of Albany

Want to comment? Click on The new BD Central Forum or email [email protected].

 

Attribution: Company release, story written by Bob Dey for this website.

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Albany City bonds trade on Unlisted

Published 2 March 2007


Albany City Property Investments Ltd’s secured bonds will debut on Unlisted’s bond trading platform today.


The company has raised $11 million and is seeking to raise $9 million more before its bond offer closes on 30 March.


The bonds are secured over the assets of Albany City Property Investments & its subsidiaries, ranking immediately behind securities to senior lenders.


The company is using the funds raised from the bond issue to acquire perpetually renewable subleasehold interests in 12.85ha in Albany’s new city centre on the North Shore, where it has plans to develop residential, office & a variety of bulk & specialty retail premises. It’s also considering plans to build a hotel, retirement village & entertainment facilities on the site.


Director Garry Looker said Albany City chose for its transparent trading platform.


Unlisted managing director Bruce Cossill said: “Having ACPIL join the facility is an exciting way to begin 2007 because it is the first company to trade debt securities on Unlisted and also demonstrates the flexibility Unlisted provides for issuers of equity, debt & hybrid securities. ACPIL bondholders will now be able to experience the benefits a transparent trading environment can provide.”


The bonds bear interest at 10.5%/year until 15 December 2009, unless the company extends the term for a further 2 years. Applications to subscribe for bonds must be for a minimum $5000.


Want to comment? Click on The new BD Central Forum or email [email protected].


 


Attribution: Albany City & Unlisted releases, story written by Bob Dey for this website.

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