Trans Tasman’s takeover completed
Australian Growth Properties Ltd will revert to inhouse management now that parent company Trans Tasman Properties Ltd has completed its takeover.
Trans Tasman said on Friday that AGP had reached agreement with AGP Management Ltd to terminate the management agreement on 30 November. Operational staff will be employed by AGP as part of the Trans Tasman Properties group management team, and AGP will buy AGP Management’s operational assets, which comprise vehicles, computer equipment & other office fixtures & equipment, at agreed fair values totalling $A227,615.
AGP announced the sale of its management company in 2000 to SEA Holdings Ltd, its Hong Kong-based ultimate controlling shareholder through Trans Tasman. The sale was done with consulting shareholders and drew constant criticism.
Trans Tasman Properties’ New Zealand management has always been inhouse.