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.
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
9 November 2006: Symphony proposes Albany bulk retail 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
Attribution: Company release, story written by Bob Dey for this website.