Multiplex Ltd has set up a $265 million unlisted New Zealand fund to own the ASB Centre in Auckland & 10 other properties. Its prospectus will be released on Monday.
The Multiplex Property Trust bought the ASB Centre from the bank & AMP when the AMP NZ Office Trust decided not to exercise its purchase option.
The trust has committed to selling the ASB Centre to the new Multiplex New Zealand Property Fund for $102.50 million.
Multiplex Funds Management Ltd managing director Ian O’Toole said the fund was expected to deliver an annualised 9% yield for the 2005 financial year, with distributions significantly tax advantaged.
The other 10 properties in the portfolio are the Foodland Associated Ltd New Zealand portfolio & the South City shopping centre in Christchurch.
The Multiplex Property Trust will hold 25% of the new fund’s equity, the Acumen Capital Property Securities Fund (managed by Multiplex’s property funds management division, but with an external board) will hold 20% and new investors are sought for the remaining 55% ($63 million).
Mr O’Toole said independent research houses Lonsec Property Research and Aegis Equities Research had bothrated the fund as “highly recommended,” their highest category.
Multiplex Capital Ltd will be the fund’s responsible entity.
Website: Multiplex product disclosure statement