Hot Topic
ELECTIONS
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Commonwealth Bank of Australia, the biggest lender by market value across the Tasman, plans to sell down its 8.6 percent stake in Kiwi Income Property Trust [NZX: KIP] after ceding the management contract for $70.5 million.
The Australian bank has hired Goldman Sachs to sell down its units in a placement today, and trading in the local property investor has been halted to let that go ahead. At the last trading price of $1.10, CBA's stake was worth about $95.7 million.
Investors in Kiwi Income last week approved internalising the contract in a near unanimous vote, settling the deal the following day. It was funded through the property trust's internal debt facilities, which increased by $25 million to $875 million.
CBA floated the internalisation in July before settling on a deal last month.
(BusinessDesk)
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Commonwealth Bank to sell down Kiwi Income stake after ceding management contract
34557