Brief: Kiwi Property Group proposes partnership with NPT

Asset Plus

12/12/2016 19:43

Dec 13 (Reuters) - Kiwi Property Group Ltd  KPG.NZ - 
    * Kiwi Property proposes partnership with NPT 
    * Advises that it put a non-binding and confidential 
strategic partnership proposal to NPT Limited 
    * Proposal put in early September 2016 and that proposal is 
one of four considered by NPT and independent adviser 
Northington Partners 
    * Kiwi Property would become a cornerstone investor in NPT 
with a shareholding of up to 19.9% 
    * Selling North City Shopping Centre and Majestic Centre to 
NPT for cash and npt shares, for a total consideration of NZ$230 
million 
    * NPT raising about NZ$100 million of equity from 
shareholders, as well as issuing about NZ$50 million of new 
shares to Kiwi Property, to fund transaction 
    * Kiwi Property assuming management of NPT with a payment to 
NPT of NZ$6 million 
    * Kiwi Property has consulted with certain major 
shareholders of NPT and it now intends to proceed with its 
proposal 
    * All figures in NZ$ 
 
Source text for Eikon:  ID:nNZS881a  
Further company coverage:  KPG.NZ  
 
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