Brief: NPT enters conditional agreements with Kiwi Property

Asset Plus

29/03/2017 20:31

March 30 (Reuters) - NPT Ltd  NPT.NZ  -  
    * Finalised terms and entered into conditional agreements 
with Kiwi Property Group Limited 
    * NPT board supports Kiwi Property proposal 
    * Kiwi Properties will be sold to two NPT subsidiaries for a 
total consideration of NZ$230 million 
    * Kiwi Property proposal includes purchase of majestic 
centre in Wellington and north city shopping centre in Porirua 
by two units 
    * NPT and its subsidiaries propose to fund acquisition of 
Kiwi Properties through additional bank borrowings of 
approximately $87 million 
    * If Kiwi Property proposal proceeds it is expected to 
result in about 7% increase in pro forma dividends per share for 
year to 31 march 2018 
    * Kiwi Property will subscribe for new, fully paid ordinary 
shares in NPT and become a shareholder of 19.9% of shareholding 
    * All figures in NZ$ 
 
Source text for Eikon:  ID:nNZS7gva  
Further company coverage:  KPG.NZ  
 
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