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BRIEF-Kiwi Property Group proposes partnership with NPT
December 12, 2016 / 8:00 PM / a year ago

BRIEF-Kiwi Property Group proposes partnership with NPT

Dec 13 (Reuters) - Kiwi Property Group Ltd -

* 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: Further company coverage:

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