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BRIEF-NPT enters conditional agreements with Kiwi Property
March 30, 2017 / 12:35 AM / 8 months ago

BRIEF-NPT enters conditional agreements with Kiwi Property

March 30 (Reuters) - NPT Ltd -

* 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: Further company coverage:

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