Kiwi finds cash buyer

By Bob Dey

Kiwi Income Property Trust has sold its 10.6 per cent of Shortland Properties for cash, allowing the buyer to pick up any margin in accepting Capital Properties' takeover offer.

Capital had just over 96 per cent of Shortland when its extended takeover closed on Thursday night, but found yesterday that it did not have Kiwi in as a noteholder.

Kiwi sold out for $21.9 million, representing 70c a share, which joint managing director Ross Green said covered its purchase price and holding costs.