ANZO raises almost $20m in unit plan

Listed office investor AMP NZ Office Trust (ANZO) has raised $19.5 million in a unit purchase plan (UPP).

The UPP followed the institutional placement of units in December in conjunction with the $39.5m acquisition of Wellington's AXA Centre.

Unit-holders could buy 3950 units at an issue price of $1.26 per unit. About 2200 registered unit-holders, representing 42.5 per cent of the eligible registered unit-holders, took part in the UPP, ANZO said today.

The new units were due to be allotted after close of trading tomorrow, and will trade on the New Zealand stock exchange from Thursday on the same basis as ANZO's existing units.

Proceeds of the UPP would initially be used to reduce debt and as a result, were expected to improve earnings and strengthen the balance sheet for future acquisitions, ANZO said.

ANZO owns 12 New Zealand office buildings with a total gross value of more than $1 billion.

- NZPA

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