$20m Albany bond issue

A developer yesterday completed a bond issue to raise $20 million for leasehold land on Auckland's northern fringe.

Albany City Property Investments is planning a $500 million super-town and said yesterday its bond issue had closed oversubscribed.

The developer is buying a renewable lease on 12.8ha of land at Albany opposite the Supa Centa shopping complex.

The bond offer opened on November 15 and was extended on March 30 until yesterday. Investors will get 10.5 per cent interest up to December 2009.

- STAFF REPORTER, NZPA