Auction of shares in property company a first for NZ

Photo / Herald on Sunday

Auckland auctioneer Webb's is aiming to sell nearly one million shares in a property investment company today in what is believed to be a New Zealand first.

Radius Properties is not listed on the New Zealand Stock Exchange and usually shares in private companies are tendered but today Webb's will auction two share parcels of 466,982 with bidding starting at 40c.

Radius Properties has historically focused on buying and leasing property to aged care providers/operators. Interested parties can request the company's annual report.

Webb's managing director Neil Campbell said auctioning shares in a company was unheard of in New Zealand but quite common overseas.

Although Webb's has received an offer of over 60c a share, bidding would start at 40c. The combined share parcel would be the second largest within the company.

The shares will be auctioned today at 2pm.