Commonwealth Bank sells Kiwi Income stake at 3.6 percent discount in placement

Mon, 16 Dec 2013

Dec. 17 (BusinessDesk) - Commonwealth Bank of Australia has sold out of Kiwi Income Property Trust at a 3.6 percent discount to where the units were trading just before yesterday’s placement, raising $92.2 million. The biggest Australian bank by market value sold 87 million units at $1.06 apiece in a placement yesterday after unitholders last week voted in favour of buying the property investor’s management contract from CBA for $70.5 million. The units were bought by institutional and retail investors domestically and abroad, Kiwi Income sa...

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