Commonwealth Bank to sell down Kiwi Income stake after ceding management contract

Sun, 15 Dec 2013

Dec. 16 (BusinessDesk) - Commonwealth Bank of Australia, the biggest lender by market value across the Tasman, plans to sell down its 8.6 percent stake in Kiwi Income Property Trust after ceding the management contract for $70.5 million. The Australian bank has hired Goldman Sachs to sell down its units in a placement today, and trading in the local property investor has been halted to let that go ahead. At the last trading price of $1.10, CBA’s stake was worth about $95.7 million. Investors in Kiwi Income last week approved internalising...

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