Commonwealth Bank wants $70.6 mln to cede management of Kiwi Income

Sun, 10 Nov 2013

Nov. 11 (BusinessDesk) – Commonwealth Bank of Australia has agreed to cede management control of Kiwi Income Property Trust for about $70.6 million in a deal the manager’s independent directors say will lift earnings and result in annual savings of about $8 million. The transaction is subject to approval by unit holders at a special meeting on Dec. 12, the trust said in a statement. CBA first flagged the proposal in July and the independent directors of management company Kiwi Income Properties hired First NZ Capital, Russell McVeagh and KPMG...

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