Kiwi Income manager mulls Commonwealth Bank proposal to internalise contract

Tue, 23 Jul 2013

July 24 (BusinessDesk) – The manager of Kiwi Income Property Trust says it has received a proposal from ultimate parent Commonwealth Bank of Australia to internalise its management contract. Kiwi Income Properties Ltd is a unit of Australia’s Colonial First State Property, which is in turn owned by the Australian lender. The manager reaped a $3 million performance fee from Kiwi Income Property Trust last year. The manager has hired First NZ Capital as adviser and formed a sub-committee of independent directors to consider the proposal. The c...

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