by Denis Hall
Development Finance Corporation (New Zealand) — 80% owned by the country’s Reserve Bank — has put a NZ$1bn (£345m) property portfolio out to tender through agents Richard Ellis.
Most of the properties offered are valued at between NZ$200,000 and $3m (£69,000 to £1.04m), but the portfolio also includes “blue chip” properties such as the Auckland HQ of KPMG Peat Marwick — previously marketed at NZ$70m (£24m).
The tender has been divided into two stages with the first tranche of investments already on the market. This portfolio consists of about 60 properties with a net value of NZ$200m (£69m). RE will launch the second portfolio in July 1991.
DFC are taking a flexible approach to the disposal of the properties, making it clear that would-be buyers can tailor funding or purchasing proposals to their own needs. Techniques such as conversion swaps will be considered, allowing overseas investors to purchase properties in their own currencies without having to hedge.
In Australia, KPMG Peat Marwick McLintock have disposed of the 51% share held in Mirage Resorts Trust, by the failed Quintex Australia to Nippon Shinpan. Although no price has been officially disclosed, the share was estimated to be worth more than A$200m. The Tokyo-based financial services group had already acquired a 24.5% interest in Quintex in April 1989.
The Mirage Resorts — one on the Gold Coast and another on the North Queensland coasts — were developed by Quintex Australia and include hotel and leisure facilities as well as holiday housing. Richard Ellis advised KPMG.
