AMP Office Trust placement raises $30.7m

AMP Office Trust (Anzo) has raised $30.7 million in a placement to local and international investors.

Anzo yesterday placed 34.5 million units at 89c, a 4.3 per cent discount to the 93c closing price on Monday.

Executive manager Rob Lang said the placement received strong support from existing institutional investors, as well as attracting new offshore and domestic investors.

The placement was equal to 6.5 per cent of pre-placement units on issue, including Mandatory Convertible Notes issued earlier this year.

The placement, underwritten by investment bank UBS, consisted of a bookbuild starting at noon yesterday with a starting price of 87c per unit.

The placement, which was fully subscribed, was managed by UBS New Zealand Limited.

The trust confirmed today plans to undertake a unit purchase plan of $5000 per unitholder, which will be offered in February next year at the lower of either the placement price or the prevailing market value of the units.

Anzo owns some of the country's most high profile office buildings, mainly in Auckland and Wellington, and its portfolio is valued at more than $766 million.

Its units opened down 2c at 91c when trading resumed this morning after being placed in a halt yesterday.

- NZPA