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Hanover Group is planning to sell or possibly float off about $250 million of property.
The company is jointly owned by multi-millionaires Mark Hotchin and Eric Watson.
It had about $550 million of property "spread all over the place", Mr Hotchin said yesterday.
"We've had an approach to sell some of it and I think the view is that we will sell some of it. We will let it coast along and see where we end up."
Hanover, which also runs the biggest privately owned finance company in New Zealand, has a mix of commercial and residential development property, The Dominion Post reported today.
Mr Hotchin said the company had considered floating the property assets on the sharemarket, but it was more likely they would be sold in a straight sale, probably to either a New Zealand or Australian fund.
- NZPA
