Kiwi Income stands in market for 19.9pt of Capital Properties

Kiwi Income Properties today instructed its share broker Goldman Sachs JBWere to stand in the market to buy 19.9 per cent of Capital Properties at $1.15 a share.

Capital Properties shares closed yesterday at $1.02.

The overnight offer and stand in the market is conditional on Kiwi Income Properties (KIP) winning at least a 10 per cent stake.

The stand includes an escalation clause that if KIP pays above $1.15/share, all sellers will receive the same.

The stand opens at 10am today on a first-come-first-serve basis and will continue until 5.00pm if not completed earlier.

KIP is the manager of Kiwi Income Property Trust, whose shares shares closed at $1.10 yesterday.

- NZPA