Trans Tasman Properties to move to Singapore

Trans Tasman Properties (TTP) said today it was shifting to Singapore.

The move was the result of the successful implementation of its counter-cyclical investment strategy in Asia, the company said.

"The board has felt it prudent to consider at this point of time whether the current management structure of the group is efficient from both an asset management and fiscal perspective," executive chairman Don Fletcher said.

"The board has resolved in the best interests of the company to shift Trans Tasman's head office, along with primary control, management and administration of the Trans Tasman group's assets, to Singapore."

The move would allow management to be closer to TTP's significant investments.

TTP said there would be tax benefits in relation to non-New Zealand generated income.

The company would continue to be incorporated in New Zealand and listed on the New Zealand stock exchange.

Shareholders' meetings would be held in New Zealand and the legal framework governing TTP would change.

TTP said shareholders' rights in TTP would not be affected.

The company would retain a presence, through its subsidiary operations, in Auckland, to manage its current and future New Zealand development properties and investments.

Mr Fletcher said TTP had been investing on a counter cyclical basis in Asia as the company assessed Australasian property markets were, and are, approaching peaks in their property cycles.

"In contrast, the continuing strength of the New Zealand dollar provides opportunities in other property markets experiencing cyclical lows, such as the Asia Pacific region, where Trans Tasman has particular expertise and first mover advantage."

TTP shares were up 1c to 40c today, having traded between 34 and 50c in the last year.

- NZPA