Australia's Multiplex Establishes A$265M NZ Ppty Fund

The fund is expected to deliver an annualized yield of 9.0% in fiscal 2005 with distributions significantly tax advantaged, Multiplex said in a statement.

Multiplex's trust, Multiplex Property Trust, has agreed to sell the ASB Bank Centre in Auckland to the fund for A$102.5 million. It will also sell its interests in the Foodland Associated Ltd. (FOA.AU) portfolio and the South City Shopping Centre in Christchurch to the fund.

The new fund will raise A$63 million, which represents 55% of the total fund equity, from new investors, Multiplex said.

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