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NZ's Kiwi Income Property raising NZ$50 mln

Tue Mar 31, 2009 4:08pm EDT

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WELLINGTON, April 1 (Reuters) - New Zealand property investment company Kiwi Income Property Trust Ltd (KIP.NZ) said on Wednesday it was looking to raise around NZ$50 million ($28.6 million) through a placement of shares to institutional investors.

It said it was also looking to allow unit holders to acquire units under a proposed purchase plan .

The equity raising was part of the company's moves to strengthen its balance sheet and maintain conservative debt levels.

Cash distribution for the year to March 31 was expected to be 8 NZ cents a share, it said.

Shares in the company were placed on a trading halt ahead of the share placement. They closed on Tuesday at NZ$0.96. So far this year the company has fallen around 6 percent.



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