Multiplex Ltd picked up nearly 12% of Ronin Property Group on Thursday, taking its stake in the AMP property trust to 47.02%.
Multiplex started its bid by acquiring the 15.7% of Ronin still held by AMP Life Ltd and declared its offer unconditional a week ago.
Paladin Australia co-founder Rod Leaver formed Ronin Property Group at the beginning of 2003, and AMP â€“ after losing 3 of its 4 property trusts in takeovers â€“ entered a deal in August 2003 to internalise the AMP Office Trust (Australia)’s management at Ronin, keep AMP Life as a 21% unitholder and take $A29.7 million from Ronin as a procurement fee for the management.
Ronin became a significant player in the New Zealand property market in December 2003, when it agreed to buy the National Provident Fund’s stake in the AMP NZ Office Trust and to join a new management company for that trust with AMP Capital Investors (NZ) Ltd, which previously had 100% management control.
Multiplex, too, has become a significant player in New Zealand, first through its construction activities, more recently by forming a development division and through the launch of an unlisted $265 million New Zealand property fund whose main asset is the ASB Centre in Auckland, a $102.5 million acquisition which the AMP NZ Office Trust had elected not to pursue.
5 November 2004: Multiplex goes unconditional on Ronin bid
28 September 2004: NZ assets a major feature of Multiplex bid for Ronin
5 September 2004: Multiplex launches NZ unlisted fund