NZ Urban Development news from the media | 20 Oct 2020 | Argosy to raise up to $150m from "green bonds" for property redevelopment


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 20 October 2020.

Provided by Rockhopper Development Management & Advisory, a member of:                             

Argosy to raise up to $150m from "green bonds" for property redevelopment

Another large listed property company is tapping into investors’ desire for better returns than bank deposits with an up to $150 million “green” bond offer.

Property company Argosy Property has launched its third green bond offer to raise up to $150m after announcing a purchase of $76m of Auckland industrial property for redevelopment under its “green” strategy.

Argosy said the minimum interest rate on the green bonds would be 2.2 per cent and the bonds would have a seven-year term maturing in October 2027. The company would issue up to $125m of the bonds with the ability to issue another $25m if there was demand.

Fast and direct transport connections to Auckland Airport take shape

A connected rapid transit network (RTN) to Auckland Airport is a step closer – with a $14 million investment to upgrade Puhinui Road and Lambie Drive for the new AirportLink bus service about to get underway.

Construction starts this week on the upgrades – which includes new bus lanes, cycling facilities and pedestrian improvements – to provide the infrastructure to deliver frequent and reliable, 10-minute bus journeys from the new Puhinui Station Interchange to Auckland Airport from May 2021.

The project is an early improvement delivered by the Airport to Botany Rapid Transit project – which is part of the wider Southwest Gateway Programme.

Unloved urban land to become a focal part of Te Ara Awataha

Northcote’s future greenway, Te Ara Awataha, continues to take shape with construction underway on the second portion known as the ‘schools’ edge’.

Once complete, the works will provide an open-air learning space as well as forming a key part of the 1.5km network of existing and new reserves running through the Northcote neighbourhood, connecting the town centre, schools and new homes as well as daylighting the historic Awataha Stream.

Bold blue and green hoardings have been in place around the first portion of the new greenway at Greenslade Reserve depicting the tuna (eels), tūī and kererū that are expected to enjoy the green ‘ara’ or route of the greenway once the Awataha Stream is brought out of the ground, and has it’s mauri (life essence) uplifted as part of the project.

The $1.3b overseas takeover of Metlifecare may be delayed

The $1.3 billion overseas takeover of large retirement village operator Metlifecare may be delayed by deferral of a decision from the Takeovers Panel.

Metlifecare told the NZX that it had been advised that the Takeovers Panel had deferred its decision on whether to issue a ‘no objection’ statement in respect of the Scheme of Arrangement between Metlifecare and Asia Pacific Village Group, owned by Swedish investor EQT Infrastructure, until Monday, October 19.

The scheme would give effect to the takeover of Metlifecare by Asia Pacific which is offering shareholders $6 a share at a cost of $1.3b for the whole company. Metlifecare has 25 villages in the North Island, home to about 5500 residents.

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