Williams Prop, expands

Press, 1 June 1985, Page 24

Williams Prop, expands

PA Wellington Expansion of the Williams Property group into a new investment company and into further property and tourism activities were announced yesterday. Williams Property Holdings, Ltd, told the Stock Exchange that details will be announced soon of a new public investment company in which Williams Property would have a 25 per cent interest. This company was being floated in conjunction with Challenge Corporate Services, which would also hold 25 per cent. It was intended that this company would conduct a broad range of investment activities, beginning with

the purchase of strategic shareholdings in several listed public companies, including Williams Property' Holdings. The purchase of shares by Williams Property in the new investment company would be financed in part by the issue of Williams Property shares to the Williams family interests. Williams Property is to purchase the entire capital of Williams Construction (Canterbury), Ltd, the Christchurch-based property development and construction company at present owned by Williams family interests. It was intended that Williams Property should increase its Christchurch

property development and investment activities through this acquisition, the consideration for which would be shares in Williams Property. The current construction of the “Plimmer Towers” tourist and executive serviced apartment facility in Welington would be complemented by the purchase of the two companies which owned and operated the Melksham and lona Towers serviced apartment buildings. Melksham Apartments, Ltd, and Berrick Apartments, Ltd, were to be purchased from the Williams family interests in exchange for shares in W'illiams Holdings, Ltd.