Railways may raise $400M
PA Wellington The financially stricken Railways Corporation is planning a property development scheme which could raise the $4OO million the Government says it needs.
The Minister of Railways, Mr Prebble, has said the corporation would announce soon an exciting plan which would be a huge money-raiser.
He said it was clear the Railways would need a big injection of capital to carry through successfully to redevelop. “I personally believe that Railways is going to need around about $4OO
million,” Mr Prebble told the Railway Officers’ Institute executive council conference in Wellington. “The proposed development of Railways* properties can generate sums of that magnitude.” Mr Prebble later declined to elaborate on the plans. In a message given to N.Z.P.A., through one of his staff, he said these were “commercial and confidential” at present
The chairman of the Railways Corporation, Mr Ross Sayers, and its general manager, Mr Gordon Purdy, were not Immediately available for comment.
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Press, 20 August 1986, Page 45
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158Railways may raise $400M Press, 20 August 1986, Page 45
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