Irongate Property has sold the bulk of its 8.88% stake in fellow St Laurence managed property group the National Property Trust for NZ$7.4 million with the Accident Compensation Corporation buying the lion's share. (Update adds detail about ACC buying). Irongate said in an NZX disclosure notice it sold almost 15.2 million National Property Trust units on Thursday for about 48 cents each. It retains 2 million units, or a 1.03% stake. The sale is expected to settle on May 18. Meanwhile, the ACC outed itself as the main buyer. In its own disclosure, the ACC said it had bought 10.85 million units for NZ$5.3 million. The ACC now holds a 9% stake in the National Property Trust. The National Property Trust is managed by St Laurence subsidiary the National Property Trust Limited and Irongate is manged by St Laurence Funds Management Limited. St Laurence's trustee Perpetual Trust dumped the insolvent finance company, which owes 9,000 investors about NZ$245 million, into receivership late last month. A group of National Property Trust investors led by David Cushing are now seeking a unitholders meeting as they attempt to sack their trust's manager. The National Property Trust's units were up 1c at 49c this afternoon.
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