AMP Shopping unit holders told to dig in

At the same time, AMP Henderson has renewed its claim that the co-owners of five shopping centres have rights to buy AMP Shopping's stakes in these centres if AMP Henderson is removed as responsible entity without their consent.

Analysts estimate that if AMP Life and AMP Wholesale Shopping Centre Trust No 2, as co- owners of the five malls, do exercise their rights, up to two-thirds of AMP Shopping Trust's assets will be sold.

In a letter to unit holders yesterday, AMP Henderson as responsible entity for the AMP trust also pointed out that Westfield Trust paid ``a substantial premium" to the Centro scrip-plus-cash bid when it bought 19.9 per cent of the AMP trust last week. Westfield has not yet stated what it plans to do with the holding, other than to say it is ``strategic".

With AMP Henderson and Centro deadlocked, analysts believe the issue of the co-owner rights will be resolved only by a court, and any hearing would take several months to resolve.

Centro can remove the responsible entity only if it controls the trust or if a majority of unit holders at a meeting agree to the proposal. But with Westfield on 19.9 per cent and AMP owning 22 per cent of AMP Shopping, analysts believe Centro would have only a slim prospect of removing AMP Henderson at a meeting. Meanwhile, Stockland Property Trust revealed it raised $285 million on Wednesday evening, selling 60 million units to institutional investors at $4.75 each.

Funds raised will be used to keep debt levels in check after a series of acquisitions, including the purchase of 17 per cent of AMP Diversified Property Trust late last week.

And in New Zealand, reports were circulating that the life insurer may sell a $NZ2.7 billion ($2.5 billion) portfolio of NZ loans this week, according to the Dominion Post. Westpac was cited as the most likely buyer.