Shares in DNZ Property Fund will debut on the New Zealand stock exchange at 97 cents per share on Monday.
The company's 8000 shareholders were offered up to $35 million in new shares, but they took up only $8.25 million worth.
The remainder of the shares, and another $10 million worth, were then picked up by new investors including financial institutions.
DNZ chairman Tim Storey says there was particularly strong interest from institutional investors and the company is pleased with the price.
Some $35 million of the $45 million raised will be used to buy out DNZ's management contracts, which had been owned by its chief executive Paul Duffy and director Alastair Hasell.
Shares in DNZ currently trade on the unlisted market.
DNZ shares will be listed on the NZX from Monday.