ING Property Trust achieves $100m asset sales target

Trust achieves $100m asset sales target File Size: 0.06MB

ING Property Trust (the Trust) today announced the sale of 7-9 Niall Burgess Drive, in Mt Wellington Auckland for $22.0m. The sale price was at 110% of book value, based on the 31 March 2009 valuations.

The sale of a property above the $20m threshold and at such a premium, further confirms the Trust’s property values.

Since the commencement of the 2010 financial year the Trust has actively pursued a capital management strategy of selling non-core properties and using the proceeds to repay debt. The Trust has now completed the sale of fifteen properties at a total sales price of $102.9m. The sales have been at an average of 103.5% of the book values based on the 31 March 2009 values. Whilst the targeted $100m of sales has been achieved, the Manager does not rule out further sales if it is in the best interest of the Trust.