Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Colonial First State Property Trust Profit Grows

Colonial First State Property General Manager Lloyd Cundy announced today a net surplus for the Trust of $8.471m for the seven months to 31 December 1999, up $485,000 on the Prospectus forecast. The net surplus for the December quarter was $3.798m.

The Trust’s second interim distribution will be paid on 15 March 2000. Unitholders will receive a gross distribution of 2.58 cents per unit made up of 2.2 cents cash and a 0.38 cent imputation credit. The distribution equates to an annualised gross yield of 10.3%, as outlined in the Prospectus forecast.

Mr Cundy says the excellent profit result is a reflection of the Trust’s fully tenanted status and of the Trust’s investment strategy of focusing on superior quality fringe CBD office buildings in Auckland, where the demand for space is enhancing the quality of the Trust’s rental income.

Despite the rise in interest rates this year, Mr Cundy expected prime yields to remain firm as tenant demand for high quality space increased due to the growing economy.

“The performance of the Trust’s retail and industrial properties will also benefit from the burgeoning economy,” Mr Cundy says.

Mr Cundy predicted listed property trusts would become more popular on the NZSE in 2000 as investors disillusioned with seeking capital growth sought the certainty of income producing stocks.


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO:

Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>

ALSO: