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Colonial First State Property Trust 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....

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