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

 

Trust's Profit Continues To Grow

Colonial First State Property Trust

Colonial First State Property Trust announced today a net surplus of $3.82m for the three months to 30 June 2000, up $486,000 on the Prospectus forecast.

The trust's first interim distribution for the year ending 31 March 2001 will be paid on 22 September 2000. Unitholders will receive a gross distribution of 2.67 cents per unit made up of 2.45 cents cash and a 0.22 cent imputation credit. The distribution equates to an annualised gross yield of 10.68%, up 0.28% on the Prospectus forecast.

Trust general manager Lloyd Cundy said the trust's profit result continues to reflect its fully tenanted status and the trust's investment strategy of investing in a superior diversified property portfolio with emphasis on fringe CBD office properties.

Despite a mixed year for property, Mr Cundy said certain property sectors have performed well over the previous 12 months.

"There is good demand for fringe/suburban office accommodation and the retail sector has performed particularly well. The industrial sector, in general, has also had a good year," Mr Cundy said.

Mr Cundy said the listed property market is showing signs of becoming more popular with investors as interest rates level off and investors disillusioned with seeking high capital growth from shares return to 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: