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Healthy Profit For Trust

Colonial First State Property Trust announced today a net surplus of $3.5m for the three months to 30 June 2001.

General manager Lloyd Cundy said the profit result reflects the strong cash flow generated by the Trust's property portfolio which is virtually 100% tenanted.

Mr Cundy said the Trust had a busy few months, recently announcing the purchase of the Millennium Centre in Greenlane for $42.6m, and renewing a number of key leases including resigning The Department of Labour (6335sm) for six years in Unisys House in Wellington.

Mr Cundy said the current low interest rate environment was encouraging property investment.

"The investment market is very vibrant with both local and off shore investors active."

The Trust's first interim distribution for the year ending 31 March 2002 will be paid on 21 September 2001. Unitholders will receive a gross distribution of 2.64 cents per unit made up of 2.10 cents cash and a 0.54 cent imputation credit. The distribution equates to an annualised gross 10.55 cents per unit. The Trust's NTA increased from 95.46 cents per unit as at 31 March 2001 to 95.76 cents per unit as at 30 June 2001.

ENDS




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