Calan Completes $12.825 Million Sale

Monday, 8 November 2004, 11:30 am
Press Release: Calan Healthcare

Statement made by Miles Wentworth, Chief Executive Officer, Calan Healthcare Properties Limited

Calan Healthcare Properties Trust (NZX Code: CHP) today announced that the $12.825 million sale of what is known as the Takapuna site on the corner of Shakespeare and Taharoto Roads on Auckland's North Shore to Metlifecare Limited (NZX: MET) has now been declared unconditional. With the sale now unconditional, $8.5 million of the $12.825 million is payable. The balance of $4.325 million, which attracts interest at the rate of 6.5% per annum, is payable over a maximum period of 4 years. The deferred settlement amount will be fully secured.

To this point, the $12.825 million has been a non-income producing asset, and it has had the effect of suppressing the Trust’s earnings and distributions. This sale will deliver a significant increase to our earnings stream.

The sale value represents approximately 6% of the Trust’s total assets and is a significant step forward in making our portfolio fully yielding.

Over the past 18 months the Trust has been aggressively pursuing a strategy of converting non yielding assets into yielding assets.

The sale proceeds will be used to retire debt.

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