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


ING Property Trust Acquires Significant Coolstore

Auckland • Friday 23 December 2005


ING Property Trust (ING) has today announced the acquisition of a modern purpose built coolstore facility in Hastings. The coolstore facility is well positioned to the surrounding horticulture and viticulture that the storage operation services and is one part of a cluster of similar coolstore facilities. The property is delivering an initial yield on purchase price of 9.65% and has a weighted average lease term (WALT) of 7.75 years. The property is leased to a single tenant, Crasborn Supply Limited, a member of a well established group involved in the horticultural industry in New Zealand.

“The relatively high yield on the property reflects the semi specialised nature of the building” said Mr Evans.

The Trust is also completing due diligence on a $17 million food orientated convenience retail centre currently under construction in Manukau City. Due diligence is likely to be completed in January 2006.

On a smaller scale the Trust also announced the acquisition of a small parcel of industrial land adjoining the Trust’s existing asset at 19 Richard Pearse Drive, Auckland, currently leased to Mondiale Freight Services Limited. The acquisition of the land will provide flexibility in the use and future development of the industrial building.

In November the Trust announced its intention to implement a unit purchase plan of $5,000 per unit holder. Work is continuing on the unit purchase plan, however the timing has been deferred to the first quarter of 2006.

ING Property Trust portfolio of 97 buildings, with a total value of more than $800 million is currently 99% occupied.

ING Property Trust is New Zealand’s only truly diversified listed property investor with assets across the retail, industrial and commercial office sectors. The Trust is managed by ING Property Trust Management Limited.

ING Property Trust is one of the leading listed property trusts in New Zealand, investing in a variety of New Zealand commercial, industrial and retail properties. The Trust was first established in 2002 as Paramount Property Trust. It was renamed ING Property Trust when ING (NZ) Limited acquired 50% of the management rights from Symphony Investments Limited (Symphony retains the other 50%). The day-to-day management of the Trust’s portfolio is undertaken by ING. In July 2005, the Trust merged with listed property company, Urbus Properties Limited, creating the second-largest listed property entity on the New Zealand Stock Exchange by market capitalisation.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news