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

 


Trust announces projected revaluation gain

ING Property Trust announces projected revaluation gain

Listed property trust ING Property Trust (the Trust) has announced the largest ever annual portfolio revaluation gain in its portfolio, likely to result in an increase in value of approximately $48 million.

The revaluation gain increases the Trust’s total assets to just over $900 million. The net asset backing of the Trust increases by 9 cents per unit to $1.15 from $1.06 (as at 30 September 2005).

Managing Director of ING Property Trust Management Limited Andrew Evans said the gain is still subject to formal confirmation from the external auditors, and will be released in mid-May as part of the full-year financial results.

He attributed the projected valuation gains achieved to a combination of factors, being the very supportive market fundamentals and internally generated value driven by the Trust’s asset management strategy.

This strategy is to focus on the active management of leases and tenants (the overall occupancy in the portfolio is 99.6%, with a tenant retention rate of 97%) and the active recycling of capital through value-added expenditure, as well as property acquisitions and disposals.

The Trust also advised it has now sold a total of nine properties during the 2006 financial year for $44.6 million. These sales achieved gains, after the allowance for selling costs, of $6.9 million. The Trust now has 15 properties, with a value of $55 million, identified for future sale. These properties did not form part of the 31 March 2006 revaluation process, and are held in the books at the lower of cost or net realisable value.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

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>>

ALSO:

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>>

ALSO:

Results:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news