Trust's Profit Continues To Grow

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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

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