WestpacTrust Raises $17 Million In Branch Sales

WestpacTrust Raises $17 Million In Branch Sale Programme

WestpacTrust has raised more than $17 million with the sale of 18 branch properties around the country at three auctions held last week.

WestpacTrust manager properties Grant Macdonald said: “Bidding was very competitive, as shown by the yields which ranged from 7.83% for Kerikeri to 13.43% for Wanganui. All the properties were sold under the hammer and we are very pleased with the return.

“WestpacTrust’s core business is finance and banking. By further reducing our property portfolio we are freeing up cash for use in other parts of our business,” Mr Macdonald explained. “We currently lease about 80 percent of our branch properties and the sales programme increases that to about 90 percent.”

WestpacTrust offered 18 properties for sale at auctions in Auckland, Wellington and Christchurch through broker Colliers Jardine. All the properties were sold with new nine year leases in place to WestpacTrust with 3 x 3-year rights of renewal.

The branches sold were spread throughout the country with a mix of properties in suburban and regional centre locations. Top price paid was $2,066,000 for Nelson.

ENDS

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