(Repeats to new story number)
(The following statement was released by the company)
WELLINGTON, Dec. 11 - ING Property Trust (the 'Trust') announced today the unconditional sale of a further five properties for a total of $49.4 million. The properties are located in Hawkestone Street, Wellington, Garnett Avenue, Hamilton, McCormack Place, Wellington, The Strand, Parnell and Park Avenue, Grafton. All five sales are due to settle prior to the Trust's balance date of 31 March 2009.
In the current financial year nine properties have been sold for a total of $74.2 million. This equates to an average of 92% of the March 2008 book values of the properties.
As announced at the annual meeting in August, the Trust is negotiating the sale of a number of non-strategic assets across its portfolio, with proceeds being used to reduce debt levels.
'The Trust recently announced a reduction in its near-term debt target from 40% to 35%. The sales announced to date are a demonstrable move towards achieving this goal. If the sales were applied to the Trust's balance sheet, the debt-to-total-assets ratio would reduce from 42% to 38%.' said Mike Smith, Chairman of ING Property Trust Management Limited, the manager of the Trust. COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
(The following statement was released by the company)
WELLINGTON, Dec. 11 - ING Property Trust (the 'Trust') announced today the unconditional sale of a further five properties for a total of $49.4 million. The properties are located in Hawkestone Street, Wellington, Garnett Avenue, Hamilton, McCormack Place, Wellington, The Strand, Parnell and Park Avenue, Grafton. All five sales are due to settle prior to the Trust's balance date of 31 March 2009.
In the current financial year nine properties have been sold for a total of $74.2 million. This equates to an average of 92% of the March 2008 book values of the properties.
As announced at the annual meeting in August, the Trust is negotiating the sale of a number of non-strategic assets across its portfolio, with proceeds being used to reduce debt levels.
'The Trust recently announced a reduction in its near-term debt target from 40% to 35%. The sales announced to date are a demonstrable move towards achieving this goal. If the sales were applied to the Trust's balance sheet, the debt-to-total-assets ratio would reduce from 42% to 38%.' said Mike Smith, Chairman of ING Property Trust Management Limited, the manager of the Trust. COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.