Allied nets $3.4m in property sales

Allied Farmers says it will net more than $3.4 million from property sales concluded this week. Yesterday the company confirmed the sale of a number of sections in Queenstown, an industrial development in Wauchope, New South Wales, and another confidential property transaction. Other transactions for the sale of properties were close to being concluded, the company said. Allied Farmers, which acquired properties when it bought the assets of Hanover Finance and United Finance last December in a share for debenture swap, is undertaking a programme to sell property. Allied Farmers managing director Rob Alloway said the volume of inquiries and sales, and prices being offered, reflected a return to confidence in well-located developments such as Jack's Point, near Queenstown. He said progress was also being made in realising some other assets acquired from Hanover.

- NZPA