ING refines property portfolio

ING Property Trust has entered into deals to sell buildings in Auckland and buy others in Auckland and Wellington.

ING has spent $16.95 million on a convenience retail development in Manukau City, in a deal which is due to settle on April 28.

The property is next to the new Telstra Clear Pacific Events Centre, and has 16 food outlets.

ING's other purchase was a $4.225 million industrial building in Porirua, which is leased to the Inland Revenue Department. It adjoins ING's existing $20 million bulk retail property in Porirua.

ING has also sold two adjoining industrial buildings in Onehunga, Auckland and an office building in Epsom.

ING said the sales resulted in an aggregate gain, after sale costs, of $510,000.

ING now has a portfolio of 101 properties with a book value of $827 million.

The trust announced a third quarter distribution of 2.5 cents per unit, including imputation credits of 0.113 cents per unit.

ING is currently making a play for Calan Healthcare and is expected to dispatch its $1.25 per unit offer, comprising 63c cash plus 0.528 ING Property Trust units, next week.

- NZPA