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ING Property Trust says it has bought properties worth $26.9 million in Auckland, settling some deals with exchanges.
Peter Mence, the trust's new general manager, said the trust had bought an industrial property at 211 Albany Highway for $17.1 million. It settled most of this deal by trading other properties.
The trust exchanged three smaller properties worth $16.6 million and settled the rest in cash, he said. The three smaller properties are at Ellerslie, East Tamaki and Onehunga.
The new Albany property was next to the trust's largest industrial asset on the North Shore, Mence said.
The trust also bought an East Tamaki property for $9.8 million - the Fisher & Paykel Appliances' building on 80 Springs Rd. The acquisition was a sale and leaseback arrangement, Mence said.
