ING in $17m deal to buy Manukau retail development

ING Property Trust has spent $21.2 million buying buildings in Auckland and Wellington and selling other Auckland properties for $9.9 million.

Andy Evans, managing director of the trust's manager ING Property Trust Management, said the trust had bought buildings in Manukau and Porirua and sold buildings in Onehunga and Epsom.

The trust, which is bidding for control of Calan Healthcare Properties Trust, has an unconditional agreement to buy a retail development with 16 food outlets in Manukau for $16.9 million.

The deal for the property, next to the new TelstraClear Pacific Events Centre, is due to settle on April 28.

The trust has another deal to buy an industrial building leased to the Inland Revenue Department in Porirua for $4.2 million. The building is next to the trust's $20 million bulk retail property and provides redevelopment potential if the sites can be amalgamated. The trust has unconditional deals to sell adjoining industrial buildings at 89-91 Captain Springs Rd in Onehunga for $5.2 million.

It has another deal to sell 303 Manukau Rd in Epsom for $4.7 million.

Evans said the trust owned 101 properties worth $827 million.

The trust also announced a third-quarter distribution of 2.4c a unit to be paid on March 17.

* Calan says it is spending $1.5 million building a 160sq m one-level extension to its Ascot Hospital in Auckland.