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ING Property Trust, New Zealand's third-largest publicly traded property investor, boosted the value of its assets by about 10 per cent as demand for industrial, office and residential space allowed it to increase rents.
The Auckland-based company said the value of assets rose by about $90 million to $1.05 billion in the year to March 31. The company's net asset value rose by 14c to $1.30 a share.
About $12 million of the revaluation gain comes from 16 properties the company plans to sell. The stock closed unchanged at $1.28 yesterday.
- BLOOMBERG
