ING Property making progress on asset sales

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ING Property Trust says good progress is being made on its target of selling $100 million worth of property.

The trust has a $1.1 billion portfolio of 93 properties.

The sale of an office building at 632 Great South Road in Auckland vacated by Yellow Pages, and the building occupied by The Warehouse in Petone in Wellington have both been confirmed at a combined total of $17m, the trust said today.

The trust has agreements, both conditional and unconditional, for the sale of $37m of property since its annual result.

"Sales are being negotiated at or in excess of the current book values," said Peter Mence, general manager of ING Property Trust Management Ltd, the trust's management company.

In May, the trust reported an annual after-tax loss of $63.1m, reversing the previous year's $72m profit, as the slowing economy hit property values.

The trust aimed to reduce gearing levels to 35 percent over the medium term, through property sales and putting off acquisitions.

NZPA