ING trusts getting name change

ING Property Trust and ING Medical Properties Trust are changing their names in the wake of ANZ Bank buying fund manager ING New Zealand, which has already announced its name change to OnePath.

ING Property Trust's new name from October 1 will be Argosy Property Trust.

Peter Mence, general manager of the trust's management company, says the name Argosy “is derived from a fleet of ships and reflects the strength that comes from a quantum of individual ships operating together as a fleet”.

ING Property Trust owns 81 properties.

ING Medical Properties Trust will be renamed Vital Healthcare Property Trust from October 1.

Chairman Bill Thurston says the new name “confirms our specialist expertise in the property sector”.

The management team running each trust and their boards remain unchanged.

ING Property Trust units are steady at 68 cents, just above their 66 cent low for the last 12 months, while the medical trust's units are down 1 cent at $1.24, about the middle of the last year's trading range.

Businesswire.co.nz

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