National Property Trust portfolio value falls 4.9%

National Property Trust said the value of its portfolio fell 4.9% in the six months through March, reflecting softer capital yields in the property market. The value of the trust's portfolio of commercial, retail and industrial properties fell $28 million to about $266.8 million in its second half ended March 31, bringing the full-year decline to 9.1%, National property said in a statement.

"Over the last twelve months cap rates have eased by an average of over 0.75%," said John Crone, the trust's general manager.

"Even though passing rent has improved by almost 2% these gains have only partially offset weaker market conditions," he said.

National Property Trust is managed by National Property Trust Ltd, which is owned by Australasian property-related finance and funds management company St Laurence Ltd.

Units of National Property Trust fell 2.9% to 34 cents on the NZX and have declined 19% in the past three months.

Businesswire.co.nz

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