INL's Aussie property sales total $16M

The properties at Perth, Adelaide, Brisbane and Melbourne had been leased to Melbourne-based PMP Communications, who bought Gordon and Gotch from INL in 1999.

"The properties were sold progressively over a period of 20 months to four different investors, with the final and largest, the Melbourne property due for settlement before the end of May," the company says.

INL chief, Tom Mockridge, says the property sales bring to an end the last indirect INL involvement with the Australian operations of Gordon and Gotch.

The Gordon and Gotch distribution In New Zealand business remains in INL ownership and is unaffected by the Australian sales.

INL says the NZ$9 million proceeds from the sale of the Melbourne property sale will be applied to debt reduction, making a total of over NZ$16 million INL has applied to debt reduction from the four sales.

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