By NZPA
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Monday 26th July 2004 |
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ING said the purchase price has been confirmed as fair value by independent valuer, Colliers International and represents an initial passing yield of 9.02%.
The listed property trust said it would fund the purchase through an existing bank debt facility.
Settlement is expected within 20 business days. The Citibank Centre is a 15-level commercial office building on a freehold site of 1,500sqm, with a total net lettable area of 9,795sqm and 81 carparks.
ING said the property comes with a number of long-term, blue chip tenants, including Citibank and Thai International Airways.
Following the purchase, the trust's property portfolio will have an approximate value of $335 million. Commercial properties will make up the bulk of the portfolio at 66%, followed by industrial properties at 21% and retail at 13%.
The bulk of the trust's properties will be in Auckland at 78%, followed by Wellington at 19% and Christchurch with 3%.
ING Property Trust shares last traded at $1.07 on Friday having traded between 90 cents and $1.11 over the past 12 months.
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