Branch sell-off raises $17M for WestpacTrust

By Phil Boeyen, ShareChat Business News Editor

Monday 2nd April 2001

Banking company WestpacTrust (NZSE: WBC) has raised more than $17 million from the sale of property around New Zealand.

A total of 18 branch properties were sold at three auctions held last week.

WestpacTrust manager properties, Grant Macdonald, says bidding for the properties was very competitive, with yields ranging from just under 8% for the Kerikeri branch to more than 13% for Wanganui.

"WestpacTrust's core business is finance and banking. By further reducing our property portfolio we are freeing up cash for use in other parts of our business," Mr Macdonald says.

"We currently lease about 80% of our branch properties and the sales programme increases that to about 90%."

All the WestpacTrust branches were sold with new nine-year leases in place to WestpacTrust.

The properties sold were spread throughout the country with a mix of suburban and regional centre locations. The top price paid was $2,066,000 in Nelson.

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