ING Property sells three properties for $22.3m

The sales are part of the trust's ongoing strategy of divesting non-strategic assets, using the funds to repay debt. So far this financial year, ING Property has sold 16 properties for a total of $112 million, which amounts to an average 94% of their March 2008 book values.

The latest three sales all settle in time to be included in the trust's accounts to March 31.

ING's units were unchanged at 58 cents on the NZX and have declined 38% in the past 12 months, under-performing the NZSX Property Group Index, which is down about 20%.

By Jonathan Underhill

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