Colonial Trust marks lower first quarter

The Trust has reported a net surplus of $3.5 million for the three months ended June compared with $3.82 million for the same period last year.

GM Lloyd Cundy says the profit result reflects the strong cash flow generated by the Trust's property portfolio, which is virtually 100% tenanted.

Mr Cundy says the Trust has had a busy few months, recently announcing the purchase of the Millennium Centre in Greenlane for $42.6 million, and renewing a number of key leases including resigning The Department of Labour for six years in Unisys House in Wellington.

Mr Cundy says the current low interest rate environment is encouraging property investment.

"The investment market is very vibrant with both local and off shore investors active."

The Trust's first interim distribution for the year ending 31 March 2002 will be paid on 21 September 2001. Unitholders will receive a gross distribution of 2.64 cents per unit.

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