Trans Tasman settles Wellington sales

By Phil Boeyen, ShareChat Business News Editor

Monday 13th May 2002

Trans Tasman Properties (NZSE: TTP) has settled the sale of four Wellington properties and announced the sale of its last Christchurch property at above book value.

The company says the Wellington properties were settled on Friday and the sale of Forsyth Barr House in Christchurch is now unconditional.

"Trans Tasman has now sold nine New Zealand properties with a combined value of $144 million this year. This is in addition to the nine New Zealand properties sold in 2001 amounting to $85 million," the company says.

"Following the completion of the above sales Trans Tasman's debt ratio on an equity basis (debt excluding issued bonds to total assets) will be 29.7%. Including the bonds of $41 million, total debt will be 37.3% of assets."

TTP says the sales will allow it to advance its previously announced strategy of reducing debt and becoming more active in property development and investment in New Zealand.

"Although a more conservatively geared balance sheet has been a goal of the board and management for some time the window of opportunity to sell New Zealand property at around book value has only presented itself over the last eighteen months."

"Trans Tasman is determined to supplement its recurring property investment returns with active property initiatives which will include the development of commercial land held in Auckland's Viaduct Basin area."

The company's annual meeting is scheduled to be held in Wellington on Monday, 20 May 2002.

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