Colonial Property has steady first half

Total operating revenue for the six months ended September rose to $11.93 million from $10.9 million last year.

General manager, Lloyd Cundy, says the trust's surplus was boosted in September when the income from the recently purchased Millennium Centre in Auckland came on line

Mr Cundy says the New Zealand property market in general is buoyant with a strong demand for office assets in the $1 million to $20 million price range.

"Low interest rates are encouraging both local and offshore investors to take a more active interest in property. Current global market instability is also encouraging property investment as investors look toward defensive stocks that produce a strong source of income at a relatively high yield."

A second interim distribution of 2.15 cents per unit for the year ending March 2002 will be paid next month.

The trust's portfolio is 99.15% tenanted and its NTA increased from 95.46 cents per unit at the end of March 2001 to 98.24 cents per unit as at the end of June 2001.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.