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Symphony reassures

By Christine Nikiel

Friday 16th May 2003

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Symphony Property Group, promoter of the newly floated Paramount Property Trust, was this week insisting the loss of a major tenant would not affect the trust's performance.

Paramount told the Stock Exchange the liquidation of The Cuisine Market Management would not "detrimentally affect Paramount's ability to meet financial forecasts and expected dividend payments."

As the guarantor of The Cuisine Market Management's performance, Symphony will have to pick up the rental and operating cost liabilities owed to Paramount Property Trust under the lease.

The tenant loss comes on the back of the departure from the group of long-time Symphony director Chris Minty, who said he wanted to set up his own property development company.

Symphony said it was negotiating to re-let part of the space in the GE Capital Building on Market Pl in Auckland's high-rent Viaduct area and was discussing with existing subtenants how to reposition the markets in a smaller area.

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