Wednesday 8th October 2008
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The trust sold its eight-level, fully-tenanted office building in New Plymouth for NZ$7.4 million, just above its September 30 valuation of NZ$7.3 million. The trust is managed by The National Property Trust, a unit of St Laurence.
"It's a tight market for sales but this demonstrates there's a market for well managed, well tenanted properties," said Helen Mexted, a spokeswoman for National Property Trust's manager.
"If you can get sales away above market valuation in the current market, that's a good outcome," she said.
The trust's units fell 4.3% to 45 cents, bringing their decline this year to 18%. That's a better outcome than being weighted to the NZX 50 Index, which is down 26%.
Kiwi Income Property Trust has declined 12% this year.
National Property Trust will use the funds to pay debt, said general manager John Crone.
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