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ING says shares too cheap

Monday 25th August 2008

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ING Property Trust said its units are "inappropriately discounted" after slumping almost 28% this year, and rising rents will help make up for any decline in property values.

Units of New Zealand's fourth biggest listed property investor by value of assets fell 1.3% to a record low 76 cents today, giving the trust a market value of NZ$392 million.

ING is a unit of ANZ Bank, which provides the trust with a $600 million facility through to September 2010. ING has 81 properties and 338 tenants on leases that average 4.7 years.

"The heavily discounted price will reverse in due course as the benefits of the diversification strategy are better recognized," chairman Michael Smith told investors at their annual meeting today.

In March, ING suspended withdrawals from two funds, citing the global credit crunch.

By Jonathan Underhill

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