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ING sells properties to repay debt

Thursday 11th December 2008

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ING Property Trust agreed to sell five properties for $49.4 million, freeing up funds to repay debt.

The property sales are due to settle before the trust's March 31 balance date and bring total sales this year to nine, for a total of $74.2 million this year, the trust's manager said. The sale price amounts to 92% of their book values as at March.

"The Trust recently announced a reduction in its near-term debt target from 40% to 35%," said Mike Smith, Chairman of ING Property Trust Management Limited, the manager of the Trust. "The sales announced to date are a demonstrable move towards achieving this goal."

ING's units traded unchanged at 65 cents and have advanced almost 7% in the past month, while the NZX 50 Index fell 3%. Smith said applying the sales proceeds to the Trust's balance sheet would reduce the debt-to-total-assets ratio to 38% from 42%.

By Jonathan Underhill

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