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Colonial Property beats prospectus target

By Phil Boeyen, ShareChat Business News Editor

Monday 13th November 2000

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Colonial First State Property Trust has come in half a million dollars ahead of its prospectus forecast, posting an interim net surplus of $7.16 million.

Trust general manager, Lloyd Cundy, says profit for the six months to the end of September reflects the trust's strong cash flow and active management style.

"The Trust has maintained close to a fully-tenanted status through a process of active management and a refurbishment programme focused on enhancing the portfolio."

Mr Cundy says leasing activity during 2000 has been strong in both Auckland and Wellington office markets.

"There is a healthy demand for quality assets but the market for secondary product has weakened. There is also keen buying interest in the industrial sector as investors pick this sector to outperform given the strong performance of the New Zealand export market."

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