Colonial Property beats prospectus

The trust says unitholders will get a final distribution of 2.67 cents per unit made up of 2.32 cents cash with a 0.35 cent imputation credit.

It says total distributions for the year to 31 March 2001 are equivalent to a return of 10.69 cents per unit on a $1 issue price.

GM, Lloyd Cundy says the trust is continuing to benefit from its investment strategy of focusing on superior fringe CBD office buildings in Auckland.

He says the addition last year of Panasonic House in Wellington to its portfolio had boosted income, and it had maintained its virtually fully tenanted status.

Colonial First State Property Trust owns ten buildings in Auckland, three in Wellington and two in Christchurch.

After allowing for disposal costs and capital expenditure during the year, the value has been written down 0.78%, equating to $1.6 million.

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