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Colonial First State earnings ahead

By Chris Hutching

Friday 31st March 2000

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Colonial First State Property Trust is ahead of its prospectus forecast earnings for the seven months ending December 31, 1999 with a tax-paid surplus of $8.4 million.

This was $485,000 ahead of the prospectus forecast, which bodes well for new unitholders but the value of units remains at a discount to the listing price of around 20%.

During the period settlement was completed on the Public Trust building at 101 Carlton Gore Rd in Wellington, a five-year lease was renegotiated with BNZ at 124 Vincent St in Auckland and refurbishment of South City Centre in Christchurch was completed. The South City Centre refurbishment has seen an increase in turnover of 106% with 30 retailers recording an increase in sales over December 1998, and 47% of retailers showing increases of more than 25%. Foot traffic in the month of December 1999 was up 38% on the same month a year earlier.

Colonial owns 14 properties, most on the fringe of the Auckland central business district.

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