ING Medical Properties Trust Sells Small Property
Wellington, July 1 NZPA - ING Medical Properties Trust said it has sold its smallest freehold property in Point Chevalier in Auckland for 5 percent below valuation at June 30 last year.
The property was tenanted by Biomed Ltd.
Manager ING Medical Properties Ltd said the sale was expected to settle in August.
The proceeds would be used to repay debt. The trust expected its gear ratio to be 34.6 percent on settlement of this and another property sale.
The trust has a $300 million portfolio of 16 properties with 112 tenants in New Zealand and Australia.
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