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Recent News
NPT’s Auckland Property Sales Settle
15th September 2009
The National Property Trust Limited (NPTL), the Manager of The National Property Trust (NPT) has announced today that it has settled the sale of two Auckland properties, the Rialto Centre and Carlton DFK Tower. The combined sale price is $49 million.
The net proceeds are being applied towards the reduction of bank debt which will bring NPT’s gearing ratio down below 25 percent. As a result of the debt reduction, the Trust will be taking the opportunity to cancel some of its interest rate swaps to ensure that the Trust’s level of hedged debt to drawn debt falls within its targeted treasury policy band. The cost of cancelling these swaps is expected to be recouped over the next five years and therefore should have a positive impact on distributable earnings over the coming years.
NPTL General Manager, John Crone says We are very pleased to report two successful sales given current market conditions. The new gearing ratio places the trust in a strong position in the current economic climate and positions it well for the future.
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