Management rights for Urbus Properties sold to ING

Wednesday 30 June 2004

Urbus Management Limited has announced the conditional sale of its management rights for Urbus Properties Limited to ING (NZ) Limited.

By The Landlord

Urbus Management is owned by interests associated with Brendon and Shayne Hodge and provides property and corporate management services for the $410 million diversified portfolio of Urbus Properties.

The sale of the management contract to ING follows a strategic review of Urbus Management's business.

"As the manager of Urbus Properties Limited, our primary goal is to ensure the outcome is in the best interests of all stakeholders, and I believe we have achieved this with the involvement of ING," said director Brendon Hodge.

"ING is one of the largest wealth managers in the world and its New Zealand team brings an excellent track record."

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