Trans Tasman quitting range of NZ holdings

Thursday 12 August 2004

Trans Tasman Properties hopes to quit the former Auckland Star site and the former Finance Centre in Auckland's heart for about $115 million.

By The Landlord

Announcing the half-year result yesterday, Trans Tasman executive chairman Don Fletcher disclosed the sales deals on the table.

Trans Tasman made $12.2 million in the June half-year, up on its $7.2 million previously.

Revenue fell from $32 million to $26.7 million, mainly because the Hong Kong-controlled company pulled in less rent due.

Net asset value per share was 64.2c, up only marginally on the previous 63.6c because of "currency movements".

The asset base is sinking fast.

Trans Tasman sold $132.5 million worth of property this year, quitting the Fletcher Penrose site for $72 million, Citibank Centre in Auckland's CBD for $30.5 million and four Takapuna properties for $30 million.

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