tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

News

rss
Latest Headlines

NZRPT sells assets to fund redemptions

The New Zealand Rural Property Trust has decided to sell up to $10 million worth of farms to fund unit redemptions.

Thursday, September 10th 1998, 12:00AM

by Philip Macalister

The New Zealand Rural Property Trust has decided to sell up to $10 million worth of farms to fund unit redemptions.
Chief executive Tim Ryan says this move is consistent with the trust deed, as well as being something that was signalled to unitholders late last year.
To date the Ngarua dairy unit and just over half of the 12 blocks that make up the Tarlair property have been sold.
Ryan says the properties being sold are generally the smaller ones in the trust's portfolio as the manager has a strategy to increase the scale of its properties.

Recently the manager has been promoting the trust and the fact that it "is back in business" after having unit redemptions suspended for a year.
The redemption freeze was lifted in November, and in the year to June 30 the manager has redeemed about 6.5 million units.
Ryan says the manager always expected a flood of redemptions once the freeze was lifted, and thought the level may have been much higher.
"We were quite surprised (at the level) considering what unitholders had had to go through in the past 12 months."
Ryan says the promotion has been going well, however it hasn't resulted in any positive funds flow as investors can buy units on the secondary market (latest prices on the market pages) at about 75 cents each, rather than purchasing new units at net asset value which is about $1.21.
One of the concerns unitholders have had about the trust in recent years is the low level of distributions that have been made.
Ryan says the board has spent considerable time on this issue and an announcement on distribution policy will be made in the annual report due out next week.
Back on the farms the trust has successfully converted the Tatarepo property to dairying. Ryan says the conversion has exceeded expectations and the property will reach maximum production in two years, as opposed to the anticipated 3 to 5 year time frame.
Also two new leases are being let on the Waimahaka and Cedar properties.
The trust is still looking towards forestry as being its future cashflow saviour. The manager looked "quite closely" at buying the forests owned by the failed Flat Rocks Forest Trust, however did not buy the assets.
Currently it is negotiating with another forest owner.
« Musical chairs continuesGet your tax questions answered online »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com