Fund managers in property deals

Fund managers were involved in two significant property announcements yesterday. St Laurence Group is set to buy the Finance Centre in Auckland for a little over $100 million and ING completed its Urbus purchase.

Friday, August 13th 2004, 6:38AM

Trans Tasman Properties Limited is set to sell the Finance Centre Complex in central Auckland to St Laurence Property & Finance Limited.

The conditional deal is for $101.15 million cash and represents around 98% of Trans Tasman's carrying book value for the property

St Laurence has until September 14 to carry out due diligence. The complex comprises four buildings with a total net lettable area of 40,900sq m and 497 carparks. Located on Queen Street, the centre fronts onto both Victoria and Albert Streets.

"Opportunities to purchase significant commercial properties in Auckland's CBD don't present themselves very often. The Finance Centre represents an attractive investment opportunity and one that warranted due consideration," St Laurence chief executive John Mallon said in a statement.

On Tuesday, Trans Tasman posted posted a first half net profit after tax (npat) of $12.2 million, up nearly 70% on the same period last year.

Shares in the company were unchanged at 37 cents in late afternoon trading today, having fetched between 30 cents and 50 cents over the past 12 months.

Also yesterday ING confirmed the purchase of the management rights for publicly listed property investment company Urbus Properties Limited.

Urbus is a publicly listed property investment company with $410 million in assets. Its portfolio comprises more than 50 warehouse/distribution centres, office buildings and retail centres throughout the North Island.

"The acquisition of the management rights Urbus further consolidates ING’s core strength as a leading and recognised manager of quality real estate/property investment," the company says.

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