3 Mar 2016

Tasmanian farms sale boosts council fund

1:39 pm on 3 March 2016

The sale of its Tasmanian farms has boosted the result of the New Plymouth District Council's investment fund.

Its after tax return for the six months to the end of December is $20.2 million, or 8 percent.

The fund is worth $269.4 million, after deducting a release payment to the council of $3.7 million and costs of $700,000.

Taranaki Investment Management Limited said the main driver of the result was the sale of the Tasmanian Land Company to Moon Lake Investments for $280 million. The proceeds will be reinvested over the next 18 months.

The fund has paid $184.8 million to the council since its inception in 2004.