13 Mar 2009

Property portfolio down 10.6%

5:53 am on 13 March 2009

AMP NZ Office Trust has had more than $166 million wiped off the value of its property portfolio.

An interim nine-month independent revaluation of the investment portfolio held by the commercial landlord, has resulted in a decline in values of 10.6%.

Chief executive Robert Lang says the drop is primarily attributable to the increase in the capitalisation rates adopted by valuers.