20 May 2009

ING to sell another $100m of property

7:48 am on 20 May 2009

ING Property Trust has earmarked another $100 million in property sales to cut debt and remain financially strong.

Revaluations shaved $90 million off its property portfolio, contributing to a loss of $63.1 million in the year to March.

The previous year, the company made a $71.1 million profit.

Excluding revaluations, gross earnings rose 3% to $77.5 million due to higher rents.

The property trust sold $116 million of property during the year, and says it has another $46 million of conditional sales lined up so far.