20 Apr 2010

Kermadec signals property portfolio value drop

7:02 am on 20 April 2010

Kermadec Property Fund says it is expecting the value of its property portfolio to have slipped or $4.73 million, or almost 4%, in the year to March.

The reduction was due to two unexpected vacancies which arose late in the financial year.

The company says it's portfolio is valued at $116.68 million and its borrowings equate to 38.8% of total property assets.

The company says, over time, it will look to sell remaining units in Palmerston North and Manakau City, to focus on the Auckland CBD market.

Kermadec expects to release its preliminary financial results in mid May.