4 Aug 2010

Tough conditions expected for some time

7:28 am on 4 August 2010

AMP New Zealand Office Trust expects the Auckland property market to remain tough until business sees more stability in global markets.

The listed property investor made a distributable profit of $60.7 million in the year to the end of June, up 2.5% on the previous year.

The trust owns 15 office buildings, worth $1.3 billion, including PricewaterhouseCoopers Tower, the ANZ Centre, and the AMP Centre in Auckland, and the State Insurance Tower, Vodafone on the Quay and the HP Tower in Wellington.

Acting chief executive, Amish Vallabh says the trust's occupancy rate increased to just over 90% during the period, and there's been a pickup in the number of enquiries from potential tenants.

The Trust's shares fell 1 cent to 70 cents on Wednesday.