Published 30 September 2007Kermadec Property Fund Ltd has completed the sale of its property at 9-11 Ratanui St, Henderson, for $8.36 million. Book value at 31 March was $8.1 million. The sale proceeds have reduced the company’s net debt to $39.9 million, cutting the gearing ratio from 35% to 32%. The fund listed on the NZSX in December 2006. It has a $126 million portfolio of 8 properties in the office, industrial & parking sectors. Want to comment? Click on The new Bob Dey Property Forum or email [email protected].
Attribution: Company statement, story written by Bob Dey for this website.