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IMP announce unconditional sale of Waipukurau property

Thursday, 11 March 2010

ING Medical Properties Limited (IMPL), the Manager of ING Medical Properties Trust (NZSX ticker: IMP) today announced the unconditional sale of the Central Hawkes Bay Health Centre in Waipukurau for $4.3 million.  

David Carr, General Manager of IMPL said “the disposal is part of the Manager’s previously articulated portfolio and capital management strategy that takes into account the considered sale of the Trust’s lower value, non-core property assets”. 

The sale price achieved was approximately 6% above the 30 June 2009 asset valuation. 

The funds received from the sale will be used to repay debt, and on settlement in June 2010 the Trust’s gearing is forecast to reduce to approximately 33%.

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