Submitted by Manish Verma on Thu, 05/21/2009 - 03:26
Another $100 million has been earmarked in property sales by ING Property Trust with the aim to cut debt and remain financially strong.
In the year to March, contributing to a loss of $63.1 million; revaluations shaved $90 million off its property portfolio.
The company made a $71.1 million profit last year.
Apart from revaluations, due to higher rents gross earnings increased by 3% to $77.5 million.
During the year the property trust sold $116 million of property and said that it has another $46 million of conditional sales lined up so far.
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