Listed Property Trusts

**Bouncerdog** · 03-02-2009, 10:37 AM

Thanks Beacon and funguspudding.

I had seen that article and would agree that the management behaved in a way that is very close to misleading. Even allowing for that, the company doesn't look in that poor a shape.

A thread on Hot Copper - iif is no centro - seems to sum it up nicely. (Is it Ok to post that link here? )

http://www.hotcopper.com.au/post_thr...826063#3717677

But then again the analysts at Aspect Huntley rate it as too risky and to be avoided. And there seems to be steady institutional selling down with a number of announcements of reduced holdings.

So I continue to be confused. And cautious. But still very interested in a possible bargain....

**fungus pudding** · 03-02-2009, 10:54 AM

Originally Posted by Bouncerdog

Thanks Beacon and funguspudding.

I had seen that article and would agree that the management behaved in a way that is very close to misleading. Even allowing for that, the company doesn't look in that poor a shape.

A thread on Hot Copper - iif is no centro - seems to sum it up nicely. (Is it Ok to post that link here? )

http://www.hotcopper.com.au/post_thr...826063#3717677

But then again the analysts at Aspect Huntley rate it as too risky and to be avoided. And there seems to be steady institutional selling down with a number of announcements of reduced holdings.

So I continue to be confused. And cautious. But still very interested in a possible bargain....

The difference between Aust. LPTs and the NZ ones seems mainly to be in the gearing. NZ borrowing is conservative - usually around the 35% level, whereas in Australia the tick them up to the eyeballs. And gearing works both ways; if real eatate prices drop it's against you, and at present there's almost certainly more downside than upside.

**Billy Boy** · 03-02-2009, 04:34 PM

I have been watching the ozzy LPT's and trying to get to grips
with the ozz situation.
Property is ozz does not seam to be as an important issue as here.
I think a lot of it is to do with the fact that ozz is flat and there is
heaps of room for expantion, whereas in NZ flat land is in short supply.
Especially close to the cities, so I feel there is a difference.
My research suggests nz LPT's to be the best and the moment with
their high returns and the PIE factor.
Like a previous poster, I now am no longer a com. property landlord
and have invested substantialy into nz lpt's.
I favour ING, KPF, KIP & gmt
BB

**beacon** · 04-02-2009, 09:36 AM

Originally Posted by Bouncerdog

A thread on Hot Copper - iif is no centro - seems to sum it up nicely. (Is it Ok to post that link here? )

http://www.hotcopper.com.au/post_thr...826063#3717677

Might be better to post content directly, as hotcopper allows access to content only to hotcopper members. just a thought ....

**fungus pudding** · 04-02-2009, 09:54 AM

Originally Posted by Billy Boy

I have been watching the ozzy LPT's and trying to get to grips
with the ozz situation.
Property is ozz does not seam to be as an important issue as here.
I think a lot of it is to do with the fact that ozz is flat and there is
heaps of room for expantion, whereas in NZ flat land is in short supply.
Especially close to the cities, so I feel there is a difference.
My research suggests nz LPT's to be the best and the moment with
their high returns and the PIE factor.
Like a previous poster, I now am no longer a com. property landlord
and have invested substantialy into nz lpt's.
I favour ING, KPF, KIP & gmt
BB

Close to the cities is the key, and in that respect Aussie is not really different from NZ. I'm not sure why you say property doesn't seem as important. Yields are ridiculously low, and the last time I looked in the Gold Coast, investors were cueing up to buy industrial buildings, even off the plans, with no tenant in sight anywhere. There were heaps of small buildings going up. This was around 5 years ago and many are still vacant. They have never been let.

**POSSUM THE CAT** · 04-02-2009, 10:03 AM

You cannot compare most Aust property trusts with the NZ property trusts as the Tax treatment is quite different. NZ trusts are taxed as companies. Australian trusts pay virtually no tax but must pass profits through to shareholders who are then taxed.

**Billy Boy** · 04-02-2009, 10:09 AM

Originally Posted by funguspudding

Close to the cities is the key, and in that respect Aussie is not really different from NZ. I'm not sure why you say property doesn't seem as important. Yields are ridiculously low, and the last time I looked in the Gold Coast, investors were cueing up to buy industrial buildings, even off the plans, with no tenant in sight anywhere. There were heaps of small buildings going up. This was around 5 years ago and many are still vacant. They have never been let.

Anozzy friend of mine say the same thing. He says over supply.
He also suggests , complexes like Aust Fair are doing well,one stop
shop all under cover with parking and kid dumping facilities.
I am still warey of ozz at this stage.
BB

ps Might do another big OE, go and have a look.
pps cheaper than going to auckland.

**Dr_Who** · 04-02-2009, 04:09 PM

Can someone pls explain this? Thanks.

ING
04/02/2009
GENERAL

REL: 0939 HRS ING Property Trust

GENERAL: ING: ING announces change of Manager ownership and control

As previously advised, Symphony Investments (2007) Limited ("Symphony") and
ING (NZ) Limited ("INGNZ") have been in discussions regarding INGNZ
purchasing Symphony's 50% shareholding in ING Property Trust Management
Limited (the "Manager"), the manager of ING Property Trust.

INGNZ has today taken full ownership and control of the Manager after
completing the purchase of Symphony's shareholding.
End CA:00175716 For:ING Type:GENERAL Time:2009-02-04:09:39:48

**Snow Leopard** · 04-02-2009, 04:44 PM

Originally Posted by Dr_Who

Can someone pls explain this? Thanks.

ING
04/02/2009
GENERAL

REL: 0939 HRS ING Property Trust

GENERAL: ING: ING announces change of Manager ownership and control

As previously advised, Symphony Investments (2007) Limited ("Symphony") and
ING (NZ) Limited ("INGNZ") have been in discussions regarding INGNZ
purchasing Symphony's 50% shareholding in ING Property Trust Management
Limited (the "Manager"), the manager of ING Property Trust.

INGNZ has today taken full ownership and control of the Manager after
completing the purchase of Symphony's shareholding.
End CA:00175716 For:ING Type:GENERAL Time:2009-02-04:09:39:48

I can not even begin to comprehend how anyone could fail to understand such a straight forward and simple announcement.