Allied Farmers reaps NZ$3.4 mln from property sales including Jack's Point
22nd Apr 10, 12:49pm
Allied Farmers, which acquired Hanover Finance's loan book in a deal valued at NZ$396 million last December, says it has sold a series of properties this week for more than NZ$3.4 million. Allied Farmers said it had sold a number of sections in Queenstown, an industrial development in Wauchope, New South Wales, and had also completed a "confidential property" transaction. A number of other sales were close. Allied Farmers’ managing director Rob Alloway said he was delighted with progress. Alloway said and the number of inquiries and sales, plus the prices being offered, demonstrated a return to confidence in well located developments such as Jack’s Point. Some of the $3.4 million would be used to reduce debt. On March 1 Allied Farmers wrote down the value of Hanover's loan and property assets by NZ$220.6 million, or 56%, to NZ$175.52 million. Read Allied Farmers full statement here.