Trust's portfolio zooms ahead

The real estate portfolio of listed landlord AMP NZ Office Trust has shot up in value from $760 million to $842.4 million over the past year.

Trust executive manager Rob Lang said the $82 million revaluation gain reflected rising rents and a strong demand for offices.

He said local and international investor appetite for high-quality office properties was strong and the trust's buildings had characteristics that were in demand.

Lang said the revaluation gain had increased the trust's net tangible assets per unit by 10.3 per cent, from 91c to about $1. Its shares closed yesterday up 1c at 93c.

The trust's PricewaterhouseCoopers Tower on Auckland's waterfront rose in value by 7 per cent from $178 million to $190.4 million.

Its ANZ Centre in Auckland's Albert St rose from $136 million to $140 million.

HP Tower in Wellington increased 13 per cent from $45 million to $50.9 million and the trust's 125 The Terrace in Wellington rose in value 13 per cent from $44.5 million to $50.3 million.

Lang said the trust had identified the Wellington office market as having strong investment fundamentals and the decision to invest in these properties and commit over $214 million of new investment in the city over the past 18 months had been rewarded.

The trust owns 10 properties. It's annual result is due out in August.

Listed landlord Macquarie Goodman Property Trust has just released its annual report, which shows it paid its manager $1,584,594 in the past year.

This is just slightly up on the previous year's payments of $1,532,300, when $399,300 was paid to the trust manager and $1,133,300 to Colonial First State Property, the entity the trust took over when it listed.

In addition to the $1,584,594 paid to the trust's manager, Macquarie Goodman Property Services was paid $1.9 million by the listed trust in the March year, which trust chief executive John Dakin said was for "day-to-day property management".

Listed property trusts' management fees have come under fire in the past few months and Kiwi Income Property Trust's manager lowered its fees in response to criticism.

Kiwi's payments were disclosed in its annual report issued earlier this month, which showed the $1.2 billion landlord and developer had given its manager Kiwi Income Properties $8 million, a $1 million-plus pay rise on the previous year.