Trust sells Rialto Centre

National Property Trust has sold two properties for a total of $49 million, the manager of the trust said.

The properties are the Rialto Centre and adjoining Carlton DFK Tower in Newmarket in Auckland.

The price is a 5.77 per cent discount to the property valuations as at March 31.

Settlement is September 11 and the proceeds will be used to repay bank debt. Shares rose 2c to 45c.