13 Apr 2004

Nauru reportedly considers sale of Australian portfolio

9:28 am on 13 April 2004

A press report says Nauru may relinquish its stakes in the Australian property market.

The newspaper, The Australian, says the Nauru Phosphate Royalties Trust may now sell its Mercure Hotel in Sydney.

This comes as receivers for GE Capital are reported to be involved as the company is refinancing a loan.

Nauru used to be a key property investor, with an estimated portfolio of 800 million US dollars in the early 1990's.

This included hotels in Australia and New Zealand, such as the Sheraton Hotel in Auckland.