4 Nov 2010

Report backs National Property Trust move

1:07 pm on 4 November 2010

National Property Trust investors will benefit from becoming a listed company and the proposed deal is fair and reasonable, a report from appraiser Grant Samual says.

In August, unitholders overwhelmingly approved a move for the Trust to manage its property portfolio itself, and convert into a listed firm.

The deal will see unitholders get the higher of 54 cents for each unit or a weighted average price over a certain period in March, which Grant Samuel says is in investors best interests.

Grant Samuel says paying St Laurence nearly $19 million to end its links with the Trust should also be supported by investors.

Unitholders will vote on the proposals later this month.