ING NZ is being rebranded to OnePath following ANZ’s $2.6 billion takeover last year.

Listed ING Property Trust and ING Medical Properties Trust will not be changing to OnePath but will adopt their own independent brands to be announced later in the year.

While INZ Medical Properties Trust was light on the details in a statement issued today, it said the new brands would “create a greater alignment between each trust’s name and their respective objectives and strategy”.

The OnePath brand will take effect later this year.

According to listed healthcare property vehicle ING Medical Properties Trust, while capitalisation rates are stabilising there is a recession ‘lag effect’ negatively affecting occupancy and rents.

In a roadshow presentation to its investors, the trust said that new tenants are taking shorter term leases.

Tenants now require “ultimate flexibility”, the trust said, and it found it needed to work constructively and proactively with tenants.

Listed ING Medical Properties Trust profit improved to $6.76 million before tax in the six months to December, up from the $2.86 million loss it reported the same time the previous year.

The healthcare building owner’s portfolio includes Ascot Central and Ascot Hospital at Auckland, Eastmed at St Heliers and Melbourne investments including Epworth Eastern Campus.

Its occupancy rate is now 99%, up 2.5% from the same time last year.

Listed ING Medical Properties has sold a Hawkes Bay property for 6% above its June 2009 valuation.

The 100% occupied Central Hawkes Bay Health Centre at Waipukurau was part of the trust’s collection of healthcare buildings nationwide, which have a 99% occupancy rate overall.

The trust earned $4.3 million from the sale, which was 6% above its most recent valuation of $4.05 million. All proceeds will go towards repaying debt.

ING Medical Properties Trust investors are nervous about the impact of ANZ National Bank’s takeover that would see its 49% stake in the trust’s parent company ING New Zealand raised to 100% in a deal worth $2.6 billion.

Unit holders are wary of the costs associated with borrowing from its future owner ANZ National Bank and the expense of rebranding following the takeover, as well as being cautious about the lack of future growth in the trust’s conservative plans.

The property portfolio of listed trust ING Medical Properties has fallen $6.5 million in value over the past year according the latest valuations.

In the twelve months to June 2009, the value of the Trust’s buildings decreased by 2.2% according to independent valuations from CB Richard Ellis, DTZ and Colliers International.

ING Medical Properties’ chairman Bill Thurston said the fall still showed sound asset management activities.