ING Property Trust is raising $NZ49.4 million ($A40.81 million) to pay down debt by selling five properties.

The properties are located in Hawkestone Street and McCormack Place in Wellington, Garnett Avenue in Hamilton, and The Strand (Parnell) and Park Avenue, Grafton, Auckland.

All five sales are due to settle prior to the trust's balance date of March 31.

The Age