Published 27 March 2008
A-Reit – the Singapore property investment trust which Sydney-based Goodman Group has just pulled out ofnow fully co0ntrolled by Singapore Government company Ascendas – lifted its valuations on 80 properties by 14.2% over book value at 29 February.
The net unrealised appreciation on revaluation of these investment properties amounts to $S483.6 million, which will be reflected in the trust’s accounts for the March year. The valuations were carried out by 4 international consultancies.
The trust said valuations rose in all sectors, with the business & science parks sector registering the largest appreciation of $S244.4 million. A-Reit also has investments in the hi-tech industrial, light industrial (including flatted factories) and logistics & distribution centres sectors.
A-Reit’s third development property, [email protected], completed in January, appreciated by 166% ($S43.2 million) above its total development cost.
Post-revaluation, the annualised NPI yield of the property portfolio is about 6.4%, in line with the prevailing market. The adjusted net asset value, based on the 31 December balance sheet, will be $1.85/unit.
14 March 2008: Goodman sells out of Singapore joint venture
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Attribution: Trust release, story written by Bob Dey for this website.