The Goodman Property Trust’s manager said yesterday year-end revaluations would lift net tangible asset backing by 7.5c/unit, but the announcement did nothing for the unit price.
The units closed on the NZX at $1.20 on Friday, gained 2c yesterday to $1.22 – the asset backing/unit last September – but dropped back to $1.205 today.
Goodman (NZ) Ltd chief executive John Dakin said draft valuation reports from independent valuers indicated that the property portfolio would record a full-year gain of about $115 million, or about 5%, taking the current value over $2.4 billion.
He said the valuation result reflected the continuing demand for high quality industrial property. The revaluation remains subject to finalisation & independent audit. The trust will provide more details when it releases its annual result on 18 May.
Attribution: Company release.