Archive | Dorchester Pacific

Propbd on Q F5Aug16 – Wiri site for Turners, Ryman at Hobsonville, Metlifecare unconditional at Red Beach, port alliance, Stride buy OK

Turners buys Wiri property for anticipated business growth
Ryman buys at Hobsonville
Metlifecare unconditional on Red Beach site
New alliance between Auckland & Napier ports
Stride acquisition of 2 Westfield malls gets OK

Turners buys Wiri property for anticipated business growth

Turners Ltd has bought a 1ha site on the corner of Roscommon Rd & Vogler Drive in Wiri for $4.8 million. Chief executive Todd Hunter said on Wednesday the company bought the property to extend its footprint into South Auckland and to allow for the expansion of Turners’ fast-growing truck & machinery business.

“Acquisitions of strategic property sites are becoming an increasingly important part of the growth strategy for Turners Group NZ (ex-Turners Auctions) to allow for further footprint expansion as the business grows, and to achieve stronger control over property overheads. As part of this strategy Turners have previously purchased properties in South Auckland & Christchurch.”

This property is a highly visible corner site with easy access to motorways & arterial roads.

Ryman buys at Hobsonville

Ryman Healthcare Ltd will invest over $200 million developing a new 4ha retirement village site on Scott Rd, Hobsonville.

Ryman chair David Kerr told the annual meeting in Whangarei on 27 July the village would offer independent living & care options for over 400 residents.

The company also expects to have work underway on its second site at Brandon Park in Melbourne this year. In February, Ryman announced it had bought a third site at Burwood East and was on target to have 5 villages open in Melbourne by 2020.

Metlifecare unconditional on Red Beach site

Metlifecare Ltd said on 29 July it had gone unconditional on acquisition of a site on the former Peninsula golfcourse at Red Beach for its 16th Auckland retirement village. Settlement is due on 19 August and a resource consent hearing is scheduled for 30 August.

Chief executive Glen Sowry said the village would become home to over 500 residents and was planned to provide a full range of living options, including a 68-bed care home & a retail precinct.

Work to re-contour the golfcourse is intended to start soon, so development of the village can start in October 2017. Construction of the first stage is planned to be completed and the first residents welcomed in 2019.

Earlier story:
13 January 2015: Metlifecare buys 5ha of Red Beach golfcourse for new retirement village

New alliance between Auckland & Napier ports

Ports of Auckland Ltd & Napier Port announced a strategic alliance on Wednesday to provide operational, economic, sustainability & community benefits.

Ports of Auckland chief executive Tony Gibson said the partnership would allow the 2 ports to work together to find ways to optimise services for freight customers and achieve further scale & efficiencies in the supply chain: “It will prompt even greater competitive contestability & resilience in New Zealand’s supply chain to help lower costs to exporters & importers.

“There is a natural fit between Ports of Auckland & Napier Port. We share a similar way of working, common customers & supply chain opportunities and have similar ownership structures, so that’s a great base to work from.”

Stride acquisition of 2 Westfield malls gets OK

The Overseas Investment Office has approved Stride Property Group’s acquisition of the Westfield Queensgate shopping centre in Lower Hutt and the Westfield Chartwell shopping centre in Hamilton, through its wholesale investment vehicle, the Diversified NZ Property Trust.

Stride announced last November that Diversified had entered into an agreement with Scentre Group to acquire the shopping centres for $445 million.

Stride Investment Management Ltd, part of the Stride Property Group, manages Diversified’s property portfolio under a 10-year contract.

Stride chief executive Peter Alexander said new-look branding would be unveiled at each centre on settlement day. Stride expects to complete the deal by 22 August.

Earlier story:
27 November 2015: Scentre sells 3 malls to locals, one to go

Attribution: Company releases.

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Last of Dorchester trust properties sold

The Emerald Gisborne Property Trust, which changed its name from Dorchester Property Trust last August, has sold the last of the 4 properties it held when parent NZX-listed company Dorchester Pacific Ltd ended its moratorium in 2010.

The final sales were of the Emerald Hotel in Gisborne, settled on 14 June, and the remaining properties in the complex, an apartment & a penthouse, settled on 17 June.

Trust management company Paul Byrnes said in a release on the final sales in May total proceeds from sale of the Emerald & Riverview penthouse would be just under $6 million before selling costs, plus $700,000 before selling costs from sale of the remaining apartment & penthouse. The trust will distribute 40c/unit to unitholders next Tuesday, 28 June, and expects to wash up the trust with a final distribution of 3.5-5c/unit around the end of August.

Dorchester Pacific Ltd, renamed Turners Ltd in February 2015 after taking over the Turners Auctions business, entered its moratorium in December 2008 and exited it in August 2010 after stockholders agreed to a capital reconstruction. This involved exchanging their stock for:

  • $20 million of interest-bearing secured notes, to be listed on the NZDX market
  • $36.6 million of new shares of the same class already quoted on NZDX
  • units in the property trust, which would hold $33 million of hotel property assets and was traded on the Unlisted platform, and
  • $56.6 million of options to subscribe for Dorchester Pacific shares at 12.5c/share on 15 June 2013.

The earlier sales:

  • Queenstown, Goldridge Resort sold for $8 million in May 2015
  • Christchurch, Parkview on Hagley, 23 serviced apartments (out of 49 in the building) sold for $3.075 million in July 2015, well below the $5 million they’d been carried on the books at, but matching the revaluation in the March 2015 accounts
  • Parkview on Hagley ground-floor commercial space, sold in December 2013 for $4.2 million
  • Queenstown, Frankton Arm Apartments, sold for $2.3 million in 2011

Earlier stories:
1 April 2016: Last of Dorchester trust properties on market
20 May 2015: Dorchester trust secures Goldridge sale
15 May 2015: 2 investors turn heat up on Dorchester property trust manager
11 March 2011: Dorchester signs Frankton Arm sale agreement, cautions on Briggs offer for property trust units
25 August 2010: Dorchester Pacific exits moratorium with $10.3 million of new capital
17 December 2009: Dorchester takes moratorium repayments to 42.5%

Attribution: Trust release.

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Last of Dorchester trust properties on market

Turners Ltd (the former Dorchester Pacific Ltd) has put on the market the last of 4 properties it dropped into a separate trust in the wake of the global financial crisis to protect the value of its mortgage portfolio.

Dorchester bought out the prior mortgages on the portfolio’s 3 hotel properties, becoming an owner instead of being a powerless lender. The 3 hotels – the Goldridge in Queenstown, Parkview in Christchurch and the Emerald in Gisborne – represented just over $30 million of Dorchester’s $40 million of property loans at the time it entered a moratorium in December 2009. The fourth asset was an apartment building in Queenstown.

The moratorium ended in August 2010 but, by the time an attempt to take control of the trust management was launched last year, only the apartments had been sold. Since then the Christchurch & Queenstown hotels have been sold, leaving the Emerald.

It’s one of Gisborne’s largest commercial properties, including the 50-unit Quality Emerald hotel, 1910m² in 3 commercial tenancies, 4 retail tenancies, a vacant 2-storey building & 96 parking spaces at the corner of Gladstone Rd & Reays Quay, overlooking the Taruheru River.

The trust has taken the property to international tender through Bayleys, closing on Wednesday 13 April.

Marketers Alan Haydock & Cameron Melhuish (Bayleys Auckland) & Colin McNab (Gisborne) said it was being offered for sale in multiple parcels of either individual parts or the entire property. The parcels are:

  • The 4-star plus Qualmark-rated Quality Emerald Hotel & conference centre plus 2 levels of fully leased offices on the same title, 1554m² occupied by Gisborne District Council and returning $317,505/year net + gst, plus the 96 parking spaces in an adjoining building, some on long-term leases and the balance used by the hotel
  • The 3 retail units totalling 488m², each on its own title, one vacant, 2 leased to longstanding tenants for a total $73,116/year net, which can be tendered for individually or together, and
  • The vacant 324m² 2-level heritage building at 9-11 Gladstone Rd, where each floor is on a separate title & available for purchase individually.

Russian businessman Serguei Sonkin developed the property in the mid-2000s. The hotel was built in & around the former Quay Point office building, some of which was retained. 6 apartments added on top of the building were sold individually and the 4-level parking building beside the hotel contained retail space on the ground floor. All the buildings have a seismic rating exceeding 66% of new building standard.

Earlier stories:
2 June 2015: Bid to oust Dorchester trust manager fails, but sales process to accelerate
15 May 2015: 2 investors turn heat up on Dorchester property trust manager
11 March 2011: Dorchester signs Frankton Arm sale agreement, cautions on Briggs offer for property trust units
1 July 2010: Dorchester reconstruction approved
17 May 2010: Dorchester finalises reconstruction plan, awaits trustee approval
27 November 2009: Dorchester completes third hotel purchase
21 August 2009: Byrnes described the way back up for Dorchester

Attribution: Agency release, own files.

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Propbd on Q Th10Sep15 – 5 units sell, Turners buys land, links, cashrate cut

5 apartments sell at Ray White auction
Turners buys second property for truck & machinery business
On the move & 2 auction stories
And this morning’s Reserve Bank announcement on the official cashrate

5 apartments sell at Ray White auction

5 apartments were sold under the hammer at Ray White City Apartments’ auction today. 4 others were passed in, the auctions for 2 more were postponed and one was sold prior. Auction results:
The Quadrant, 10 Waterloo Quadrant, unit 1016, sold for $250,000, Daniel Horrobin & DamianPiggin
Unilodge on Beach, 133 Beach Rd, unit 607, sold for $35,000 + gst, James Mairs
Grafton, 8A Arotau Place, sold for $605,000, Krister Samuel
The Statesman, 1 Parliament St, unit 1104, passed in at $550,000, Michelle & Judi Yurak
Sandringham, 26 Morningside Drive, unit 337, passed in at $570,000, Donald Gibbs & Liam Kyle
Chatham, 70 Pitt St, unit 502, auction postponed, Aileen Wu
Eden, 32 Eden Crescent, unit 1F, sold for $203,000, Jean Ooi
Longview, 6 Whitaker Place, unit 10B, passed in at $600,000, Aileen Wu
Oxford, 13 Mount St, unit 4H, passed in at $190,000, Sam Huang
Hudson Brown, 55 Mahuhu Crescent, unit 14, sold prior, Ann Bennett
Mt Wellington, 3E Mountain Rd, sold for $250,000, Jeanne Clayton
Volt, 430 Queen St, unit 723, auction postponed, Manju Raj

Turners buys second property for truck & machinery business

Turners Ltd subsidiary Turners Group NZ (ex-Turners Auctions) has bought a property in Hillsborough, Christchurch, for $2.5 million to accommodate its growing truck & machinery business.

Chief executive & deputy chairman Paul Byrnes said it reflected the strategy of separating trucks & machinery premises from the traditional car business: “In the last 12 months, 2 new premises, a $4 million property purchased in Roscommon Rd, Wiri, and a leased site in Christchurch have been developed as part of the focus on trucks & machinery. However, with sales tracking at over 40% up on the same period last year, both sites are already constantly full.”

He said the vehicle auctions business’ profit was up 30% on last year at this stage.

On the move & 2 auction stories

Updated: On the move, September 2015

Kumeu site sells

St Martins apartment sells

And this morning’s Reserve Bank announcement on the official cashrate:

Cashrate returns to level of 18 months ago and more cuts expected

Auctions, bank release, Turners release.

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Bid to oust Dorchester trust manager fails, but sales process to accelerate

2 investors in the property trust Dorchester Pacific Ltd (now Turners Ltd) created 5 years ago as part of its exit from a moratorium failed in their bid to oust the trust’s manager on Friday.

But the sale of the Goldridge Resort Queenstown – agreed a fortnight ago just after the meeting date was set – will have gone some way toward winding down of the trust.

LET Securities Ltd (Deepak Gupta & John Southworth) forced the 29 May meeting, but the current managers countered by offering to accelerate sale of the trust’s remaining properties with an exit target of 31 July 2016, so the trust could be wound up by 30 November 2016.

Mr Gupta & Mr Southworth wanted Dorchester Hotel Property Trust Management Ltd’s contract as manager terminated, and for their company to take over.

That resolution failed but the Dorchester acceleration one was passed.

Earlier stories:
20 May 2015: Dorchester trust secures Goldridge sale
15 May 2015: 2 investors turn heat up on Dorchester property trust manager

Attribution: Company release.

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Dorchester trust secures Goldridge sale

Dorchester Hotel Property Trust Management Ltd – the company formed to hold a portfolio for investors when the company’s listed parent exited its moratorium in 2010 – has sold its biggest asset to a party related to a director.

The $8 million sale of the Goldridge Resort Queenstown, agreed last Friday, comes as unitholders head to a meeting called by 2 disenchanted investors who want to take over running the management company.

Dorchester Hotel Property Trust Management’s directors are: Paul Byrnes, managing director of the management company’s parent, NZX-listed Dorchester Pacific Ltd (now Turners Ltd); Turners non-executive director John Gosney; Goldridge manager Penny Clark; and Stephen Underwood, owner of Wellington venture capital & private equity company Renouf Corp Ltd.

Mr Byrnes told unitholders the unconditional sale agreement to the unnamed buyer had been secured by a $400,000 deposit. The price was just under carrying value and settlement is scheduled by 30 September.

The Dorchester trust expects to earn at least $250,000 from the Goldridge through to settlement.

Mr Byrnes said in his letter to unitholders: “The purchaser of the Goldridge is associated with one of the directors of Dorchester Hotel Property Trust Management, who took no part in the assessment of offers received or the recommendation of the sale to the trustee. The trustee, through its due diligence process, was satisfied that the manager adequately disclosed the related party and established processes to manage the conflict of interest, and concluded that the contract satisfies the objective of the trust.”

Mr Byrnes said unitholders would receive the proceeds as soon as practical following settlement.

“With some funds already held from earlier property sales, we expect this distribution will be the equivalent of around 33c/unit on issue in early October. The successful sale of the Goldridge brings the total of properties in the trust sold to date to just over $15 million and, together with profits earned, this has been achieved at overall carrying values.

“This leaves 2 properties remaining in the trust, the 23 Parkview on Hagley Apartments in Christchurch and the Emerald Hotel in Gisborne. We are continuing to actively market these properties for sale although, as we have previously noted, the Emerald is the most complex property in the portfolio.

“Any proceeds from further sales will also be returned to unitholders as soon as practical.”

Referring to the unitholder meeting called for Friday 29 May, Mr Byres said the current managers had proposed a resolution to provide guidance for earlier realisation of remaining properties.

LET Securities Ltd (Deepak Gupta & John Southworth) forced the 29 May meeting, but the current managers countered by offering to accelerate sale of the trust’s remaining properties with an exit target of 31 July 2016, so the trust could be wound up by 30 November 2016.

Mr Southworth said less than 21.5% of assets had been sold in the trust’s 5 years, and it had paid no dividends, so 4 months ago he decided to push for the trust to be wound up because of the lack of action.

When Dorchester Pacific exited its moratorium in 2010, investors got a range of securities under a capital reconstruction – NZDX-listed interest-bearing secured notes, new shares, share options and the units in the property trust.

Link: Unlisted, Dorchester Property Trust

Earlier stories:
15 May 2015: 2 investors turn heat up on Dorchester property trust manager
25 August 2010: Dorchester Pacific exits moratorium with $10.3 million of new capital
6 March 2009: Dorchester buys Goldridge Hotel to overcome mortgage predicament

Attribution: Company release.

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2 investors turn heat up on Dorchester property trust manager

2 investors in the property trust Dorchester Pacific Ltd (now Turners Ltd) created 5 years ago as part of its exit from a moratorium have forced a meeting to get themselves elected as trust managers.

But, yesterday morning, a trading halt was placed on the trust’s units on the Unlisted trading platform, “pending the announcement of the sale of one of the properties”.

LET Securities Ltd (Deepak Gupta & John Southworth) forced the Friday 29 May meeting to terminate Dorchester Hotel Property Trust Management Ltd’s position as manager of the Dorchester Property Trust, and for their company to take over the job.

Dorchester countered by offering to accelerate sale of the trust’s remaining properties with an exit target of 31 July 2016, so the trust could be wound up by 30 November 2016.

A quorum for the meeting is 10% of unitholders and vote to change management requires 75% support (provided at least 25% of all units are voted in favour). The Dorchester Management proposal requires only 50% support as an ordinary resolution.

Mr Southworth said less than 21.5% of assets had been sold in the trust’s 5 years, and it had paid no dividends, so 4 months ago he decided to push for the trust to be wound up because of the lack of action.

“We also asked for LET, as a significant unitholder with the requisite skills & experience, to be appointed as new manager in order to progress the trust to a successful & timely wind up.”

Finance company Dorchester Pacific Ltd, renamed Turners Ltd in February after taking over the Turners Auctions business, entered a moratorium in December 2008 and exited it in August 2010 after stockholders agreed to a capital reconstruction

This involved exchanging their stock for:

  • $20 million of interest-bearing secured notes, to be listed on the NZDX market
  • $36.6 million of new shares of the same class already quoted on NZDX
  • units in a property trust which would hold $33 million of hotel property assets, and
  • $56.6 million of options to subscribe for Dorchester Pacific shares at 12.5c/share on 15 June 2013, to be quoted on NZDX.

Properties held by the trust were the Goldridge Resort and some other apartments in Queenstown, units in Parkview on Hagley in Christchurch and the Emerald in Gisborne. $7 million of property has been sold, of which $6 million has been returned to investors.

Mr Southworth said: “Over the last few years many other investment vehicles which have been in much more serious strife than the trust have disposed of all their assets and paid back capital & income to investors…. Also during the last 5 years the property market in regions relevant to the trust’s properties has experienced a broad uplift in values…. 5 years to sell 4 properties has simply been too long and, as a substantial unitholder, we are not prepared to wait any longer for all unitholders to get their money back.”

Mr Southworth said it was ironic that, “subsequent to our questioning of the incumbent manager’s performance and our request to hold an extraordinary general meeting, a conditional sale of the Goldridge Resort in Queenstown is announced, a marketing campaign for the Parkview on Hagley units in Christchurch is announced, and ongoing discussions at ‘around book value’ on some of the apartments in Gisborne are announced, together with 2 small sales. An agreement for a conditional sale of Goldridge was agreed in November last year prior to LET’s engagement with the manager, but the agreement was not announced until March this year.”

He said LET owned 6% of the trust’s units, and the holders of another 9% had granted it voting rights.

Mr Southworth was investment manager from 2005-09 of New Plymouth District Council’s Taranaki Investment Management Ltd, established Discovery Asset Management Ltd in 2009, spent 2 years working on Rodney District Council’s asset disposal programme as chairman of Rodney Properties Ltd, which resulted in 20 properties being sold in 2009-10, and has a background in capital, property & financial markets spanning 24 years. Mr Gupta managed a substantial fund that has been terminated & wound up.

Link: Unlisted, Dorchester Property Trust

Earlier stories:
23 May 2014: Dorchester transformation complete as it lifts profit to $8.2 million
25 August 2010: Dorchester Pacific exits moratorium with $10.3 million of new capital
6 March 2009: Dorchester buys Goldridge Hotel to overcome mortgage predicament
18 December 2008: Dorchester investors vote heavily in favour of deferred repayment plan

Attribution: Meeting documents.

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Dorchester to become Turners

Dorchester Pacific Ltd confirmed on Thursday that it would consolidate its interests into a single listed entity following its takeover of Turners Auctions Ltd, and that it would retain the Turners name, not Dorchester’s. The change will take effect from 1 February.

Dorchester chief executive & executive director Paul Byrnes said it made no sense to maintain 2 listed companies. He said the Turners Auctions business would continue to operate independently, but share some back-office functions. The Dorchester brand will remain an important banner for the group.

Turners Auctions changed its name to Turners Group NZ Ltd in July.

Attribution: Company release.

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Propbd on Q Sun9Nov14 – Veritas buys bar company, NZF deal progresses, Marsden Pt lease, Turners takeover done, Kiwi Income notes to convert

Veritas buys Better Bar Co
NZF progresses reverse takeover talks
New log processor for Marsden Pt
Dorchester completes Turners takeover
Kiwi Income notes convert in December

Veritas buys Better Bar Co

Veritas Investments Ltd has entered into a conditional agreement to buy the business & assets of The Better Bar group of companies as a going concern for $31.2 million. Veritas chairman Mark Darrow said on Friday this acquisition was expected to increase Veritas’ annual revenue to over $90 million/year.

It’s Veritas’ fourth acquisition in the 18 months since it took over the listed shell of Salvus Strategic Investments Ltd, starting with purchase of The Mad Butcher franchisor business in May 2013, a 50% stake in Kiwi Pacific Foods in December and the Nosh Food Market business in September.

The Better Bar group has 11 sites in Auckland & Hamilton, including The Cav, O’Hagan’s, Doolan Brothers & Danny Doolans. The acquisition is conditional on Veritas shareholder approval at its annual meeting this month, and on landlord & key supplier consents, relevant permits & licences being obtained and key management staff transferring their employment to Veritas.

Veritas will pay $23.4 million (75%) of the purchase price in cash, funded by an ANZ Bank facility of up to $25 million, and the remaining 25% through the issue of new Veritas shares.

Subject to shareholders approving the transaction, Better Bar group chairman Richard Sigley will join the Veritas board and Geoff Tuttle will remain chief executive of the bar business.

NZF progresses reverse takeover talks

Struggling NZX-listed financier NZF Group Ltd said on Friday it had executed a non-binding terms sheet with the stakeholders of a potential acquisition target. In conjunction, NZF is considering a restructure of its notes & ordinary share capital.

The terms sheet provides for 2-way due diligence to be completed, followed by a legally binding acquisition contract by Thursday 20 November.

NZF chairman Sean Joyce said the company’s largest noteholder, Nessock Custodians Ltd, an MSL Capital Markets Ltd (McDouall Stuart) company, supported the possible transaction. Nessock had called in May for further investigation of a possible reverse takeover after the directors set a course for liquidating NZF.

New log processor for Marsden Pt

Marsden Maritime Holdings Ltd (ex-Northland Port Corp (NZ) Ltd) has entered into a long-term agreement to lease 2ha bordering the port terminal & existing log debarking facility to an unnamed tenant.

Marsden Maritime chief executive Graham Wallace said on Friday the lessee intended to establish a log processing plant on the site, operating from mid-2015, but a confidentiality agreement prevented the company from elaborating further.

Dorchester completes Turners takeover

Dorchester Pacific Ltd has achieved 100% ownership of Turners Group NZ Ltd after mopping up the outstanding 6.2% of shares through compulsory acquisition in the last week.

Kiwi Income notes convert in December

Kiwi Income Property Trust’s $120 million of 2009 8.95% mandatory convertible notes will convert into ordinary units on 20 December.

The conversion price will be determined & announced on 8 December and notes trading will cease on 15 December. The conversion price will be the lower of a 2% discount to the average of the daily volume weighted average price of the units for the preceding 20 business days (10 November-5 December) or $1.20/unit. The units closed at $1.215 on Friday.

A complication in pricing is that the record date for Kiwi Income’s interim distribution on its units is 2 December, 6 days before the notes pricing date. The value of the cash distribution will be deducted through the price-setting period.

The trust internalised management last December and its management company indicated its intention to move to full corporatisation once the notes matured.

Attribution: Company releases.

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Propbd on Q F17Oct14 – Dorchester at 81%, HSBC joins Goodman bankers, new Airport ADR programme, Argosy valuation up

Dorchester at 81% of Turners
HSBC joins Goodman banking syndicate
Auckland Airport establishes new ADR programme
Revaluation lifts Argosy portfolio by 2.1%

6.55am:
Dorchester at 81% of Turners

Dorchester Pacific Ltd took its holding in Turners NZ Ltd to 81.158% yesterday, under its takeover offer announced last month.

HSBC joins Goodman banking syndicate

Goodman Property Trust has extended the banking syndicate providing its $600 million debt facility to include HSBC. The existing syndicate members are ANZ Bank, Bank of NZ, Commonwealth Bank of Australia & Westpac NZ Ltd, each providing $135 million. HSBC will provide the balance of $60 million.

Management company Goodman (NZ) Ltd’s chief financial officer, Andy Eakin, said yesterday the new facility also extended the term out to 3.5 years.

Auckland Airport establishes new ADR programme

Auckland International Airport Ltd has established a sponsored level 1 American depository receipt programme to improve access for investors in the US.
Acting chief financial offer Phil Neutze said yesterday Deutsche Bank Trust Co Americas had been appointed depositary bank for the programme, which replaces unsponsored ADR programmes. One Auckland Airport ADR will represent 10 Auckland Airport shares.

Revaluation lifts Argosy portfolio by 2.1%

Argosy Property Ltd’s portfolio has gained $24.9 million (2.1%) in value in the September half-year, following a review by Colliers International as independent valuer. The value of the portfolio is now $1.22 billion, excluding properties held for sale.

The increase was primarily due to firming of market capitalisation rates since the last full valuation at 31 March. The independent desktop valuation was completed on all properties except those in Palmerston North, where it was agreed there was little evidence of significant change, and those held for sale.

Attribution: Company releases.

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