Published 8 February 2010
Macquarie CountryWide Trust’s New Zealand portfolio of 17 retail properties provided the strongest performance in a December revaluation across all the trust’s 4 markets.
Market value of the whole portfolio slipped $A7 million (0.4%) below book value to $A1.973 billion, and the weighted average cap rate across Australia, New Zealand, the US & Europe softened by 7 basis points to 8.15%.
But the New Zealand portfolio was $A1.9 million (2.5%) ahead of book value at $A77.9 million and its weighted average cap rate firmed by 3 points to 7.97%.
The Australian portfolio, just over half the total at $A1.02 billion, increased $A3.5 million (0.3%) over book value but its cap rate soften by 11 points to 8.02%.
The US portfolio (excluding its US joint venture, which has partly been sold) dropped $A3.8 million (0.9%) below book value to $A413 million and its cap rate soften by 5 points to 8.43%.
The European portfolio dropped $A8.6 million (1.8%) to $A460 million and its cap rate softened by 4 points to 8.19%.
The trust revalued all its properties, with external revaluations on 69, directors’ valuations on 65. All 17 New Zealand valuations, representing 4% of the portfolio, were directors’ valuations.
The trust will release its half-year results on Friday 19 February.
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Attribution: Trust release, story written by Bob Dey for the Bob Dey Property Report.