Sales evidence, page-4

Adding to Alf2's comments.

I have a note in my diary on 15 June re 44 Market St, Syd .
Built 1978, 85% occupancy, WALE= 2.9 yrs.
( source either AFR or TheAge )

COF's portfolio average at 31 Dec 2022 : age of 17 years, 96.4% occupancy, WALE=4.2 .
( 90% of portfolio is A grade )

DXS at 31 Dec 2022, has an average cap rate of 4.71% for Syd CBD offices and 4.99% for Syd suburban offices ( p44 of Feb 2023 presentation )
Could not find cap rates for individual offices in DXS portfolio.
COF at 31 Dec 2022, has cap rates of 5.13% to 5.75% for 4 Syd offices. ( p30 of Feb 2023 presentation )
It looks like DXS has lower cap rates than COF for similar office locations = more aggressive ie higher on "like for like" valuations at 31 Dec 2022 ?


Suggests the mark down to COF's valuations should be lower than the 17% for 44 Market St.