writedowns, page-4

Babcock & Brown Japan Property Trust also saw a 1 per cent fall in the value of its assets, based on independent valuations.

Of the six properties revalued, a Tokyo office appreciated by 6 per cent, but the remaining 5 properties declined by 9 per cent.

As a result of the revaluations for June 30, BJT's gearing will increase 0.5 per cent to 56.6 per cent.

BJT's unaudited NTA per unit was $1.40 at June 30, compared with $1.21 a year ago