After attending the APZ AGM I must say that they have an awful lot of irons in the fire -
The managed funds are back on track and paying fees
The development fund is going well
Land is beginning to move again
But here's the biggie
Since the Gorgon project was announced the amount of available commercial space in Perth has dried up and SA is looking down the barrel of some significant projects there
Basically the values given to property over the past 12 months have been based on very little evidence and I believe the write downs have been overdone and we will see some substantial re-vals over the next two years
APZ is a solid high yield play with the potential to increase in value on the improving property market - as I have always said people must be able to do commerce somewhere and building won't get any cheaper
One interesting thing was said - can't recall who said it but they mentioned that if their biggest rent payer Elders was to move out of Spearwood then that would actually be a plus as the development potential of 27 hectares that close to the port of Fremantle is huge
Many would be please to know the runmeration report was passed by only a very small margin with 140 odd million votes against it - it was also stated that the two golden boys are pegged till 2011 for any pay rises
Good stock to have in your portfolio
Clyde
Please be careful - these are my ramblings - I have put my money where my mouth is but that doesn’t mean you should
APZ Price at posting:
42.7¢ Sentiment: Buy Disclosure: Held
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