PCT
09/07/2014 14:22
GENERAL
REL: 1422 HRS Precinct Properties New Zealand Limited
GENERAL: PCT: Precinct records $47 million valuation increase
Precinct Properties New Zealand (NZX: PCT) today reported an expected
revaluation gain on its investment property portfolio of approximately $47
million (2013: $46.3 million) or 2.8%, increasing the value of Precincts
portfolio to around $1.73 billion (2013: $1.64 billion).
Overall, the portfolio weighted average (by income) capitalisation rate has
compressed from 7.5% to 7.3%.
The valuations were carried out by independent valuers, are subject to final
audit and will be confirmed in the financial results for the year ended 30
June 2014, to be announced 13 August.
Auckland valuations, compared with forecast end of year book values increased
by 5.9% and Wellington decreased by 1.4%. The Auckland increases were mainly
attributable to an increase in market rents, leasing success and increased
positive sentiment due to a continued firming investment market.
The main contributors to the Wellington decreases were the uncertainty
associated with the governments future accommodation plans and a softening of
gross market rentals, which was partly offset by insurance cost savings.
-ends-
For further information, contact
Scott Pritchard
Chief Executive Officer
Office: +64 9 927 1640
Mobile: +64 21 431 581
Email: [email protected]
George Crawford
Chief Financial Officer
Office: +64 9 927 1641
Mobile: +64 21 384 014
Email: [email protected]
End CA:00252584 For:PCT Type:GENERAL Time:2014-07-09 14:22:45
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