A satisfactory result - and no major suprises that haven't been disclosed to market. Though the presentation and the property book annct seem to indiciate that they aren't selling the Brisbane, Parramatta assets any time soon, but will try to refurb and reposition these vacant buildings (Brisbane still 1 year of being fully vacant).
AOF haven't exactly "showered themselves in glory" when it comes to leasing success (Telstra - Adelaide, Boeing - Brisbane). Though I'm not sure on the reasons behind both - might have been outside AOF's control. However, I wouldn't want to see too much capex on these programs, not see them try and undertake a redevelopment/new build at Parramatta or Brisbane (they have mentioned the opportunity to add NLA). As this is risky, complex, and beyond their expertise.
Bring on the assets sales.
AOF Price at posting:
$1.62 Sentiment: Hold Disclosure: Held
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