It was announced this week that Dexus/APN have purchased the Jandakot airport and surrounding assets, comprising industrial warehouses and developable land, in a billion dollar plus deal. The 80 hectare developable land component, which I understand has development approval and is adjacent to Schaffer's land holdings, was sold for $225m. Of that 80ha, 12ha is under contract for on-selling to a third party. However, the term "developable" indicates that the estate has no finished allotments, with roadworks, drainage, sewerage, water reticulation etc. yet to even be constructed. Schaffer's last valuation from roughly a year ago puts their 29ha net developable land at around $43m. The market for such quality suburban broadacre industrial land has strengthened considerably in recent years. We now have a transaction that tests SFC's valuation, and it appears to be significantly undervalued, possibly by as much as 50%. Am I missing anything here?
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