ASPLEY SHOPPING CENTRES ? EXPRESSIONS OF INTERESTThe Board of...

ASPLEY SHOPPING CENTRES ? EXPRESSIONS OF INTEREST
The Board of Eumundi Group Limited (EBG) has committed to trade assets or seek joint ventures where the offering will significantly improve the financial position of the Company.
Accordingly, having recently received a number of unsolicited enquiries in respect of the Company?s Aspley Shopping Centres, the Board has resolved to seek expressions of interest for the acquisition of those centres.
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Interesting anouncement above.
Eumundi own two properties in Aspley as well as a vacant block of land, I believe the anouncement relates to the shopping centre that they bought in 2004, but will confirm that tomorrow.
Here are some intersting numbers I've put together.

Aspley Shopping Centre was puchased in March 2004 for $17.362 million.
Aspley Arcade Shopping Centre was purchased in June 2007 $13 million.
Currently the market values all of Eumundi group a ridiculous $7.5 million.

The following valuations are from the annual reports 2007 to 2010.

Aspley Shopping Centre 2007. $20.8 Million
Aspley Arcade Shopping Centre 2007. $13 million

Aspley Shopping Centre 2008. $22.5 million
Aspley Arcade Shopping Centre 2008. $14.1 million

Aspley Shopping Centre 2009. $21.6 million
Aspley Arcade Shopping Centre 2009. $12.6 million

Aspley Shopping Centre. 2010 $17.8 million
Aspley Arcade Shopping Centre.$11.8 million

Peak valuations were in 2008, so it'll be interesting to see what they consider to be ""significantly improving the financial position of the Company.""

It's hard to believe that a property they paid $17.3 million for back in 2004 is currently only valued on their books (6 years later) at $17.8 million. Hopefully they will secure a better deal than that.

Tex.