As foreshadowed in our recent results announcement on 27 February 2014, the Fund’s property portfolio was to be independently re-valued as at 30 June 2014. Having regard to the strong sentiment surrounding industrial property at present, and after holding recent discussions with a number of valuers on their view of the market and value expectations based on recent transactions, the Board has decided to bring forward the valuation program to 1 April 2014.
Valuers have been appointed and draft numbers are indicating an overall uplift to the portfolio of approximately $26.8m or 8.0% on prior book values which will, subject to final valuation reports, translate into a pro-forma NTA uplift in the order of approximately $0.28 cents per unit on the previous reported NTA of $1.94 cents per unit taking the pro-forma NTA to circa $2.22 per unit.
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