Investa Office Fund (‘IOF’ or the ‘Fund’) today announces that 12 of the Fund’s 22 assets have been independently valued for the purpose of the half yearly accounts for the period ending 31st December 2013. These valuations result in a 2.8% or $39 million increase on prior book values. The strong valuation result has largely been driven by the recent, substantial leasing activity and cap rate compression.
IOF Fund Manager, Toby Phelps said: “We’re pleased to see our solid leasing outcomes throughout the portfolio result in valuation uplifts that will increase our NTA by the equivalent of 6 cents per unit. Recent transactional activity has been highly topical with our investors and evidence of cap rate compression is clear, further increasing IOF’s portfolio valuations.”
“The uplifts in the Australian portfolio offset the loss on sale of IOF’s investment in the Dutch Office Fund which settled earlier in December and reduced NTA by 6 cents per unit, and we are actively pursuing options for reinvesting this capital.”
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