Centuria asset valuations result in $17.6M uplift

Company News

by David Chau

Centuria Metropolitan REIT (ASX:CMA) has announced a $17.6 million increase in the value of its property portfolio.
 
The investment trust says that the increase in property values has been driven by higher occupancy and income growth, and a general firming of capitalisation rates.

Centuria also says that it expects to increase its net tangible assets by around $0.10 per security, resulting in an increase to $2.15 per security.
 
Trust Manager, Nicholas Blake, says he is not surprised by this result due to the demand for quality metropolitan commercial space outstripping supply.
 
Centuria reported a net profit of $19.3 million at 31 December 2015.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.