Capital Properties revalues
Capital Properties is revaluing its portfolio in a move expected to add at least $30 million to its value as it looks to sell off its management rights.
Monday, December 13th 2004, 1:22AM
by The Landlord
The company issued its half-year report yesterday, in which it said it felt the company's management rights were "not properly recognised by the market".Chief executive Chris Gudgeon said "the value of the assets is material for anyone looking at the management rights".
The rights are expected to fetch up to $60 million. Capital Properties' last portfolio valuation, in March, was $428 million.
Mr Gudgeon said the revaluation was also timely because of the substantial rate rises in the past three years, which would affect future results. In its recent round of three-year rent reviews, the average increase was between 14 and 22 per cent.
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