PERTH-BASED property developer Aspen Group has announced that the carrying value of its Perth CBD office property, Septimus Roe Square, on Adelaide Terrace, has increased $20 million, to $50.2 million. Aspen Group managing director Angelo Del Borrello said the revaluation, resulting in a significant increase in book value, was a result of higher occupancies, a stronger lease profile and the company’s ability to capitalise on the yield compression within the CBD. The 17-storey Septimus Roe Square building is set to get an additional 500 square metres of ground floor retail space by September as part of a $4 million upgrade. As a result of the increase in book value, the group’s net tangible asset backing also rose, from $0.90 to $1.02. Further independent evaluations are currently being performed to as part of Aspen’s financial year-end reporting process.
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