Perth-based property developer Aspen Group has reported a further increase of $8.93 million in the total asset value of its portfolio, following an independent valuation of four of its properties.
Perth-based property developer Aspen Group has reported a further increase of $8.93 million in the total asset value of its portfolio, following an independent valuation of four of its properties.
This comes after it was reported earlier in the month that its Septimus Roe Square property has increased in value by $20 million.
A summary of the revaluations are as follows:
Property Previous Value New Value
Elders Woolstores, Spearwood, WA $42.75M $45.00M
215 Browns RD, Noble Park, Vic $22.30M $25.00M
51 Heaton St, Rocklea, Qld $9.50M $11.00M
564 St Kilda Rd, Melbourne, Vic $25.12M $27.60M
As a result of the increase in book values of the above properties the Group's Net Tangible Asset backing has grown from $1.02 to $1.07.
Aspen Group managing director Angelo Del Borrello said that improved leasing rates and very low vacancies, both resulting from Aspen's active asset management approach, had enabled it to realise the benefits of owning quality property assets in a strengthening market.
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FURTHER REVALUATIONS LEAD TO INCREASED ASSET VALUES
Aspen Group (ASX:APZ) is pleased to report a further lift in the Group's asset values following
the independent valuation of four properties within the Group's portfolio. The total net increase of
$8.93 million follows the $20 million increase on the Group's Septimus Roe Square property as
per the announcement dated 16 May 2006.
A summary of the revaluations are as follows:
Property Previous Value New Value
Elders Woolstores, Spearwood, WA $42.75M $45.00M
215 Browns RD, Noble Park, Vic $22.30M $25.00M
51 Heaton St, Rocklea, Qld $9.50M $11.00M
564 St Kilda Rd, Melbourne, Vic $25.12M $27.60M
As a result of the increase to book values of the above properties the Group's Net Tangible Asset
(NTA) backing from $1.02 to $1.07, representing an increase of 4.9%, and continuing the growth
in Aspen's property portfolio.
Aspen Group Managing Director Mr Angelo Del Borrello said that the increased valuations, which
were carried out as part of an ongoing portfolio review, reflected the Group's astute acquisition
policy over the past few years.
"Improved leasing rates and very low vacancies, both resulting from our active asset
management approach, have enabled Aspen to realise the benefits of owning quality property
assets in a strengthening market. It is also pleasing to see an increase in portfolio value on both
office and industrial properties and across three states, emphasising the benefits of a diversified
portfolio", said Mr Del Borrello.
The increase in portfolio valuations provides the Group with additional balance sheet capacity to
pursue further funds under management.