Perth-based property developer Aspen Group has announced that the carrying value of its Perth CBD office property, Septimus Roe Square, has increased $20 million, to $50.2 million.
Perth-based property developer Aspen Group has announced that the carrying value of its Perth CBD office property, Septimus Roe Square, has increased $20 million, to $50.2 million.
Aspen Group managing director Angelo Del Borrello said that the revaluation, resulting in a significant increase in book value, reflected the group's in-house ability to add value to a multi-tenanted property.
"Higher occupancies achieved through a concerted leasing campaign, coupled with a stronger lease profile and our ability to capitalise on the yield compression within the Perth CBD office market were all contributing factors", said Mr Del Borrello.
As a result of the increase in book value of Septimus Roe Square, the group's Net Tangible Asset backing also rose, from $0.90 to $1.02.
Further independent valuations are currently being performed as part of Aspen's financial year end reporting process.
Mr Del Borrello noted there was further exposure to the buoyant Western Australian economy within the portfolio. This coupled with a strong overall portfolio performance, should see a further re-rating of the portfolio and NTA for the 2006 year end.
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REVALUATION LEADS TO $20 MILLION INCREASE IN ASSET VALUE
Following an independent valuation of its Perth CBD office property Septimus Roe Square, Aspen Group (ASX:APZ) is pleased to announce a $20 million increase to the building's carrying value of $30.2 million to $50.2 million.
Aspen Group Managing Director said that the revaluation, resulting in a significant increase in book value, reflected the Group's in-house ability to add value to a multi-tenanted property.
"Higher occupancies achieved through a concerted leasing campaign, coupled with a stronger lease profile and our ability to capitalise on the yield compression within the Perth CBD office market were all contributing factors", said Mr Del Borrello.
As a result of the increase in book value of Septimus Roes Square the Group's Net Tangible Asset (NTA) backing from $0.90 to $1.02, representing an increase of 13.3%, and continuing the significant growth in Aspen's property portfolio.
Further independent valuations are currently being performed as part of Aspen's financial year end reporting process.
Mr Del Borrello noted there was further exposure to the buoyant Western Australian economy within the portfolio. This coupled with a strong overall portfolio performance, should see a further re-rating of the portfolio and NTA for the 2006 year end.
