Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Precinct Properties portfolio value increases on Auckland

Precinct Properties portfolio value increases on Auckland buildings

By Suze Metherell

July. 9 (BusinessDesk) - Precinct Properties New Zealand, the country's third-biggest listed property investor by market value, expects to recognise a 5.5 percent gain in its portfolio's value as Auckland real estate prices continue to climb.

A revaluation gain in its property portfolio of some $47 million is expected in the year ended June 30, boosting its portfolio to $1.73 billion, from $1.64 billion the previous year, the Auckland-based landlord said in a statement. Auckland valuations have climbed 5.9 percent while Wellington has slipped 1.4 percent.

"The Auckland increases were mainly attributable to an increase in market rents, leasing success and increased positive sentiment due to a continued firming investment market," Precinct said in a statement. "The main contributors to the Wellington decreases were the uncertainty associated with the government's future accommodation plans and a softening of gross market rentals, which was partly offset by insurance cost savings."

Auckland's rising valuations haven't translated into increased rents, and the company said its portfolio weighted average, by income, capitalisation rate fell to 7.3 percent from 7.5 percent.

The company will report full-year earnings to the market on Aug. 13. In February it said net profit rose 67 percent to $39.5 million in the six months ended Dec. 31, as net property income in Auckland surged almost 19 percent to $18.2 million in the first half, while income from Wellington properties edged up just 0.4 percent to $25.2 million.

Precinct shares rose 0.9 percent to $1.085 and have advanced 9.6 percent this year, outperforming the NZX 50 Index's 8.3 percent gain. The stock is rated an average of 'hold' according to six analysts survey by Reuters, with a median price target of $1.05.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news