NZ Rural Property Trust In Large Valuation Gains
New Zealand Rural Property Trust: Substantial Valuation Gains
The New Zealand Rural Property Trust’s (“the Trust”) assets have been valued as at 30 June 2008 in accordance with the Trust’s standard practice for the preparation of its Annual Financial Statements.
The valuations prepared by independent registered valuers of the Trust’s rural property portfolio show significant increases over last year’s values. The Trust’s six dairy farms, the Canterbury arable properties and other land with potential for dairy support in particular have shown substantial value gains.
Based on preliminary unaudited figures, the revaluation of the Trust’s properties and other assets has resulted in a collective gain over last year’s values of more than $48 million. This will increase the Trust’s net assets to approximately $210 million as at 30 June 2008 from $162 million last year. The net asset value per unit of $3.46 as at 30 June 2007 is expected to increase to approximately $4.50.
The financial statements will now be finalised and will then be subject to audit. It is expected that the Trust’s audited financial results will be announced during the first week of September 2008.
Chairman, Sir Selwyn Cushing, said that given the magnitude of the revaluation gains, Directors determined that it was appropriate to keep Unitholders fully informed of this material financial information.