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Valuation Gain Of Around $135 million For GMT
Valuation Gain Of Around $135 million For GMT
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), has announced that GMT’s financial result for the year ending 31 March 2016 is expected to contain a significant property revaluation.
The preliminary result indicates that GMT will record a gain of around $135 million, or more than 6%. The movement follows the independent valuation of the Trust’s property portfolio and receipt of draft valuation reports.
John Dakin, Chief Executive Officer said, “This is a record result that reflects the quality of the portfolio and the strength of investor demand. With local and offshore investors competing for prime assets the capitalisation rate applied to the portfolio has firmed half a percent to 7.0%. The resulting movement in property values is expected to add around 10 cents per unit to GMT’s Net Tangible Asset backing.”
The expected gain remains subject to finalisation and independent audit and will be confirmed with the Trust’s annual result, expected to be announced on 19 May 2016.
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