Thursday 25th March 2021
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Kiwi Property today announced the outcome of its draft property portfolio valuations, delivering an expected fair value gain of $100 million (+3.1%) for the six months ending 31 March 2021. The Company’s mixed-use, office, retail and other properties will be worth $3.3 billion following confirmation of the asset valuations at year-end.
Following the latest valuations, the overall fair value gain on Kiwi Property’s portfolio for the 2021 financial year is approximately $110 million (including the $9.2 million uplift recorded in the six months to 30 September 2020).
Chief Executive Officer, Clive Mackenzie said it was pleasing to see a rebound in the Company’s asset values, following a stabilisation of trading conditions.
“While COVID-19 continues to impact the sector, the outlook is far more positive than it was when valuations were last undertaken in September 2020, especially with the vaccine rollout now underway. Encouragingly, recent transaction evidence suggests investor confidence has returned to the property markets, allowing valuers to remove ‘material valuation uncertainty’ clauses across many of our assets.”
The draft 31 March 2021 property valuations are determined by independent valuers and are subject to external audit. They will be confirmed in the Company’s audited financial statements for the year ended 31 March 2021, scheduled for release on 24 May 2021.
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