AI assistant
ABACUS GROUP — Capital/Financing Update 2024
Jul 3, 2024
64280_rns_2024-07-03_e38a2596-29d5-4b5d-aa66-4acb4d39db58.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX RELEASE
4 JULY 2024
PRELIMINARY PORTFOLIO VALUATION UPDATE
Abacus Group (ASX:ABG) today announced that 5 investment properties, or 31% of the Group’s portfolio by number, have been externally valued as at 30 June 2024. The preliminary draft valuations (including both external and internal) have resulted in a total estimated decrease of $136 million, representing a 6.7% decline in book value from 31 December 2023, largely driven by cap rate expansion.
The unaudited valuations are expected to decrease the Group’s pro forma net tangible assets (NTA) by circa $0.15 per security, a decrease of 7.9% on the 31 December 2023 NTA.
The valuations are subject to finalisation and audit. The final valuations will be available as part of the FY24 results to be released on Friday 23 August 2024.
Valuation summary as at 30 June 2024
| INVESTMENT | 30 JUN 24 | 30 JUN 24 | 31 DEC 23 | CAP RATE | VALUATION |
|---|---|---|---|---|---|
| PROPERTIES | VALUATION | WACR | WACR | CHANGE | CHANGE |
| Office | $1.4 billion | 6.48% | 5.97% | +51 bps | -7.5% |
| Retail / Other | $0.5 billion | 6.58% | 6.36% | +22 bps | -4.6% |
| Total | $1.9 billion | 6.50% | 6.07% | +43 bps | -6.7% |
Investor & Media Enquiries
Cynthia Rouse Executive General Manager Investor Relations and Corporate Communications +61 2 9253 8600
Authorised for release by Belinda Cleminson, Company Secretary ASX:ABG
Abacus Group - Level 13, 77 Castlereagh Street, Sydney NSW 2000 AUSTRALIA +61 2 9253 8600 Abacus Group Holdings Limited ACN 080 604 619 | Abacus Funds Management Limited ACN 007 415 590 AFSL 227819 as Responsible Entity of Abacus Trust ARSN 096 572 128 and Abacus Income Trust ARSN 104 934 287 | Abacus Group Projects Limited ACN 104 066 104
abacusgroup.com.au