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BWP GROUP Capital/Financing Update 2003
64592_rns_2003-04-14_83956b82-ab33-464c-ba76-1bee7f459d00.pdf
Capital/Financing Update
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15 April 2003
More Positive Revaluation Results
The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, are pleased to announce positive results from the revaluation of three properties.
The revaluations have been completed on Trust properties located at Mindarie, in Western Australia, Mile End, in South Australia, and Morayfield in Oueensland. The revaluations of the three properties by independent valuers represent an increase in the market value since acquisition of 10.6 percent. Allowing for acquisition costs, the market value of the three properties now exceeds book value by 6.4 percent.
Details of the revaluations are as follows:
| Book Value (price plus costs) |
Market Value |
Increment | Revaluation Yield 1 |
|
|---|---|---|---|---|
| Mindarie, WA | 9,988,000 | 10,600,000 | $+6.1\%$ | 8.75% |
| Mile End, SA | 11,867,000 | 12,700,000 | $+7.0%$ | 8.50% |
| Morayfield, QLD | 8,323,000 | 8,800,000 | $+5.7\%$ | 9.00% |
| TOTAL | 30,178,000 | 32,100,000 | $+6.4%$ |
$^{-1}$ Yield applied by independent valuer to estimated current market rent
In total, the revaluation of 29 properties in the Trust's portfolio since 2001 has resulted in an increase in the market value of those properties since acquisition of 14.3 percent. Following the revaluations, the book value of the 46 properties in the Trust's portfolio is \$452 million.
For further information please contact:
Mr Andrew Hopkins Manager, Bunnings Property Management Limited
Telephone: (08) 9327 4318 E-mail: [email protected] Website: www.bunningspropertytrust.com.au