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BWP GROUP Capital/Financing Update 2004
64592_rns_2004-07-13_f9ca96cc-8cdb-455a-9cf3-b249ed3b4435.pdf
Capital/Financing Update
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14 July 2004
8 Revaluation Results
Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announces results from the revaluation of eight properties.
The revaluations have been completed on Trust properties located at Broadmeadows, Croydon, Epping, Mentone, Northland, Scoresby and Sunshine in Victoria, and Cannon Hill in Oueensland.
The revaluation of the eight properties by independent valuers has resulted in a 17.3 per cent increase in the book value of the properties.
Details of the revaluations are as follows:
| Book Value (S) |
Market Value (S) |
Increment (S) |
Revaluation Yield ' |
|
|---|---|---|---|---|
| Broadmeadows (VIC) | 8,450,000 | 10,700,000 | 2,250,000 | 8.00% |
| Cannon Hill (QLD) | 9.400.000 | 12,600.000 | 3.200.000 | 8.50% |
| Croydon (VIC) | 9,200,000 | 10,500,000 | 1,300,000 | 8.25% |
| Epping (VIC) | 9,500,000 | 11,400,000 | 1,900,000 | 8.00% |
| Mentone (VIC) | 12.100,000 | 12,400,000 | 300,000 | 8.00% |
| Northland (VIC) | 10.900,000 | 13,400,000 | 2,500,000 | 7.75% |
| Scoresby (VIC) | 10,200,000 | 11,800,000 | 1,600,000 | 8.50% |
| Sunshine (VIC) | 8,450,000 | 8,900,000 | 450,000 | 8.25% |
| TOTAL | 78,200,000 | 91,700,000 | 13,500,000 |
i Yield applied by independent valuer to passing rent
The revaluations follow the completion of market rent reviews on each of the eight properties, which resulted in an average 14.2 per cent rental uplift.
The revaluations have increased the book value of Trust properties to \$569 million, and the average capitalisation of the Trust's portfolio is 8.5 per cent.
For further information please contact:
Mr Andrew Hopkins General Manager, Bunnings Property Management Limited
| Telephone: (08) 9327 4318 | |
|---|---|
| E-mail: | [email protected] |
| Website: | www.bunningspropertytrust.com.au |