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BWP GROUP Capital/Financing Update 2004
64592_rns_2004-06-22_6afcaa19-0f9b-4605-84a7-f4b256d07c14.pdf
Capital/Financing Update
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23 June 2004
Four Revaluation Results
The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announce the results from the revaluation of four properties.
The revaluations have been completed on Trust properties located at Frankston, Maribyrnong and Oakleigh South in Victoria, and Midland in Western Australia. Each property was parchased by the Trust approximately three years ago.
The revaluation of the four properties by independent valuers has resulted in a 16.6 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' |
|
|---|---|---|---|---|
| Frankston | 16,994,000 | 20,000,000 | 3,006,000 | $8.00\%$ |
| Maribyrnong | 7,562,000 | 8,000,000 | 438,000 | $n/a^2$ |
| Midland | 9,784,000 | 11,900,000 | 2,116,000 | 8.50% |
| Oakleigh South | 16,163,000 | 19,000,000 | 2,837,000 | $8.00\%$ |
| TOTAL | 50,503,000 | 58,900,000 | 8,397,000 |
i Yield applied by independent valuer to passing rent
2Maribyrnong is a development site
The revaluations have increased the book value of Trust properties to \$552 million, and the average capitalisation of the Trust's portfolio is 8.7 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