Urbus Properties revalues portfolio by $17 million
Listed landlord Urbus Properties has revalued its real estate portfolio up by $17 million, although the gains are yet to be formally confirmed by valuers and an audit.
Tuesday, March 29th 2005, 6:49AM
by The Landlord
Based on the projected revaluation gains, Urbus will have a $450 million portfolio made up of 55 properties. It has 41 per cent invested in retail, 38 percent in industrial and 21 percent in offices. Urbus has 70 percent of its properties in Auckland.Urbus Management chief executive Hamish Plimmer said the company would announce its full-year financial result on May 19.
Urbus shares are trading around $1.13.
Last month, listed ING Property Trust said it would make a full takeover for Urbus which would create a new vehicle with a market capitalisation of more than $550 million.
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