Arena Childcare revaluations & development update
Arena REIT announced this week;
an expected net revaluation uplift of $22.2 million in portfolio value as at 31 December 2017 (unaudited), reflecting growth of 3.4% since 30 June 2017 and equivalent to approximately $0.08 in Arena's Net Asset Value (NAV) per security ($1.84 at 30 June 2017);
the expected completion of 11 Early Learning Centre (ELC) development projects for a total cost of $68 million at an average initial yield on cost of 6.8%; and
an increase in the portfolio weighted average lease expiry (WALE) to 13.1 years (from 12.8 years at 30 June 2017), following the addition of completed developments with a weighted average initial lease term of 19.7 years.