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AOF show minimal Uplift in Valuations


Australian Unity Office Fund announced today that the following four properties have been externally valued as at 31 December 2018:

  • 30 Pirie Street, Adelaide

  • 150 Charlotte Street, Brisbane

  • 32 Phillip Street, Parramatta

  • 2 Eden Park Drive, North Ryde

Combined, these valuations have resulted in an overall increase of approximately $0.2 million from the properties’ book value immediately prior to valuation.

All four properties were previously revalued as at 30 June 2018 and there has been no change in the capitalisation rate of each respective property. The weighted average capitalisation rate across the portfolio remains at approximately 6.5%. Full details will be released in the half yearly results to be announced in early February.

AOF continue to defend a proposed takeover by US giant PE firm, Starwood. In November 2018, Starwood adjusted their offer price for AOF to $2.95 per unit after taking in account the proposed distribution. AOF's independent board rejected the proposal stating that as did not represent compelling value for AOF unitholders. At the time of publication of this article AOF were trading at $2.67, following a high of $2.90 in October 18.

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