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Charter Hall Group (ASX: CHC) today announced that, subject to Audit review and approval by the CHC and other responsible entity Boards of the 1HFY17 financial statements, net revaluations exceeding $700m across its funds management platform are expected, resulting from predominantly independently assessed valuation gains net of capex. This $700 million increase in FUM represents 4% growth over the $17.5 billion FUM portfolio as at 30 June 2016. This FUM increase excludes the impact of on-going development expenditure and net acquisitions.
As a result of the net valuation uplifts across the funds management platform, the Charter Hall Group’s balance sheet Property Investments are expected to increase by approximately $88 million, or 8% from the reported carrying value as at 30 June 2016 of $1.1 billion. These net valuation impacts exclude any other impacts from normal movements in the balance sheets of Charter Hall Group and of its managed funds.
Group CEO and Managing Director David Harrison commented,:
“We continue to see positive net valuation uplifts across all sectors, with particularly strong uplifts in office and long WALE retail assets, whilst industrial growth has moderated after strong 30 June 2016 valuation growth. Over 75% of the Group’s stabilised portfolio has been independently valued as at 31 December 2016, reflecting average cap rate compression of 35 bps across independently valued assets and minimal internal valuation cap rate compression, resulting in 26 bps of cap rate compression to 6.28% across the managed funds platform.”
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Thanks for your interest in Charter Hall. Fill in your details below and we’ll get back to you as soon as possible.
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All personal information submitted will be treated in accordance with our privacy policy.
By registering and/or submitting personal data to Charter Hall, you agree that, where it is permitted by law and in accordance with our Privacy Statement or where you have agreed to receive communications from us, Charter Hall may use this information to notify you of our products and services and seek your feedback on our products and services. Please note you can manually opt out of any communications.
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