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Charter Hall Group (ASX:CHC) today provides an update on property revaluations and the resulting impact on Group property funds under management (FUM).
In accordance with the Group’s valuation process, approximately 98% of all Group platform properties have been independently valued, providing a net valuation decline of $1.9bn. Valuations remain subject to audit and relevant fund Board approvals.
As a result of valuations and transaction activity to date, together with $1.2bn of development capex, Group Property FUM is expected to be circa $72 billion as at 30 June 2023.
The table below breaks down the asset movements by sector:
|Cap rate increases|
|Jun-23 cap rate|
|Industrial & Logistics||+0.1%||35 bps||4.5%|
|Long WALE Retail||(7.8%)||41 bps||4.7%|
|Shopping Centre Retail||(2.5%)||28 bps||5.7%|
|Social Infrastructure||+0.8%||18 bps||4.8%|
|Platform Total||(2.8%)||32 bps||4.8%|
Charter Hall will report FY23 Results on Monday 21st August 2023.
Announcement Authorised by the Board
Click here to view the pdf ASX Announcement