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Precinct Properties New Zealand, formerly AMP NZ Office, has lifted the value of its property portfolio 2.6 percent on a rising Auckland market and has signed a new and bigger banking facility with existing lenders.
The value of the Auckland-based property investor's portfolio rose $40 million to $1.64 billion and will be confirmed in August with the annual results, the company says in a statement. Auckland valuations rose about 5 percent, while Wellington was stable.
"The Auckland increases were mainly attributable to increased positive sentiment due to an improving investment market, asset specific leasing success and improving rental levels," Precinct says.
"Stable capitalisation rates, supported by recent sales evidence and stable market rents, resulted in Wellington valuations being consistent with forecast end-of-year book values."
The shares fell 1 percent to $1.03 today, the lowest since March 28, and have shed 8 percent from a peak in late May.
The property investor's banking syndicate of ANZ New Zealand, Bank of New Zealand, Commonwealth Bank and Bank of Tokyo-Mitsubishi UFJ agreed to a new $660 million secured debt facility, offering lower margins. That replaces its existing $635 million unsecured facility.
(BusinessDesk)
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Precinct Properties portfolio value up 2.6%, new and bigger bank facility signed
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