Join our daily newsletter At The Bell to receive exclusive market insights
- APN Industria Real Estate Investment Trust (ADI) has reported the unaudited, draft valuations of assets for June 30, 2021
- The company conducted the valuations in light of recent strong sales for industrial properties across the country
- Across 17 of the REIT’s industrial properties, values rose by $64.3 million or 11.9 per cent
- Notably, one property in New South Wales saw an increase of almost $28 million over its previous book value
- APN Industria Real Estate Investment Trust is down 1.28 per cent and trading at $3.08 per share
APN Industria Real Estate Investment Trust (ADI) has reported the unaudited, draft valuations of assets for June 30, 2021.
The company decided to release the valuations before the period has ended to ensure that the market remains fully informed.
APN Industria REIT conducted valuations on 17 of its 23 industrial properties. This was in light of recent strong sales for industrial properties across the country. Across those 17 properties, values rose by a combined total of $64.3 million, representing an increase of 11.9 per cent.
The average cap rate compressed by 51 basis points, leaving the weighted average cap rate across the REIT’s portfolio at 5.83 per cent.
The most notable increase in the company’s asset portfolio came from 1-3 Westrac Drive, in Tomago, New South Wales. After the valuation, the property was valued at $251 million, representing an increase of $27,950,135 over its previous book value.
The asset to see the second-highest increase was 80-96 South Park Drive, in the Melbourne suburb of Dandenong South. As a result of the valuation, the property is now valued at $35.5 million, a $9.6 million increase on its prior book value.
APN Industria Fund Manager Alex Abell commented on the valuations and what they say about the company’s assets.
“These outcomes reflect the quality of our portfolio, which is now valued at over $1.05 billion, and remains well positioned to benefit from a strengthening market, in addition to various asset management initiatives that will further improve income visibility and drive value,” he said.
APN Industria Real Estate Investment Trust is down 1.28 per cent, trading at $3.08 per share at 2:32 pm AEST.
