Concept art for Asset Plus' property on Munroe Lane, Albany. Photo: Asset Plus / Supplied
NZX-listed property investor Asset Plus has announced a reduction in its overall portfolio valuation of $13 million.
In an update to the NZX, the company said a capitalisation rate of 6 percent had been applied to its Munroe Lane, Albany property, which reflected a "as-if complete, committed occupancy" status, given the remaining vacant space had not been leased ahead of the expected completion in May.
The draft Munroe Lane valuation remained subject to final audit and would be confirmed in the company's financial result for the 2023 financial year.
Meanwhile, Asset Plus said it received a number of offers in its Stoddard Road sales campaign, and a conditional sale and purchase agreement of $36.75m had been entered.
Asset Plus expected its net tangible assets would reduce by 3.6 cents per share to 40 cents per share at the end of March.
Gearing was expected to decrease to 25 percent following the sale of the Stoddard Road property.
