Listed Perth property company Aspen Group is relishing the good times and the resources boom presently being experienced on the West Coast of Australia – most financial sectors, especially property, have never had it so good…
Yesterday, Aspen announced an independent valuation of its Perth CBD office property Septimus Roe Square had been revalued upwards by $20 million from $30.2 million to $50.2 million.
Aspen Group managing director Angelo Del Borrello said that the revaluation, resulting in a significant increase in book value, reflected the Aspen’s in-house ability to add value to a multi-tenanted property.
“Higher occupancies achieved through a concerted leasing campaign, coupled with a stronger lease profile and our ability to capitalise on the yield compression within the Perth CBD office market were all contributing factors,” Del Borrello said.
As a result of the increase in book value of Septimus Roes Square the Group’s Net Tangible Asset backing from $0.90 to $1.02 — representing an increase of 13.3%, and continuing the significant growth in Aspen’s property portfolio.
Aspen indicated yesterday that more good news could follow shortly as further independent valuations are currently being performed as part of the group’s financial year end reporting process.
Del Borrello concluded there was further exposure to the buoyant Western Australian economy within the portfolio.
“This coupled with a strong overall portfolio performance, should see a further re-rating of the portfolio and NTA for the 2006 year end.”
By Kathryn O’Meara
