Rabinov Diversified Property Trust has scored its second goal in less than two weeks.
Yesterday, the trust announced that an independent revaluation has valued Buildings 1 & 3 leased to GE Capital Finance Australasia at the Botanicca Corporate Park in Richmond, Victoria at $49.6 million.
Settlement of car parks for GE Buildings 1 & 3 at a cost of $580,000 took place on October 2nd 2006. An independent valuation was prepared by Jones Lang LaSalle and translates to an increase of $600,000, and therefore an incremental profit of $20,000.
The Botannica Corporate Park in Richmond is RDPT’s largest asset and comprises three buildings.
Only a week earlier, ANZ Bank bought a 50% stake RDPT’s responsible entity Rabinov Property Management Limited.
If shareholders approve the purchase, RDPT will be renamed ANZ Rabinov Property Trust.
RDPT is a very tightly held LPT with Rabinov Holdings Pty Ltd holding 65% of the units on issue and Sharon Investments Pty Ltd holding 20% of units on issue.
By Nelson Yap