PUBLICAN ALE Property Group has revalued its property portfolio to $836.0 million as at December 31 2007.
This is an increase of $44.8 million over the June 30 2007 valuation of $791.2.
The directors’ valuations are supported by independent advice that it is not unreasonable to apply the same capitalisation rates to the current property rentals that were applied by independent valuers, DTZ Australia, to 35 properties and by the directors’ to a further 67 properties in determining the June 30 2007 valuation results.
The property portfolio comprises 105 pubs of which 102 of these are complete and have been revalued by the directors.
The remaining three properties in the portfolio remain subject to completion of development and remain valued at their acquisition cost total of $22.1 million.
Australian Property Journal
