AMP NZ Office Trust posts $82 million gain in portfolio revaluationAMP NZ Office Trust’s (ANZO’s) annual portfolio revaluation has resulted in an increase in value of 10.8 percent or more than $82 million. ANZO executive manager Robert Lang said the independent revaluation has lifted the total portfolio value to $842.4 million*, up from $760.0 million in 2004. The revaluation gain net of capital expenditure has increased ANZO’s net tangible assets (NTA) per unit by 10.3 percent from $0.91 cents to approximately $1.00. The revaluation is subject to audit and will be incorporated in ANZO’s full-year financial result for the year to 30 June 2005, which will be announced in early August. Mr Lang said the strong valuation performance was driven primarily by effective asset management, growth in market rents and compression in capitalisation rates. “ANZO’s portfolio is favourably disposed toward New Zealand’s solid office market supply and demand fundamentals, and this has been reflected in high occupancy and positive outcomes from rent reviews across the portfolio. In addition, local and international investor appetite for high quality office property has been strong and ANZO’s portfolio displays many of the characteristics and features that are in high demand.” ANZO properties to achieve noteworthy increases in value were:
Mr Lang added that ANZO’s portfolio is now under-rented for the first time since listing and is therefore well placed to capture future growth in market rents. “The valuation and NTA increase recorded over the past financial year is a significant upward movement and is pleasing from an ANZO unitholder’s point of view. ANZO’s performance is reflective of a currently fast paced office market that is responding to an increasingly educated tenant base. Potential tenants increasingly recognise the value of superior quality accommodation and how this can improve business performance in a number of ways – tangible and intangible. This has led to solid demand for superior quality office stock, which is generally in short supply, and resulted in some of the lowest vacancy rates in recent history. Dynamics such as these have not gone unnoticed by off-shore investors attracted by New Zealand’s stable economy and interest rate outlook, solid supply demand dynamics, favourable rental growth outlook and property yields,” said Mr Lang. ANZO continues to add value to customer accommodation requirement needs, and it strives to evolve along with office markets and to provide investors with returns that continue to grow within a modest risk profile. About ANZOANZO is New Zealand’s largest listed investor in commercial office property. A unit trust listed on the New Zealand Exchange, ANZO currently owns 10 New Zealand office buildings – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, IAG House and Quay Tower; and Wellington’s State Insurance Tower, Mobil on the Park, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace and Pastoral House. ANZO is managed by AMP Multiplex Management Limited. * pre-asset disposal costs Media enquiries:
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