Colonial First State fund revaluations show decline
Revaluations in two of Colonial First State Global Asset Management's (CFSGAM) funds have resulted in declines on prior book values.
Thirteen of the Commonwealth Property Office Fund’s (CPA) office assets were independently revalued over a three-month period to March 31, 2009, resulting in an 11.9 per cent or $168.5 million decline on prior book value.
The CFS Retail Property Trust (CFX) also dropped, with a 3.7 per cent or $43.4 million decline.
CPA fund manager Charles Moore said, “as anticipated, independent valuers continue to move investment yields higher and adjust other aspects of their assessments to reflect the decline in underlying office market conditions”.
Meanwhile, CFX fund manager Michael Gorman said, “as expected, we have seen a marginal decline in the latest round of revaluations, however, this is not a significant movement and reflects the quality of the retail investments properties within the trust”.
As a result of economic conditions, CFSGAM expects to see further pressure on asset values for the balance of the calendar year, according to CFS head of property Darren Steinberg.
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