Property trust downgrades valuations
The Australian Commercial Property Trust (ACPT) has downgraded the value of its property portfolio by 5.6 per cent for the six months to December 31, 2008.
The responsible entity of ACPT has undertaken a review of the portfolio in preparation for the release of its financial report for the half year to December 31, 2008. The responsible entity of the portfolio said “given the current conditions in the Australian property market”, a reduction in property values of $16,740,000, or 5.6 per cent, was appropriate.
Following the reduction in property valuations the ACPT is valued at more than $282 million dollars.
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