This article is from the Australian Property Journal archive
ABACUS Property Group has had 60% of its portfolio independently valued which has resulted in a $6 million or 0.8% fall over the half year period to June 30.
The weighted average portfolio cap rate remains unchanged at 8.53% and the value of the portfolio at $851 million.
Abacus also announced the mark to market value of the group’s interest rate hedging swap book fell by $7 million and the closing value of the swap book liability is $26 million.
As a result of the revaluation and interest rate hedging, the group’s swap book decreased by $13 million.
The group’s gearing at June 30 will approximately 23% and group covenant gearing will approximately 29%, as compared with a 45% covenant.
Australian Property Journal
