This article is from the Australian Property Journal archive
APN Property Group has revealed that the value of its fund under management has declined by another 4.7% in the quarter to March to $2.59 billion.
As a result of the latest decline, APN’s FUM is 8% lower than June 2009’s value of $2.82 billion. In the September 2009 quarter, the value climbed higher to $2.87 billion but it fell back in the December 2009 to $2.72 billion.
APN said although its property securities funds recorded an increase in FUM since June 2009 of 4%, the growth was partially offset by the sale of investments and distribution of proceeds due to the wind up of the International Property for Income Fund, which occurred in the March 2010 quarter and contributed to a 1% reduction in FUM value.
APN also booked minor falls in the net carrying value of assets in the APN direct property funds recorded at December 2009 resulted in a 3% decline in FUM value since June 2009.
Meanwhile FUM of APN’s funds invested in Europe dropped by 19% since June 2009, including a 3% decline in the quarter ended March 2010. A net reduction in the underlying property values at December 2009 of 4% reflects the only real reduction in value, the balance resulting from the strengthening value of the Australian Dollar against the Euro during these periods.
Australian Property Journal
