This article is from the Australian Property Journal archive
RUBICON Europe Trust Group has had to further downward revised its portfolio due to errors.
The independent asset revaluations of the properties in REU’s real estate portfolio undertaken by CB Richard Ellis and Jones Lang LaSalle have been amended due to errors in the underlying valuation assumptions for the Nike HQ and Campus Carree (Tiago) assets.
The June 30 2008 valuation for Nike HQ has been amended from €87.2 million to €80.4 million and Campus Carree has been amended from €103.53 million to €97.0 million.
In the June 30 2008 accounts, the real estate portfolio will be valued at approximately €554.7 million, representing a reduction of approximately €117.7 million (or 17.5%) compared to the December 31 2007.
Australian Property Journal
