We Raise Precinct's FVE to NZD 1.37 on Falling Vacancy Rates and Rising Rents
We've revised our forecasts to account for Precinct Properties' recent agreement to sell 50% of the ANZ Centre for NZD 181 million which is a 12% premium to the last valuation in June 2017. Office vacancy rates continue to fall in Auckland. Prime-grade CBD office vacancy rate is 4.3% and trending down, leaving few options for tenants and putting upwards pressure on rents in the near term. We've slightly increased rental growth expectations on upcoming lease renewals and our fair value estimate i...Precinct Properties New Zealand is engaged in investment in predominantly prime commercial office properties in the central business district of major New Zealand cities. As of June 30 2010, Co. had total assets of NZ$1,299,328,000 and investment properties portfolio valued at NZ$1,276,800,000.
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