FIRST Real Estate Investment Trust (First Reit) yesterday said that there was no significant change in the total value of its eight properties as compared with a year ago. The trust made the announcement after it revalued all of the properties on Dec 26.
The eight properties - four in Singapore and four in Indonesia - were collectively revalued at $324.9 million. By comparison, the properties had a book value of $325.6 million in First Reit’s balance sheet as at Dec 31, 2007.
The revaluation will be reflected in the financial statements of First Reit for the fourth quarter ending Dec 31, 2008, the healthcare investment trust said.
Of the eight properties revalued, five - including three in Singapore - were valued at amounts slightly lower than they were a year ago. The properties in Singapore were valued by Colliers International, while those in Indonesia were valued by Knight Frank and PT Willson Properti Advisindo.
The trust said in September this year that it is buying its ninth property, a healthcare logistics and distribution centre in Tuas, for $42 million. The proposed acquisition is slated to be completed in end-2009.
First Reit said then that once the acquisition is complete, it will lift the value of First Reit’s assets under management by 13 per cent to $368 million and diversify the portfolio further by raising income contribution from its Singapore assets from 14 per cent to 21 per cent.
First Reit shares closed unchanged at 40 cents yesterday. The stock has lost 48.1 per cent so far this year.
Source : Business Times - 30 Dec 2008
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