AllCo – SGX
Asset Valuation of Allco REIT Properties
The Board of Directors of Allco (Singapore) Limited (the “Manager” or “Allco Singapore”), the manager of Allco Commercial Real Estate Investment Trust (“Allco REIT”) (SGX:ALLC) announces that independent valuations1 of the China Square Central, 55 Market Street, Central Park (Perth) and Centrelink (Canberra)2 properties (collectively, the “Properties”) have been completed.
The revaluations have resulted in an increase of S$182.0 million (22.1%) over the valuations of the Properties3 as disclosed in the 2006 Audited Consolidated Financial Statements of Allco REIT as at 31 December 2006. The revaluations have been completed in accordance with the relevant accounting standard, Financial Reporting Standard 40 Investment Property, and the Property Funds Guidelines.
The valuation of each Singapore property was conducted by Savills (Singapore) Pte Ltd and the valuation of Central Park (Perth) was conducted by CB Richard Ellis Pty Ltd. The valuations of Centrelink (Canberra) were conducted by both CB Richard Ellis Pty Ltd and Colliers International Consultancy and Valuation Pty Limited.
The valuation details are as follows:
Source : SGX