$167m wiped from office values

New Zealand's largest prime office block landlord has had $167 million wiped off the value of its properties, blaming its falling fortunes on the global downturn.

AMP NZ Office Trust's interim nine-month independent revaluation of investment real estate by CB Richard Ellis and Colliers International resulted in a 10.6 per cent devaluation of the properties.

Rob Lang, chief executive of the trust's manager, said the portfolio was now valued at $1.4 billion.

That sparked Credit Suisse research analyst Jason Lindsay to downgrade a valuation on ANZO's units from $1.14 to $1.06, although he added that he thought the dividend of 7.6 cents a unit was sustainable.

The trust was one of the few listed real estate vehicles in New Zealand unlikely to be forced to slash its cash distribution, Lindsay said.

To read the full NZ Herald article click here

Posted: 18 Mar 2009

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