Australian Unity lifts Valuations as Board considers offer

The Australian Unity Office Fund announced that it had completed a revaluation on five of its assets as at 30 June 2019: 10 Valentine Avenue, Parramatta 5 Eden Park Drive, North Ryde 468 St Kilda Road, Melbourne 241 Adelaide Street, Brisbane 64 Northbourne Avenue, Canberra Combined, these preliminary valuations: have resulted in an increase of approximately $14 million, or approximately 9 cents per unit, over the preceding book value immediately prior to the valuation of those properties; and reflect a weighted average tightening in capitalisation rates of approximately 39 bps since each of these properties were revalued in June 2018. The board of Trust has established an Independent Board Committee (IBC) to consider and evaluate the unsolicited, indicative and non-binding proposal received from an entity associated with Abacus Property Group and Charter Hall Group to acquire all of the issued units in AOF that it does not already hold for $2.95 cash per unit. The IBC has requested that the remaining four properties in AOF’s portfolio be revalued. These valuations have now commenced. The outcome of the balance of these valuations will be announced to the market once they are finalised, which is anticipated to be prior to 30 June 2019. #AustralianUnity #Abacus #CharterHall