Garda Capital have announced a portfolio valuation increase of $11.1m to $416.2m with just $0.8m reflecting the outcome of external valuations.
Garda Capital revalued 5 out of 13 established assets which showed a mix of results and a net increase of $0.8m. Two of the three assets (an Industrial facility in Lytton and an office asset in Varsity Lakes) lost value with gains made on the other three assets (2 industrial and 1 office). The weighted average cap rate of the five assets compressed by 5 bps to 6.39%.
The remaining uplift booked by Garda Capital reflects capital expenditure deployed on the remaining portfolio with $7.4m spent on development assets and $2.9m on portfolio cap ex. It is unclear whether this capital expenditure is fully recovered from improvements to the market value of the properties.
Garda also updated its advice in relation to COVID impacts. Previously the Group announced it had waived just $5.5k in rent for one tenant which has now increased to $6.5k for two tenants. Garda has also provided rent deferrals to some tenants totaling less than $0.44m.
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