Listed landlord Urbus Properties has revalued its real estate portfolio up by $17 million, although the gains are yet to be formally confirmed by valuers and an audit.
Based on the revised figure, Urbus will have a $450 million portfolio made up of 55 properties. It has 41 per cent
invested in retail, 38 per cent in industrial and 21 per cent in offices, with 70 per cent of the properties in Auckland.
Urbus Management chief executive Hamish Plimmer said the company would announce its full-year result on May 19. Urbus shares are trading around $1.13.
Last month, listed ING Property Trust said it would make a full takeover offer for Urbus, which would create a new vehicle with a market capitalisation of more than $550 million.
Last week, Urbus and ING said due diligence on the takeover was almost finished and that no material issues had arisen. A takeover notice is expected to be lodged about the middle of next month.
The Urbus board will recommend the offer, provided an independent appraisal report says it represents fair value for shareholders and noteholders.
