National Property Trust's valuation check

A review of National Property Trust's retail real estate valuations came out almost exactly the same as earlier valuations.

Kevin Podmore, executive chairman of the trust's manager, said Colliers International was commissioned to do a peer review of Jones Lang LaSalle's valuation update.

The JLL valuations showed National's portfolio had dropped by $17.5 million. National has a market capitalisation of $92.9 million.

Podmore said Colliers' valuations were 2 per cent lower than Jones Lang LaSalle's - well within the acceptable variance range for retail properties of the type, size and standing of National's portfolio.

National unit-holders would meet next month to vote on a convertible preference unit offer to raise $35 million to put the trust on a more stable financial footing.

Podmore said the trust was seeking regulatory approvals and expected to distribute details of the meeting in May.