Precinct properties revalued at more than $3.3b

Precinct properties revalued at more than $3.3b
Commercial Bay turns one today
Brent Melville
Listed property group Precinct Properties is celebrating the one year anniversary of its retail and office flagship, Commercial Bay, by booking a revaluation gain of $284 million, a 9.4% increase in book value, across its 15-building portfolio.The valuation, which included a $148.5m gain during the six months ended Dec 31, sees Precinct's overall portfolio across the Auckland and Wellington CBDs, increase to about $3.3 billion at June 30. That reflects a second half revaluation gain of $135.5m, pushing net asset value up 7%, or 10 cent...

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