Asset Plus property value drops, shares affected

Asset Plus has announced a decrease in the value of its Munroe Lane property, according to an independent valuation.

The property is now valued at $107 million, down from $116.2m.

The company said the valuation movement is expected to result in a 2.5 cents per share reduction in net tangible assets (NTA), bringing it to 32.3 cents per share.

This decline in value is attributed to the continued softening of the office leasing market.

The independent valuation and forecast reduction in NTA are still subject to external audit review and will be confirmed in Asset Plus's consolidated financial statements, which are scheduled to be released on May 27, 2025.