D. Carnegie & Co publishes new valuation of its properties
Residential property company D. Carnegie & Co AB (publ) - listed on Nasdaq Stockholm – is publishing a new valuation of its property portfolio, carried out by Newsec during November, which amounts to MSEK 13,600. Since this valuation exceeds previously reported values by more than SEK 1 billion, it may constitute price-affecting information, which the company is compelled to release to the market.
In connection with each quarterly report, one quarter of the portfolio is valued externally by Savills and the remainder of the portfolio is valued internally. The new valuation exceeds the previously reported total value of the properties, MSEK 12,592, by MSEK 1,008, or 8%.
"Analysts and other commenters have repeatedly told us that the valuation of our portfolio is too conservative. We therefore choose to procure a current external valuation of our entire property portfolio. The new valuation shows significantly higher values than previous assessments. This new valuation is being published in order to provide everyone with the same information," says Ulf Nilsson, CEO of D. Carnegie & Co.
The new valuation corresponds to an increase in adjusted equity per share SEK 14.25. The difference is mainly due to lower average yield requirement which in the current valuation is deemed to be around 4.85%. The board of directors' assessment of current market values will be reported in the year-end report for 2015, which will be published on 26 February 2016.
For more information, please contact:
Ulf Nilsson, CEO, D. Carnegie & Co, tel. +46 (0)8 – 121 317 25
About D. Carnegie & Co
D. Carnegie & Co is a real estate company focusing on residential properties within the Stockholm region. The Company’s business concept is to own and manage its real estate portfolio and to gradually refurbish apartments in connection with the natural turnover of tenants. This can take place quickly and cost-efficiently due to our Bosystem refurbishment method which, among other things, does not require tenants to vacate the premises. The Company also creates significant value through the development of building rights in the existing portfolios. As of 30 September 2015, the market value of the company's properties amounted to MSEK 12,592. As per the same date the total rental value amounted to MSEK 1,293 annually. The financial leasing rate is high with no vacancies. D. Carnegie & Co is listed on Nasdaq Stockholm.
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