Chief executive Anthony Mellowes does not expect further material asset writedowns as cap rates head towards 6 per cent.
Region Group chief executive Anthony Mellowes says he does not expect further material writedowns to its $4.4 billion portfolio of supermarket-anchored smaller malls, but flagged around $130 million of divestments to shore up its balance sheet.
“By June 2024, I think cap rates will be closer to 6 per cent or slightly above, but this will be offset by income growth. So, our values will be relatively flat,” he said. CQR – as the Charter Hall trust is known by its ASX code – reported like-for-like net property income growth of 3.3 per cent and total net property income growth of 7.7 per cent after bedding down a series of acquisitions.
Region Group reported 4.1 per cent growth in net property income and comparable net income growth of 4.3 per cent.
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