Dexus, one of the country’s largest corporate landlords, has written down the valuation of its office portfolio by 2.3 per cent.
Office rival Charter Hall earlier in the week reported a 0.5 per cent decline in valuations of its office assets, even as other asset-type valuations held up.
“The lack of recent conclusive transactional evidence means reported 1H23 cap rates likely do not yet fully reflect the current interest rate environment,” analysts led by Grant McCasker said in a note published on Thursday. Dexus chief executive Darren Steinberg said the asset revaluations pointed to a growing disparity between prime assets and lower-grade secondary ones.
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