LLP has revalued one third of its Australian retirement portfolio and all of its New Zealand portfolio, with a draft report that it has declined in value by approximately 5%. They report this is a consequence of a rise in the average portfolio discount rate from 12.5% to 13%. The average growth rate has remained unchanged at 4% per annum. There loan to valuation ratio is expected to be approximately 31%. They also report they are likely to breach their interest rate cover ratio with their financiers because of these revaluations - which they will have to work out that banks.
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...