Update re Valuation (6091V)
16 Gennaio 2012 - 11:30AM
UK Regulatory
TIDMHRCO
RNS Number : 6091V
Hirco plc
16 January 2012
News Release
16 January, 2012
Announcement regarding Cushman Wakefield Valuation
LONDON - Hirco PLC (AIM: HRCO), announces that it has received
from its joint venture partner, Hiranandani Developments Private
Limited ("HDPL"), a Cushman & Wakefield International (CWI)
valuation report regarding the Panvel and Chennai development
projects. The CWI report values the Panvel and Chennai projects at
a total amount of GBP556m based on what they term best use
assumptions.
Hirco previously released a report from its own valuers, CBRE,
which valued the projects at GBP343m based on "current development
assumptions." The CBRE report also valued the projects at GBP501m
based on best use assumptions. The primary reasons for the
difference between CBRE's GBP501m valuation figure and CWI's
GBP556m valuation figure are that CBRE uses a higher cost of
capital than CWI while CWI makes more aggressive assumptions
regarding the absorption of product into the Panvel and Chennai
markets.
Contacts:
Hirco Plc
Nigel McGowan
Company Secretary
ir@hircoplc.co.im
Singer Capital Markets Limited (Nominated Adviser)
James Maxwell (Corporate Finance)
+44 (0)20 3205 7500
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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