Centuria Office REIT (ASX: COF) announced valuation movements for June 2023.
- June 2023 portfolio valuations moved circa -4.4%, or -$102M since on Dec 2022.
- Capitalisation rates increased to 6.00%, or +25bps.
- We have updated our forecasts, which includes updated leasing activity and potential asset sales.
- At current levels we consider COF to be oversold due to uncertainties in the office sector and rising debt costs. COF is trading at a 10.6% discount to our valuation of $1.55 per security, which is based on a lower NTA for FY25.
- Maintain BUY recommendation.
Download our report for the full details.