The $310 million (CDP share $155 million) redevelopment of the Trust’s main asset, Westfield Carindale shopping centre in Brisbane, is expected to reach practical completion on 9 August 2012.
CDP’s interest in Westfield Carindale has been independently valued as at 30 June 2012 on the basis that the redevelopment has been completed. This results in CDP’s 50% interest in Westfield Carindale being valued at $668.5 million, reflecting a revaluation surplus of approximately $65 million.
CDP’s net tangible assets (NTA) as at 30 June 2012 is expected to be approximately $6.35 per share. This figure is in the process of being audited.
Further details will be provided as part of the 2012 full year results announcement.
WESTFIELD MANAGEMENT LIMITED
as responsible entity of Carindale Property Trust
27th July 2012