Information  X 
Enter a valid email address

Hirco plc (HRCO)

  Print      Mail a friend       Annual reports

Monday 16 January, 2012

Hirco plc

Update re Valuation

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 £556m based on what they term best use assumptions.

 

Hirco previously released a report from its own valuers, CBRE, which valued the projects at £343m based on "current development assumptions."  The CBRE report also valued the projects at £501m based on best use assumptions.  The primary reasons for the difference between CBRE's £501m valuation figure and CWI's £556m 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

[email protected]

 

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
 
 
MSCGGUBPGUPPGUQ

a d v e r t i s e m e n t