It adds that a “substantial portion” of the group’s assets valuation decline is within its office portfolios and especially in the US, Europe and Australia. The rest of its asset classes have remained “relatively stable”.
Mapletree Investments has reported a negative patmi of $577.2 million for the FY2023/2024 ended March 31, reversing from the patmi of $1.22 billion in the FY2022/2023.
The loss this year was attributed to revaluation losses. The revaluation losses were due to the elevated interest rate environment, which led to the expansion in real estate capitalisation rates, says Mapletree Investments in its May 28 release. The prolonged work-from-home (WFH) trend also negatively impacted commercial properties in most of the group’s Western markets.
