& 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.
Nigel McGowan Company Secretary ir@hircoplc.co.im
Singer Capital Markets Limited (Nominated Adviser)
James Maxwell (Corporate Finance)
+44 (0)20 3205 7500
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