Daily Unit Pricing
The Manager of the Direct Property Funds reviews the Unit Price for both Funds on a daily basis. Changes are made to the Unit Prices when there are changes in the underlying investments or if the Manager expects there to be changes based on market conditions.
The primary factor impacting unit values in the Funds’ underlying syndicate and wholesale fund investments is property valuations. Centro has a policy whereby every property in its managed portfolio is revalued on a six-monthly basis. Each unlisted Centro fund then determines a unit price which factors in these valuations. Gearing within the funds amplifies any valuation change.
The Centro MCS syndicates and Centro wholesale funds, which comprise the bulk of the DPF and DPFI investments, typically determine provisional Net Asset Backing (NAB) or unit prices in December and June with final figures published in their half or full year accounts.