East West Properties revalues assets, leases over 2 acres to Ultratech Cement

Tuesday, 29 March 2011 00:01 -     - {{hitsCtrl.values.hits}}

East West Properties Plc said yesterday it has revalued its assets largely property and has leased over two acres to Ultra Tech Cement until 2027.

The Company said that following the revaluation the value of the assets had increased to Rs. 694.6 million from around Rs. 126 million previously. The valuation had been done last week.

The leasehold land at Peliyagoda had been revalued at Rs. 691.2 million as opposed to Rs. 30.2 million in book value. The condominium apartment at Crescat Residencies has been valued at Rs. 89.3 million, up from its book value of Rs. 79.5 million whilst the warehouse at Peliyagoda has been valued at Rs. 40 million as against the book value of Rs. 16 million. East West said it has leased out land in extent of two acres one rood 23 decimal eight perches to Ultratech Cement Lanka Ltd., until 2027. The latte will vacate land together with the cement silos, buildings and the permanent fixtures without claiming any compensation or payment from East West Properties Plc. Estimated value of the assets include permanent building and cement silos (Rs. 577 million), and plant and machinery (Rs. 57 million) bringing the total to Rs. 634 million. Following the announcements East West Properties share price by 10 cents to Rs. 11.10 whilst rights traded at Re. 1, down by 10 cents.