Aspen takes hit on Spearwood
UPDATE 2.25pm: Aspen has been forced to write down the value of its Spearwood Industrial Estate by $14 million with major tenant Leighton Contractors expected to leave the property when its lease expires at the end of the year.
Leighton Contractors' tenancy represents 68 per cent of income generated from the asset.
The writedown represents a 9.9 per cent fall in aggregate carrying value for Aspen, which also owns the Noble Park industrial estate in Melbourne and the Aspen Karratha Village.
The property group's aggregate carrying value consequently fell from $141 million to $127 million, representing a pro-forma reduction in net tangible assets of 11.6 cents a share.
Chief executive Clem Salwin said the writedown was disappointing but the company remained committed to maximising the value of the Spearwood and Noble Park properties ahead of their sale.
Aspen shares were off two cents to $1.24 at the close.
