SAO PAULO, Brazil, Oct. 22 /PRNewswire-FirstCall/ -- Sao Carlos Empreendimentos e Participacoes S.A. (Bovespa: SCAR3), one of the leading commercial real estate investment and leasing companies in Brazil ("Sao Carlos"), releases to the market the appraisal of its properties, carried out by CB Richard Ellis S/C Ltda. ("CBRE"), having September 28, 2007, as the reference date.
The market value of the Sao Carlos' real estate portfolio more than doubled from September 2006 to September 2007, up from R$604 million to R$1,559 million. This increase is due to: (a) the aggressive expansion of the portfolio in the past 12 months (R$521 million); (b) the appreciation of the properties' value in the period (R$390 million); and (c) the addition of the invested amount in the incorporation of 'Eldorado Business Tower' until September 2007 (R$44 million).
Reflecting the Company's aggressive approach in the past 12 months, a total of 12 properties were acquired, increasing the Company's Gross Leasable Area ("GLA") by 123,151 square meters (+35%), totaling investments of R$521 million.
The appreciation of the portfolio's value in one year was of R$390 million -- the properties included in the previous appraisal had their value appreciated 32.0% on average, while the value of the properties acquired in the past 12 months increased an average of 29.2%, compared to the acquisition values.
82% of the portfolio's value is represented by office and multi-purpose buildings, class A and AAA standards, vs. 65% in September 2006. The portfolio's average square-meter value increased by 88% from September 2006 to September 2007, reaching R$3,226/square meters GLA.
Average vacancy rate reached 5.7% of total GLA by the end of September 2007.
Based on this latest appraisal of the portfolio, Sao Carlos (SCAR3) is being negotiated with a premium of nearly 10% on NAV (considering R$21.49/share on 28/Sep/07). After subtracting net debt from the Company's portfolio market value, NAV reaches R$1,202 million or R$19.55/share.
For further information, please access http://www.scsa.com.br/ir or contact the IR Department:
Marc Grossmann
Investor Relations Manager
Phone: (5511) 3048-5413
Fax: (5511) 3048-5420
E-mail:
