2008-04-23
Thomson Financial
LONDON (Thomson Financial) - Kazakhstan Kagazy Plc., the paper producer and industrial real estate company, said the market value of land and warehouse facilities owned by its subsidiaries was $361 million as at Dec. 31, 2007, according to an independent appraisal by CBRE Scot Holland. Kagazy said the value of its industrial property assets was not affected by the recent softening of the real estate market in Kazakhstan. The company said the valuation does not include the recent acquisition of Astana Contract or the assets of its paper division Kagazy Recycling. Kagazy said it acquired an additional 84 hectares of land adjoining its Northern plot during the first quarter. The land was bought at a price of $262,000 a hectare, representing a substantial discount to the valuation for the plot of $528,000 per hectare. The acquisition increased the total size of Kagazy's industrial park project, which is planned on its Northern plot, to 568 hectares. Kazakhstan Kagazy said the additional land has not yet been appraised.