New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Asset Plus (APL) has provided the final FY26 valuation for its sole asset Munroe Lane of NZ$105.5m which is down from NZ$107.0m in FY25 largely due to +25bp cap rate expansion.</li><li>APL's key priority — the lease-up and subsequent sale of Munroe Lane — continues to take longer than anticipated.</li><li>Until then current leasing supports a gross yield of 7.8% (33% tax payer, 11.2% if fully leased) and APL remains debt fee.</li></ul>

Asset Plus (APL) has provided the final FY26 valuation for its sole asset Munroe Lane of NZ$105.5m which is down from NZ$107.0m in FY25 largely due to +25bp cap rate expansion.APL's key priority — the lease-up and subsequent sale of Munroe Lane — continues to take longer than anticipated.Until then current leasing supports a gross yield of 7.8% (33% tax payer, 11.2% if fully leased) and APL remains debt fee.

Asset Plus (APL): Munroe Lane FY26 Valuation