FKP posts $187.9m impairment charge

Property group takes hit on value of non-retirement property assets.

FKP Property Group will take a $187.9 million impairment charge after a revaluation of the group's property asset values.

In a statement to the Australian Securities Exchange, FKP said the impairment was predominantly attributable to non-retirement property assets and is in the context of the group’s strategy for their rationalisation.

FKP chief executive officer Geoff Grady said the write downs were a necessary step in executing the group's strategy.

"With the gradual recovery of the retirement sector, we are confident about the outlook for our business and are well progressed on delivering our strategy of becoming Australia’s leading pure play retirement group," he said.

FKP said the valuation of its Australian retirement assets remained unchanged and is supported by an independent valuation.

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