April 3, 2018 / 4:37 PM / 20 days ago

Steinhoff says Hemisphere portfolio revalued, worth less than estimated

BERLIN, April 3 (Reuters) - Crisis-hit retailer Steinhoff said it was likely that the book value of its Hemisphere portfolio will be much lower than what it had previously estimated, following a valuation by CBRE.

Steinhoff had valued the portfolio at 2.2 billion euros ($2.7 billion), but CBRE put it at 1.1 billion, Steinhoff said in a statement on Tuesday.

“The Company will consider CBRE’s valuations in detail and will work with its auditors to determine the consolidated net book value of the Hemisphere Portfolio for the purposes of publication of the Company’s consolidated financial statements for 2017,” it said. ($1 = 0.8151 euros) (Reporting by Victoria Bryan Editing by Edward Taylor)

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