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The property was completed in 1984 and has a total net rentable area of 585,000 square feet. 900 Third Avenue’s expiry profile complements Current occupancy of the property is 88%, with the vendor and co-owner providing USD 5.5 million of letting up allowances and leasing costs An increase in the first full year in the Fund’s forecast earnings of 0.15¢ per unit, and an increase of 0.30¢ per unit in years.

Increase in IOF’s distributions from a forecast 10.0¢ per unit for FY2004 to 10.20¢ per unit Increase of the Fund’s expiry levels post 2010 Acquisition of the property at a time when the US economy and the New York office market are showing signs of stabilization in cheap conveyancer.

The property will be funded via a placement of 50 million units (to raise approximately AUD 56 million) and a Unit Purchase Plan (UPP).Management anticipates raising approximately AUD 30 million through the UPP, which will be used to reduce the Fund’s Australian dollar debt.

The Fund’s gearing is expected to increase from 35.5% to 37.0% post settlement of the transaction and UPP Income from the asset will be hedged for five years, with foreign exchange hedges replenished on a six monthly basis.We have assessed this transaction and have concluded that the key risks that investors need to consider are foreign exchange and property/asset management risk Regarding the latter, the Paramount Group will be conducting the property management for the US asset whilst ING Clarion will be responsible for the asset management Both these firms have extensive US experience and should be able to perform their associated duties competently.

We are therefore not overly concerned with this risk Management has indicated that 100% of the income from the US asset will be hedged for five years foreign exchange hedges replenished on a six monthly basis As a result, IOF’s distributions (in AUD terms) should be protected from fluctuations in the AUD-US exchange rate.


IOF’s foreign exchange risk, however, does become material when looking beyond the five-year mark This is because a continued appreciation of the Australian dollar spot price will result in the Manager being forced to hedge at higher rates in the future this will eventually put pressure on IOF’s distributions in Australian dollar terms.

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For this reason Australian LPT’s with US portfolios trade on relatively high yields. The acquisition of this asset alone however does not have enough of an impact to necessitate a significant re-rating of the stock. Going forward, as the manager makes more US acquisitions it will need to ensure that the growth in its distributions is sufficient to offset the additional risk that will be factored into the stock’s price by investors.

If this does not occur, the application of a higher discount rate and terminal yield (to an insufficiently increased distribution profile) may put pressure on IOF’s value We have included this US asset into our model, and increased our discount rate and terminal yield accordingly to take into account the increased risk profile of IOF.

As such, our valuation has increased by 2¢ to $1.16. Assuming the status quo, we maintain our previous guidance to the market that IOF will underperform in the short term However, we expect IOF to perform in line with the market over the mid to long-term driven by some improvement in the office leasing market and further earnings accretive US acquisitions.

The Centro Properties Group has secured access to 97% of an AUD 750 million retail portfolio in California The US retail assets will be 100% held in a US REIT This US portfolio comprises six neighbourhood shopping centres Walmart and Borders. Centro has decided to acquire assets in California because its economy is one of the largest in the world, and it has a relatively high population growth The purpose of this is to take advantage of Watt’s local knowledge and experience Currently, Watt owns and manages over 3.1 million square feet of retail floor space.


We view this as positive deal, as it will allow Centro to diversify its earnings without substantial exposure to international investment the accretion to Centro’s earnings will be predominantly driven by its 20% exposure to PRX which as a result of this transaction will experience a forecast 5% increase in its distributions.

WCJV will charge a 40 bps funds management fee on the US assets although this will be waived for the first three years. Post this period Centro, via its 50% stake in the WCJV, will also receive property management 3.5% of gross income) and asset management fees WCJV will also earn a leasing fee of approximately 6.0% of the total base rent for leases up to 5 years duration, and 3.5% for leases beyond 5 years duration conveyancing procedure.

Centro’s case its exposure to these risks is limited as its intended exposure to these assets is only via its unit holding in Prime Management has stated that Centro’s decision to partner with Watt was carefully made We will be interested to see whether Watt’s relatively small size restricts its ability to contribute property/asset management expertise to the standard we have come to expect of Centro.

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We were initially concerned about Watt’s experience pertaining only to California The portfolio is to be acquired on a 7.4% yield comparable to sales of other similar quality assets within the Californian market and is supported by the valuer’s capitalisation rates PRX’s 48.5% stake will be funded by an unconditional placement of up to $23 million.


Centro will apply for 100% of the undersubscription for the placement through a higher ownership stake in Prime. There is also the risk that PRX unit holders will not approve the conditional placement of 72.5 million units Centro will be left with a greater than expected financial interest in CWAR We have factored this transaction into our model and as a result our valuation of CEP has increased by 3 cents to $4.3.


Readers should note that we ha0ve not seen these assets, and as such are relying on the Management’s perception and opinion regarding these We are highlighting this as a matter of record only and have no reason to doubt Management’s credibility Unit holders in PRX are requested to refer to our note under Prime Retail Group for information regarding the implications of this transaction on PR.


JFG intends to implement a revised strategy that will deliver improved returns to security holders, with the group having investment advisers to PGS Gamma Trust, which holds 12.05% of GHG securities on issue To remove Grand Hotel Management Limited (GHML) as Responsible Entity (RE) of Grand Hotel Trust (GHT) To appoint HCP as RE for GHT.


Proficient conveyancing and elect five new directors including JFG’s Managing Director Key components of HCP’s proposed investment and management strategy for GHT include No more than 20% of the portfolio is to be located in areas subject to high levels of seasonal occupancy or with low barriers to new supply Implement a retained earnings policy (20-25% of trading profit before non capital items) for ongoing refurbishment.


Performance fee (6 monthly), of 5% of the first 2% outperformance of the index + 15% of out performance It would unfair to attribute GHG’s performance solely to poor management particularly in the period since September 11, with most hotel operators and investors having underperformed.


There is however a strong bottom line argument against the existing management team – since listing in August 1996 at A$2.00 per stapled security over $94 mill in property investments had been written of Regardless of yield or DPS growth, this potential capital reduction will be good enough for many security holders to warrant a management change Also frowned upon by some was GHC’s acquisition of GHML in January 2003 without security holder approval with subscribers advised to monitor PIR’s website for further update.

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CBA will provide income support ($1.75 mill in y1) to ensure GAN receives an initial 6.4% yield, plus any excess above CBA’s fixed increases The centre’s trade area is the most affluent in the country, with MAT/sqm in FY03 41% above the Australian regional centre average Funding will comprise a medium term note issue prior to expected settlement on 14 November 2003 with the Trust’s gearing increasing to 28.5% (currently 20.7%) to reflect.



The asset’s North Shore location makes “Chase” one of the country’s best from a catchment quality perspective – this looks to have been reflected in the purchase price with net (y1) yield 5.4% before the income support provision (which is being provided by CPA) Given this, the acquisition may be viewed as “trophy” to some Best Reviews for conveyancing Melbourne.


Although the Manger is said to have identified opportunities to increase both MAT and centre income through leasing strategies and operational efficiencies Majors were flat, primarily resulting from redevelopment disruptions although their MAT/sqm was 50% above the national regional average which is encouraging given the competitive pressures facing certain retailers within this category.


Specialty MAT growth was more encouraging they remain lower than other Sydney centres Reviews have been completed at approximately 18% of specialties over the past 8 months with the average uplift in rents 13.7%.


Applying this rate of growth to the 27% of specialty NLA expiring over the next two years suggests there is c. $0.75 mill in additional income to be realized beyond that which is structure.


We remain confident in the Manager’s ability to leverage further operational efficiencies 66% of “fashion” tenants have tenancies at Chadstone Chase” has clearly added further weight to a portfolio already of significant quality Given the acquisition is earnings neutral (PIR valuation unchanged at $1.40) benefit for GAN unit holders is the upside to be driven through the centre’s 20,000sqm of development potential yet to be built into our forecasts.

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A report from international real estate advisor Jones Lang LaSalle has highlighted increasing competition within the Manchester hotel market and the subsequent pressures faced by existing players and developers entering the market.


Jones Lang LaSalle Hotel’s Digest Europe, found that following strong improvements in hotel trading over the mid-1990’s, Manchester has in recent years been affected by a substantial increase in new supply Commercial Property conveyancing Sydney


Room supply increased by 13.1% during 1999, yet there are currently 10 additional new hotels under construction set to enter the market by 2002. This will increase by a further 23.4%.The report found that as a result of the new supply, room yields have declined over the past two years, driven down by declining occupancy, which in 1999 fell by 3.9% to 71.3%.


Jones Lang LaSalle predicts that continuing supply growth will result in both occupancy and room rates coming under further pressure over the short term. Andrew Shaw, National Director in charge of Jones Lang LaSalle’s Manchester office, commented.


Despite the immediate pressures on the hotel market, the outlook for the medium to long term is excellent with Manchester receiving a boost to its international profile when hosting the Commonwealth Games in 2002.


Teesland Group plc, the broad based development and investment company, have announced a further pre-letting of their office development at 50 Broadway, London, SW1, which will total 6,660 m2 (71,700 sq ft) of prime office space.

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Teesland has let both the first and the ground floors, totalling 1,610 sq m (17,100 sq ft), at 50 Broadway to Bircham & Co, the solicitors for a 15-year term.The first floor totals 814 sq m (8,633 sq ft) whilst the ground floor accounts for 800 sq m (8,471 sq ft). The options excercised were pursuant to the original agreement to lease and at prices fixed at that time.


The E Conveyancing Adelaide building, which is the only sizeable redevelopment due for completion in 2001 in Victoria, will offer high quality, air conditioned, Grade A space with dramatic views across St James’s Park.This letting brings the total amount pre-let in the development up to 4,380 m2 (47,000 sq. ft.), with just 2,300 sq. m (25,000 sq. ft.) remaining available, on the fifth to ninth floors inclusive.


The Elliott Partnership have let the 334,000 sq ft Link 56 warehouse at Deeside Industrial Estate on behalf of their client Umbro International plc.Let to Great Bear Distribution to accommodate the company’s rapid growth £4.00 per sq ft is being paid.


This letting follows The Elliott Partnership’s property review undertaken on behalf of Umbro as part of a radical re-evaluation of the Group’s property needs.It coincides closely with the news that The Elliott Partnership have agreed a sale of Umbro’s 85,000 sq ft HQ offices at Daltimore Road, Wythenshawe to Henderson Investors.


Catella Property Consultants announces that Richard Pope ARICS, will from 15 May be joining the company as an Investment Director and a member of the UK Management Board.Formerly a leading member of the Central London investment team at Insignia Richard Ellis, Pope will join the growing ranks of Catella investment specialists based in London that act for UK and European investors.


Gordon Wood, Managing Director of Catella commented: “Richard’s appointment is an important step in our business development strategy for the UK and is a reflection of the group’s focus on European cross border investment activity.Rogers Chapman has expanded its teams at the West London office at Heathrow and in the Thames Valley office at Bracknell, by the appointment of the following new staff.

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Andrea Sinclair BSc (Hons) MSc ARICS (28) has joined the professional team at the Heathrow office as a senior surveyor.She was formerly with Slough Estates PLC where she worked in the retail property management department. She can be contacted at Rogers Chapman, Heathrow office.



Jonathan Fear BSc (Hons) Pg.Dip (25) has joined the Thames Valley office at Bracknell in the agency team.Formerly at Januarys in Cambridge, he has relocated to the Thames Valley to take advantage of the regions’ dynamic economic growth commercial conveyancers in Brisbane.


Puccino’s have just acquired their 35th branch. The unit which has 600 sq ft (55.75 sq m) on the ground floor with 992 sq ft (92.16 sq m) ancillary over 3 floors has been granted A3 consent. Following refurbishinent the unit will be run by local franchisee Paul Moore. The rent paid was £16,000 p.a.x. on a 15 year lease with a rent free.


Managing Director John Black said “This will be our first cafe outside the South East and we are looking forward to further expansion.Further units are under consideration within London and the M4/M3 corridor but where we able to match sites with franchisees other towns and areas are being considered.


The company which opened its first outlet at Putney Station in 1995 has grown to 35 sites and planned growth should see the group with in excess of 50 sites by the beginning of 2001.British Waterways, advised by Weatherall Green and Smith.


Entered into an agreement with development partners Groveworld and Pollard Thomas and Edwards (“PTE”), to develop a £17m mixed use canal side scheme at Harris Wharf on the junction of Regents Canal and City Road Basin in Islington, North London.

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The developers were selected following a two stage marketing campaign and were chosen by British Waterways on the basis of their innovative proposals for the redevelopment of the site.Nigel Durman, Consulting partner at Weatherall Green and Smith, said: ‘This is a significant and innovative redevelopment proposal which will help to regenerate a key canal side site with a landmark building to the benefit of the whole community.

It achieves British Waterways’ objective of securing best value from its canal side property, whilst generating funds for rein vestment into the inland waterways as a whole, so that they are conserved and enhanced for future generations depression situation. Newport Holdings PLC (“Newport”) the fully listed property investment company announces that it has exchanged unconditional contracts for the purchase of three retail investments let to Barclays Bank.

The properties are located in the North West of England in prominent High Street locations, producing an annual rent of £114,000.The consideration to be paid is £1,130,000 of which £1,000,000 is in cash and the balance by the issue of 100,000 new Newport 25p Ordinary Shares.

Commenting on the acquisition and disposal, Peter Lewin, Chief Executive of Newport, said “These transactions are consistent with Newport’s proven strategy of concentrating on quality tenant covenants, long occupational leases and fixed interest, long term debt and of judicious disposals when we have identified an opportunity to take profits.

Burford Holdings plc (“Burford”) today announces that it has exchanged contracts for the third office letting at its 160,000 sq ft 50 Berkeley Street, London Wl, prime Grade A office development.Continued expansion in the services offered by commercial property specialists Douglas Duff have prompted the firm to make three new appointments this month (June): Geraldine James and Sandra Thomson join the property management team, working with partner Philip Stainsby, while John Brown joins the agency staff.

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After a short term contract with Milton Keynes Council as an estates surveyor, she worked for two years at Underwoods in Northampton on property management, rating and valuation before joining Douglas Duff. In her spare time, Geraldine enjoys riding and learning golf, and she is also writing a book of children’s stories structure a commercial property.

Sandra Thomson has worked for more than ten years in the property management sector in Bedfordshire, based first in Dunstable where she became a partner and property valuer, and then as a property consultant in Flitwick with responsibility for up to 150 properties.’Having spent my working life so far in Bedfordshire villages, I am finding Milton Keynes quite a change!” she said. “It is certainly a well-planned city and I enjoy the open spaces.

Sandra’s interests include sailing and running; she completed her first London Marathon last year and raised over £2,000 for MENCAP, the charity for which she also does some voluntary work.He worked at Masons Property Advisers in Milton Keynes for three years before joining Douglas Duff. John’s hobbies include sailing, motor boating and water-skiing.

Macclesfield born sculptor Adam Reynolds has again joined forces with local property investment company, Magnus, to provide an eye-catching piece of art.He has created a 20ft (6 metre) steel sculpture ‘Alter’ showing one winged man balancing upon another which has been placed outside Crossford Court to mark the completion of the refurbished office development on Cross Street, Sale in Greater Manchester.

This is the fifth sculpture Adam has created for Macclesfield-based Magnus, which likes to add eye-catching artworks to its developments.They put aside one per cent of a scheme’s total budget for art or sculpture. “Being a developer is about far more than bricks and mortar, it is important for a building to be more than just an empty shell – it needs a heart and soul,” explains Steve Widdowson, Director at Magnus.