For personal use only - ASX2008/02/14 · 293-295 Great Eastern Highway, Midland WA 3,261 6.8 10.28 50 Mostyn Street, Castlemaine VIC 3,757 7.0 10.20 Gympie Market Place, 12 Reef

property book february 2008

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As at 31 December 2007, Abacus Property Group had a total $890 million in property assets on the balance sheet. This total is made up of the principal investment property portfolio and properties that have been acquired for future funds.

Sector Book value $ million

Principal investment portfolio diversified 636.57

Abacus Retail Property Trust, see page 7 retail 79.14

Abacus Small Properties Fund, see page 17 diversified 91.60

Proposed second storage fund, see page 18 storage 83.10

890.41

Abacus Property Group also owns $35 million of property assets classified as property, plant and equipment,

including a portfolio of budget accommodation properties in New Zealand. In addition, Abacus holds

interests in a number of properties through joint ventures, which are equity-accounted. The largest of these

is Virginia Park, described on page 19.

2 property book february 2008

Abacus builds investor value by:

• acquiring assets with strong property fundamentals and prospects for income and capital growth;

• actively managing assets to achieve growth;

• crystallising capital gains at appropriate points in the cycle through sale or syndication; and

• reinvesting the proceeds into replenishing the principal investment pipeline or growth of our funds management business.

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33www.abacusproperty.com.au

Occupancy: 95%

Weighted average lease expiry by income: 4.90 years

Weighted average lease expiry by area: 4.93 years

Sector diversity

Geographic diversity

The following properties make up the principal investment property portfolio. Properties valued above $10 million are described in this property book.

Property State Sector Book value, $ million

Ashfield Mall properties, Ashfield NSW retail 128.90

Liverpool Plaza properties, Liverpool NSW retail 49.80

Moorabbin House and Home, Moorabbin VIC retail 34.00

Aspley Village, Aspley QLD retail 24.52

367 Peel Street, Tamworth NSW retail 13.30

Westpac House, Adelaide (50%) SA office 72.02

Epping Office Park, Epping NSW office 54.50

CSIRO Headquarters, Canberra ACT office 20.00

Airways New Zealand, Christchurch NZ office 16.64

AAPT Building, Varsity Lakes QLD office 12.56

RP1 Building, Varsity Lakes QLD office 11.50

8 Station Street, Wollongong NSW office 12.75

Campbellfield properties VIC industrial 28.85

10-12 Pike Street, Rydalmere NSW industrial 22.40

Mina Parade, Alderley QLD industrial 20.98

Greenacre properties NSW industrial 13.91

66 Christina Road, Villawood NSW industrial 13.20

Pinkenba properties QLD industrial 12.00

Lennons Plaza, Brisbane QLD hotel 43.50

Additional properties valued at < $10 million diversified 31.24

636.57

nNSW (50%)

nQLD (22%)

nNZ (3%)

nSA (12%)

nVIC (10%)

nACT (3%)

nIndustrial (19%)

nOther (10%)

nOffice (33%)

nRetail (38%)

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Ashfield Mall and adjacent properties

retail

• Liverpool Road, Ashfield NSW

Ashfield Mall is a sub-regional shopping centre located 10 kilometres south-east of the Sydney CBD, close to the railway station and bus interchange. The fully enclosed four level building has four anchor tenants and over 80 specialty shops with 650 undercover car spaces and more than 400 rooftop spaces.

Over the past two years, Abacus has undertaken a major refurbishment of the Mall and signed 20 year leases with Woolworths and Coles, resulting in a 7.8% increase in MAT in the 12 months to the end of December and a greater level of enquiry from national specialty retailers. The Mall is currently being repositioned to accommodate that enquiry with progressive refurbishment of shopfronts as new leases are signed.

Four adjacent retail properties are also owned by Abacus and provide scope for expansion of the Mall, greater exposure to Liverpool Road and additional parking. A development application seeking additional NLA of 2,700 m2, 150 residential and serviced apartments, 335 parking spaces and a childcare facility is currently with planning authorities.

244-256 Liverpool Road

PROPERTY Ashfield Mall

OWNERSHIP INTEREST 100%

BOOK VALUE $122.0 million*

CAP RATE 6.25%

VALUATION DATE December 2007

ACQUISITION DATE September 1997

SITE AREA 21,890 m2

GROSS LETTABLE AREA 25,300 m2

OCCUPANCY 98%

WALE BY INCOME 6.29 years

RENT REVIEW STRUCTURE CPI and fixed

MAJOR TENANTS BY INCOME

Woolworths, Coles, Kmart

PARKING 1078

* In addition 244-256 Liverpool Road are valued at a total of $6.9 million

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Liverpool Plaza and adjacent properties

• Macquarie Street, Liverpool NSW

Liverpool Plaza is a neighbourhood shopping centre occupying a prime location on the Macquarie pedestrian mall in the Liverpool CBD, approximately 34 kilometres south-west of the Sydney CBD. The fully enclosed centre comprises ground floor retail, mezzanine level offices and an open rooftop car park.

Abacus’s strategy is to expand the property to take advantage of its under-utilised FSR and enhance its appeal as a convenience centre. The two adjacent properties acquired in 2005 extend the frontage of the property to Macquarie Mall, provide a new frontage to Moore Street and additional parking. Abacus is currently preparing a development application for expansion of the Plaza, to be lodged in late 2008.

77 Moore Street & 193 Macquarie Street

PROPERTY Liverpool Plaza


BOOK VALUE $42.0 million*

CAP RATE 7.25%


ACQUISITION DATE August 2004

SITE AREA 8,904 m2


OCCUPANCY 95%




Franklins, ANZ, St George

PARKING 250

* In addition 77 Moore Street and 193 Macquarie Street are valued at $7.8 million

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Retail

• Cnr Nepean Highway & Exley Drive Moorabbin VIC

This bulky goods/homemaker centre occupies a prominent position on the Nepean Highway, 15 kilometres south-east of the Melbourne CBD. Built in 2002, the complex comprises two separate buildings housing nine separate showrooms leased to national retailers.


BOOK VALUE $34.0 million

CAP RATE 7.50%


ACQUISITION DATE August 2006

SITE AREA 19,750 m2


OCCUPANCY 92%




Spotlight, Capt’n Snooze, Forty Winks

PARKING 372

• 367 Peel Street Tamworth NSW

This small shopping centre comprises a Target Department Store and three speciality retail shops located on Peel Street, the main thoroughfare through Tamworth, a prominent town in north-western NSW. The 15 year lease to Target expires in 2018 and has two five year options.



CAP RATE 6.75%


ACQUISITION DATE February 2004

SITE AREA 6,098 m2


OCCUPANCY 100%




Target, Gloria Jeans

PARKING n/a

Moorabbin Homemaker Tamworth

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Retail

• Aspley, QLD

Aspley Village Shopping Centre is located approximately 12 kilometres north of the Brisbane CBD and has three street frontages.

Abacus acquired the property in February 2006. Since then, Abacus has negotiated lease surrenders with existing tenants to obtain vacant posession, signed a number of new tenants and commenced construction.

On completion, scheduled for December 2008, the Centre will comprise a full line Coles Supermarket occupying 3,200 m2 and 28 specialty shops including fresh food and a new medical/health services centre occupying 2,100 m2. A covered plaza will provide a social focus with restaurants and cafés. The existing two freestanding childcare centres and medical centre will be retained and undercover parking for approximately 450 vehicles will improve access and safety.



VALUATION DATE February 2006

SITE AREA 19,430 m2

GROSS LETTABLE AREA 12,230 m2 on completion

Abacus Retail Property Trust • VIC | NSW | QLD | SA | WA

Property State GLA m2 Cap Rate % Book Value $ million

22-23 Queen Street, North Bundaberg QLD 3,756 6.2 16.68

293-295 Great Eastern Highway, Midland WA 3,261 6.8 10.28

50 Mostyn Street, Castlemaine VIC 3,757 7.0 10.20

Gympie Market Place, 12 Reef Street Gympie QLD 3,290 7.0 9.00

Mt View Plaza, Kirwan QLD 3,351 7.8 8.50

85-95 Victoria Street, Eaglehawk VIC 2,310 7.8 6.90

Mid City Plaza, Maryborough VIC 2,028 6.9 4.82

23-30 Osmond St, Kingscote Kangaroo Island SA 2,862 6.7 4.50

96-98 Victoria Street, St George QLD 1,500 8.5 3.20

12-18 Docker Street, Wangaratta VIC 3,383 10.2 3.10

29-33 Marshall Street, Cobar NSW 2,059 9.9 1.96

TOTAL 31,557 79.14

WEIGHTED AVERAGE 7.2

The Abacus Retail Property Trust holds a portfolio of 11 small shopping centres located in regional areas around Australia through a joint venture with Metcash Trading Limited. The

shopping centres are anchored by IGA supermarkets with long-term leases. The Trust owns 75% of the joint venture. Abacus intends to syndicate this fund in the 2009 financial year.

Aspley Village Shopping Centre

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Westpac House

commercial


• 81-91 King William Street, Adelaide SA

Westpac House at 91 King William Street is a premium grade commercial property located in central Adelaide with four street frontages and various pedestrian thoroughfares through it. The property comprises a 31 level office tower and two small office buildings. 81 King William Street is a three level building 100% leased to Fitness First.

Abacus acquired 91 King William Street at well below replacement cost. At the time of acquisition, the property had a short lease expiry profile and low average rents while the Adelaide premium market had low vacancy and limited new supply.

At end December 2007, approximately 80% of the 16,450 m2 vacated by Santos Ltd in June 2007 had been re-leased, with approximately 10,000 m2 taken up by the South Australian Government for an initial term of five years. The remaining space is expected to be leased in the near term.

Abacus has a 50% interest in the properties through a joint venture with Orchard Funds Management.



CAP RATE 7.00%

VALUATION DATE June 2007

ACQUISITION DATE October 2004

SITE AREA 5,364 m2

NET LETTABLE AREA 34,323 m2 total

OCCUPANCY 81%




Westpac, SA Government, Fitness First, PWC

PARKING 107

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CSIRO Headquarters Epping Office Park


• Limestone Avenue, Campbell ACT

CSIRO’s head office and related facilities occupy an elevated four hectare site two kilometres east of the Canberra CBD. The improvements include a five level office building with attached single level conference centre, a two level administration building and extensive parking.

This large property provides potential for redevelopment on expiry of the CSIRO lease.




ACQUISITION DATE June 2002

SITE AREA 40,000 m2

NET LETTABLE AREA 7,215 m2

OCCUPANCY 100%

LEASE EXPIRY 2012 + 4 x 10 year options

RENT REVIEW STRUCTURE Annual 3%

TENANT CSIRO

PARKING 350

• 4 Ray Road, Epping NSW

Located 20 kilometres north-west of the Sydney CBD, close to the railway station and bus interchange, this office complex comprises four separate buildings with typical floor areas ranging from 963 m2 to 1,300 m2. Facilities include a swimming pool, tennis court, squash court and café.

Epping is close to Macquarie University, major shopping centres and Lane Cove National Park.



CAP RATE 7.5%


ACQUISITION DATE April 1997

SITE AREA 13,389 m2


OCCUPANCY 94%



MAJOR TENANTS BY INCOME AMP, Caroma, NEC

PARKING 365

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Varsity Lakes properties

commercial

• Varsity Lakes, QLD

Varsity Lakes is a fully planned urban community surrounding the Bond University Campus located approximately four kilometres east of Robina and approximately nine kilometres south-west of the Surfers Paradise CBD. It includes approximately 3,000 dwellings, a university, sports and recreational, shopping, dining and commercial facilities. Local planning guidelines allow a 4-8 level height limit and encourage mixed use development.

The RP1 Building is a three level commercial office building constructed in a campus style, featuring a central hall with a series of commercial tenancies flanking each side. The property provides restricted lake views and has five tenancies.

169 Varsity Parade is a single level commercial office building with water views over a communal boardwalk to Lake Orr. The sole tenant is a call centre division of Skilled Engineering.

The properties provide a significant landholding in the south-east Queensland growth corridor and offer future expansion potential given their large sites and under-utilised FSR. There is also potential for commercial/residential redevelopment.

PROPERTY RP1 Building Cnr Main Street & Bellvue Drive

169 Varsity Parade

OWNERSHIP INTEREST

100% 100%

BOOK VALUE $11.50 million $12.56 million

VALUATION DATE July 2007 July 2007

ACQUISITION DATE

September 2007

September 2007

SITE AREA 8,670 m2 13,000 m2

NET LETTABLE AREA

3,631 m2 3,418 m2

OCCUPANCY 83% 100%

WALE BY INCOME 2.75 years 2.17 years

RENT REVIEW STRUCTURE

Annual CPI Annual 4%


Billabong Exceliors Pty Ltd

PARKING 87 180

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Airways New Zealand Wollongong

• 20-28 Sir William Pickering Drive Christchurch, NZ

This commercial property comprises two large two level office buildings set on a landscaped site of 1.73 hectares in Canterbury Technology Park, seven kilometres from the Christchurch CBD and close to the Christchurch International Airport.

The tenant, Airways New Zealand, is responsible for managing all domestic and international air traffic operating within New Zealand’s 37 million square kilometres of airspace.


BOOK VALUE $16.64 million (A$)

CAP RATE 7.15%



SITE AREA 17,300 m2


OCCUPANCY 100%

LEASE EXPIRY 2019 + four 6 year options

RENT REVIEW STRUCTURE 3 yearly

TENANT Airways Corporation of New Zealand

PARKING 261

• Wollongong, NSWThis four level commercial office building was purpose-built for the Royal Australian Navy Hydrographic Service, which is responsible for the publication and distribution of nautical charts and other information. The property is located approximately 500 metres from the centre of the Wollongong CBD and 50 metres from the train station. Wollongong is approximately a one hour drive south of Sydney.





SITE AREA 1,935 m2


OCCUPANCY 100%

LEASE EXPIRY 2011 + two 5 year options

RENT REVIEW STRUCTURE Annual 3%


RAN Hydrographic Service

PARKING 45

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industrial

• Alderley QLDAlderley is an established inner city residential suburb of Brisbane located approximately five kilometres north of the CBD. The 4.7 hectare property is located directly opposite a railway line, and is close to public transport, schools and retail amenities. Its location and high land value support possible redevelopment to residential.

The office/warehouse buildings are in good condition. 95 Mina Parade is leased to Queensland Health, while 117 Mina Parade is leased to Pacific Brands Sports & Leisure Pty Ltd.



CAP RATE 7.75%

VALUATION DATE July 2007

ACQUISITION DATE September 2007

SITE AREA 46,690 m2


OCCUPANCY 100%


RENT REVIEW STRUCTURE Fixed 4%

TENANT Queensland Health, Pacific Brands Sports & Leisure

PARKING 142 (28 undercover)

• Rydalmere NSWRydalmere Industrial Estate is on a 3.8 hectare site on the northern bank of the Parramatta River in an established industrial precinct, two kilometres east of the Parramatta CBD and 21 kilometres west of the Sydney CBD. The property comprises two older style industrial buildings largely leased to Waco Kwikform Limited for the manufacture and warehousing of scaffolding.

To facilitate planning for the partial or full redevelopment of the property into industrial strata lots, the recently renewed lease to Waco contains demolition clauses on part of the estate.



CAP RATE 7.8%


ACQUISITION DATE October 1998

SITE AREA 38,000 m2


OCCUPANCY 93%


RENT REVIEW STRUCTURE CPI and market

TENANT Waco Kwikform Limited

PARKING 16 undercover

95 & 117 Mina Parade 10–12 Pike Street

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• Campbellfield VIC

Campbellfield is a prominent industrial location approximately 17 kilometres north of Melbourne CBD adjacent to the Hume Highway, which provides excellent access to main transport routes.

1769 Hume Highway is a substantial industrial facility comprising a single storey office building adjoining older style, manufacturing building and various ancillary structures. It has a 214 metre frontage to the Hume Highway. Two entrances and an internal roadway facilitate drive through truck movements. The property is currently utilised for the manufacturing, storage and distribution of motor vehicle parts, primarily for the adjoining Ford Motor Company vehicle assembly plant.

36-52 National Boulevard is a modern industrial property comprising a single story office with attached large warehouse. It is leased to Whitley Marine Industries Pty Limited for the manufacture of boats.

PROPERTY 36-52 National Boulevard

1769 Hume Highway

OWNERSHIP INTEREST

100% 100%


CAP RATE 6.75% 7.09%

VALUATION DATE

June 2007 October 2007

ACQUISITION DATE

July 2005 November 2007

SITE AREA 21,000 m2 66,240 m2

NET LETTABLE AREA

11,108 m2 26,946 m2

OCCUPANCY 100% 100%

WALE BY INCOME

9.5 years 3.5 years


Annual 3% and market

CPI and market

TENANT Whitley Marine Industries

Venture Industries Australia

PARKING 108

Campbellfield Properties

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industrial

• Pinkenba QLDPinkenba is located approximately ten kilometres from the Brisbane CBD, close to Brisbane Airport, port and rail facilities and major roads. Both properties provide a long-term land lease to an international tenant. Annual rental is equal to 8% of the land value, reviewed every three years. Ownership of the improvements lie with the tenant, but revert to the Abacus if not removed at the end of the lease term.

26 Savage Street is an industrial property comprising a warehouse storage building, office and amenities buildings on a 2.35 hectare site. Summit Rural Australia Pty Ltd leases the property for fertiliser storage, blending, bagging and dispatch.

681 Curtin Avenue comprises a freestanding single level office building, an amenities building attached to a specialised factory building and a freestanding warehouse on a 1.94 hectare site. The facilities are used in the production of zirconia, used in the production of colour ceramics, and silica fume, used in concrete construction.

PROPERTY 26 Savage Street

681 Curtin Avenue

OWNERSHIP INTEREST

100% 100%


CAP RATE 7.3% 7.3%

VALUATION DATE June 2007 June 2007

ACQUISITION DATE

January 2004 January 2004

SITE AREA 23,500 m2 19,400 m2

GROSS LETTABLE AREA

5,859 m2 4,735 m2

OCCUPANCY 100% 100%

LEASE EXPIRY 2019 2012


every 3 years every 3 years

TENANT Summit Rural Australia

Saint-Gobain Ceramic Materials

PARKING 18 40

• Villawood NSWVillawood Industrial Estate is located 25 kilometres south-west of the Sydney CBD and comprises a total site of 3.5 hectares with two industrial buildings made up of five factory units and approximately 3,000 m2 of unimproved land fronting Christina Road.

Abacus is currently evaluating redevelopment opportunities.




ACQUISITION DATE May 2002

SITE AREA 35,710 m2


OCCUPANCY 64%



MAJOR TENANTS Independent Motor Auctions

PARKING

Pinkenba Properties Villawood Industrial Estate

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Greenacre Properties

• Greenacre NSWGreenacre is an industrial and residential suburb approximately 17 kilometres southwest of the Sydney CBD and two kilometres northeast of the Bankstown CBD. The Hume Highway is one of Sydney’s primary arterial routes and links the major centres of Bankstown and Strathfield.

Abacus has recently acquired four properties in two parcels. In addition, the Abacus Storage Fund owns the property at 10 Anzac Street.

206-220 Hume Highway is a large interconnected building containing two automotive showrooms, offices, workshops and extensive hardstand vehicle display areas. The site features good exposure to the Hume Highway. 17-21 Anzac Street is a two level industrial building containing a workshop to the first level and a car parking/storage area underneath. Both properties are fully leased to Staway Pty Limited trading as Dale Ford.

204 Hume Highway comprises three warehouse/office/showroom buildings used for manufacturing, administration and warehousing across three tenancies. 20 Anzac Street is a further warehouse.

PROPERTY 206-220 Hume Highway and 17-21 Anzac Street

204 Hume Highway and 20 Anzac Street

OWNERSHIP INTEREST

100% 100%


CAP RATE 8.75% 9.0%

VALUATION DATE September 2007 October 2007

ACQUISITION DATE October 2007 November 2007

SITE AREA 10,571 m2 8,540 m2

NET LETTABLE AREA 5,053 m2 6,197 m2

OCCUPANCY 100% 100%

WALE BY INCOME 2.67 years 0.43 years


CPI and market CPI and fixed

TENANT Staway Pty Limited

Kelton Products

PARKING 50

Abacus Storage Fund204 Hume Highway & 20 Anzac Street

206-220 Hume Highway

17-21 Anzac Street

Pinkenba Properties Villawood Industrial Estate

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• Brisbane QLDLennons Plaza is an integrated hotel/retail/commercial property located on Queen Street Mall in the retail heart of Brisbane. Built over 30 levels, the property includes the Chifley at Lennons Hotel, 745 m2 of ground floor retail accommodation, ten levels providing 4,624 m2 of commercial office accommodation and two levels of basement parking.

Chifley at Lennons offers 154 hotel rooms over 13 levels and three levels of function rooms.



CAP RATE 8.3%


ACQUISITION DATE December 2003

SITE AREA 1,227 m2

NET LETTABLE AREA 5,369 m2 plus 154 hotel rooms

OCCUPANCY 100%



Fixed and CPI

MAJOR TENANT Chifley at Lennons Hotel

PARKING 62

Lennons Plaza

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• NSW | VIC After the successful launch of the Abacus Diversified Income Fund II in July 2007 with a portfolio of 19 properties each valued at less than $25 million, Abacus has continued to acquire small properties that offer:

• a recurring and growing income stream;

• long-term leases to quality tenants; and

• the opportunity for further capital growth.

The following properties have been acquired since June 2007 and are being held on balance sheet pending their syndication in 2008/2009.

Abacus Small Properties Fund

Property State Sector Cap Rate % Book Value $ million

144-168 National Boulevard, Campbellfield VIC industrial 6.8 21.27

12 Butler Street, Hurstville NSW office 7.5 18.73

Macquarie Business Park, Port Macquarie NSW office 7.5 16.03

4 Sylvania Way, Lisarow NSW industrial 8.8 10.32

Lot 121 Orielton Road, Smeaton Grange NSW industrial 7.2 10.01

Italian Forum Carpark, Norton Street, Leichardt NSW carpark 7.1 8.89

198-206 St Johns Road, Glebe NSW retail/office 6.8 6.35

TOTAL 91.60


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Additional Self-Storage Assets

other

• NSW | QLD | ACT | NZBased on the success of the Abacus Storage Fund, Abacus is currently accumulating a portfolio of assets in preparation for the potential launch of a second storage fund.

These assets include 58% of the share capital of U Stow It, an unlisted company that owns and operates a number of self-storage assets and other properties in Canberra and Queanbeyan, a facility in Hamilton, New Zealand and a portfolio of assets in Townsville.

Property State GLA m2 Cap Rate % Book Value $ million

TOWNSVILLE STORAGE FACILITIES

Mount St John QLD 4,490 8.5 6.85

West End QLD 3,176 8.5 4.32

Idalia QLD 3,271 8.5 4.74

Hyde Park QLD 2,086 8.5 3.48

Willows QLD 2,472 8.5 4.43

HAMILTON STORAGE FACILITY1

Hamilton NZ 10,100 8.5 6.88

U STOW IT PROPERTIES (58%)2

Belconnen ACT 9,275 8.5 18.70

Fyshwick ACT 7,085 8.5 12.13

Tuggeranong ACT 5,704 8.5 14.36

Hume (Showroom) ACT 7,151 8.0 3.26

Queanbeyan (vacant land) NSW 26,307 n/a 3.95

TOTAL 83.10


1 The Hamilton property was acquired for NZ$8.1 million, converted to A$ based on exchange rate of A$1=NZ$1.177.2 U Stow It assets valued at 58% of their value on the U Stow It balance sheet.

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• 232-262 East Boundary Road Bentleigh East VIC

Virginia Park is a business park on a 12.28 hectare site in a predominantly residential location, approximately 13 kilometres south-east of the Melbourne CBD. The property provides a mix of industrial and office buildings as well as supporting facilities including a gymnasium, swim centre, child care centre, café and recreational facilities.

This massive, well-located property provides potential for further development through new construction on existing hardstand areas currently used for parking, expansion of existing buildings and redevelopment of existing older buildings at the rear of the site.

Abacus holds a 50% interest in this property through a joint venture with the Gillon Group.



CAP RATE 7.75%

VALUATION DATE April 2006

ACQUISITION DATE April 2006

SITE AREA 122,800 m2


OCCUPANCY 97%




Vision Stream, Office Works, Xtralis, Virginia Park Health Club

PARKING 1,435

Virginia Park

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Documents

For personal use only - ASX2008/02/14 · 293-295 Great Eastern Highway, Midland WA 3,261 6.8 10.28 50 Mostyn Street, Castlemaine VIC 3,757 7.0 10.20 Gympie Market Place, 12 Reef