Fund closed to new applications and redemptions
Multiplex Diversified Property Fund (Fund) is an open-ended, unlisted unit trust that is a registered managed investment scheme.
Fund Update
The Fund paid a distribution of 1.7596 cpu for the September 2008 quarter. This equated to an annualised distribution of 7.0 cpu.
The tax deferred component of the total distribution for the 2008 financial year was 64.19%.
On a look-through to the Fund’s investments, a high level of diversification is provided, including access to 31 managers, 5 property sectors, and 59 listed and unlisted property trusts, providing exposure to almost 3,000 properties located throughout the world. This is achieved via an investment in Australian domiciled funds.
Fund Strategy
The Fund aims to hold a diversified portfolio of property related investments and may maintain exposure to cash and fixed interest securities. At 30 September 2008, the porfolio size was $64.6 million with $16.8 million of cash and receivables.
The Fund can invest into:
• Unlisted property trusts;
• Australian real estate investment trusts (A-REITs);
• Direct real property;
• Property investment companies; and
• Cash and fixed interest securities.
As previously indicated on this website, our target weighting to direct property assets is 50% and the weighting to the unlisted property trust sector is 20%. Ultimately, our target weighting to A-REITs is 20%, with the balance in cash.
DRP and Regular Investment Plan
Further to our advice to investors on 17 December 2008, Brookfield Multiplex Capital Management Limited (BMCML) has resolved to temporarly close the Fund to applications and redemptions. This means that the distribution reinvestment plan and regular investment plan is also suspended until further notice.
Debt Management
At a fund level, no debt has been drawn down. We intend to implement a conservative debt strategy and will be looking to maintain a low loan to value ratio once further investments are made.
Key Information*
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|
Open Date:
|
19 March 2007
|
| Close Date: |
17 December 2008 |
| Fund size: |
$64.6 million
|
Minimum initial investment:
|
$10,000 for a direct investor. No minimum for an indirect investor.
|
Minimum additional investment:
|
$1,000 for a direct investor. No minimum for an indirect investor. |
| Distributions |
Paid Quarterly |
Management Expense Ratio (MER):
|
0.815% (GST inclusive) comprising:
a) A management fee of 0.615% (not charged where the Fund invests into other Brookfield Multiplex Capital managed funds); and
b) Expense recoveries of 0.2% p.a. of the Fund gross asset value.
|
|
Contribution fee:
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4.1% (GST inclusive) on direct investments. Nil on indirect investments. |
Commission payable:
|
Yes |
*as at 30 September 2008
Performance
|
| Income distribution (CPU)1: |
1.7596 |
| NTA per unit ($)2: |
0.80 |
| Unit price3: |
0.5472 |
| Fund return since inception (%)4: |
-24.76 |
1 Distribution payable in cents per unit for the period 1 July 2008 to 30 September 2008.
2. Net Tangible Asset (NTA) value per unit as at 30 September 2008.
3. Ex-distribution unit price at 1 October 2008 for an indirect investor (no contribution fee).
4. Internal rate of return (pre-tax) from Fund inception, based on a unit price at $1.00 per unit at inception.
The total annualised return for the Fund for the period from Fund inception to 30 September 2008 was -24.76%. This is primarily as a result of the reduction in value of the A-REIT portfolio.
Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.