Multiplex European Property Fund (Fund) is a property trust listed on the ASX (ASX code: MUE) which owns a 94.9% interest in 67 property assets located throughout Germany. The properties are diversified by asset class, tenant and geographical location.
Fund Objective and Investment Strategy
The Fund's objective is to offer investors attractive income distributions and the potential for capital growth over the medium to long term through a stable and diversified property portfolio in Europe.
While the Initial Properties are located within Germany, the Responsible Entity will continue to look for investment properties both within Germany and across Europe to further diversify the assets of the Fund. New investment opportunities may be considered if they are expected to deliver appropriate returns to unitholders.
The focus will be on assets within the retail, office and industrial asset classes but the Fund may make investments outside these sectors in alternative asset classes such as residential, health and hospitality sectors.
Key Features
- Attractive income returns
- Lower levels of risk with 100% of invested equity, approximately 90% of forecast distributable income and 100% of the interest rate exposure on the Inital Properties' term facility hedged until April 2014
- Strong exposure to non-discretionary retail and supermarket assets anchored by national tenants.
- Long lease expiry profile with weighted average lease expiry of 8.2 years (by income as at 30 September 2008)
- Brookfield has its own management team in London and a German local alliance with the Scheven Property Group
- Co-investment by Brookfield Multiplex as well as Multiplex Acumen Property Fund.
Key Information*
|
| Close date: |
Open-ended |
| Fund size: |
$601 million |
| Distributions: |
Paid quarterly
|
| Stock code: |
MUE |
| Fund gearing**: |
68% |
Portfolio occupancy:
|
96% |
*Audited as at 30 June 2008
** at the relevant borrowing level
Performance
|
| Income distribution FY2009 |
5.0 cents per unit |
| NTA per unit ($)1: |
$0.82 |
1. As per audited financial statements at 30 June 2008.
Important Notice:
Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.