Multiplex New Zealand Property Fund (Fund) owns a diverse portfolio of New Zealand commercial, retail and industrial properties. An investment in the Fund provides diversification between the retail, industrial and office property sectors and offers diversity through the underlying strong tenant profile.
Multiplex New Zealand Property Fund (Fund) owns a diverse portfolio of New Zealand commercial, retail and industrial properties. An investment in the Fund provides diversification between the retail, industrial and office property sectors and offers diversity through the underlying strong tenant profile.
This Fund was available to Australian investors only and is currently closed.
Distribution Update (as 30 September 2008)
During the September 2008 quarter, the Board approved a reduction in distributions to 2.0 cents per unit per quarter, which represents an annualised distribution of 8.0 cents per unit per annum. (Distributions for the June 2008 financial year were 9.50 cents per unit per annum).
The rollover of the fund’s existing financing arrangements prior to August 2009 remains a key focus. We have initiated a number of operational procedures that will assist in positioning the fund more favourably prior to seeking a rollover of the existing financial arrangements. Consequently, in addition to adjusting distribution levels and in line with the fund’s long term strategy, the Board has moved to initiate the disposal of a number of the fund’s non-core provincial supermarkets.
The Responsible Entity and management team remain committed to preserving value to investors in these challenging times and will continue to monitor the distribution levels each quarter.
Key Information
|
| Inception: |
September 2004 |
| Fund size: |
Value of Property Assets as at 30 September 2008
A$781.1 million
NZ$931.4 million
|
| Total Assets: |
A$799 million (As at 30 September 2008) |
| Distributions: |
paid quarterly |
| Fund Type: |
Unlisted |
| Term: |
7 years from September 2004 |
| Liquidity: |
The 2008 Liquidity Facility Offer is now closed.
The offer will again be made available to investors in September 2009.
|
Performance
|
| Income distribution (CPU)1: |
2.0 |
| NTA per unit ($)2: |
1.22 |
| Fund total return3: |
14.46% |
1 Quarterly distribution payable on a cents per unit (CPU) basis for the period 1 July 2008 to 30 September 2008.
2 Unaudited Net Tangible Assets (NTA) value per unit as at 30 September 2008
3 Internal rate of return (pre-tax) from Fund inception to 30 September 2008
Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.