Multiplex Prime Property Fund (Fund) is a Unit Trust listed on the ASX (ASX code: MAFCB), which owns an impressive portfolio of CBD office assets in Sydney and Melbourne.
Key Features:
- A portfolio of A-grade property assets (see below).
- Diversified tenancy profile including the Victorian State Government, the Commonwealth Government of Australia, American Express and Ernst & Young.
Key Information - As at 31 December 2009
|
| Listing date: |
15 September 2006 |
| Close date: |
Open ended |
| Fund size: |
$592.5 million |
| Distributions: |
Quarterly |
| NTA per unit: |
0.2 cents per unit |
| ASX code: |
MAFCB |
| Portfolio Occupancy: |
99.9% |
| Portfolio weighted average lease term: |
6.7 years |
| Portfolio weighted average capitalisation rate |
7.16% |
| Value of direct property portfolio: |
$578.0 million |
| Assets: |
Ernst & Young Centre and 50 Goulburn Street, Sydney
(50% interest valued at $259.2 million)
Southern Cross Tower, Melbourne
(25% interest valued at $134.4 million)
Defence Plaza, Melbourne
(100% interest valued at $59.5 million)
American Express Building, Sydney
(100% interest valued at $125.0 million)
Portfolio of investments in Listed Property Trusts
(market value approximately $6.3 million) |
| Rent Reviews: |
Completed over 22.8% of direct property portfolio at an average increase of 3.9% |
| Fund gearing (including Partly Paid Facility)*: |
80.3% |
| Fund gearing (excluding Partly Paid Facility): |
61.3% |
| Interest Rate: |
98.8% hedged at a base rate of 5.68% (excluding margin) until June 2011 |
| Fair Value of Financial Derivatives: |
$11.5 million |
| Debt Duration: |
2 years with expiry December 2011 (both Term & Partly Paid Facilities) |
* The Fund is in compliance with all debt covenants as at 31 December 2009. Following successful completion of the entitilement offer, the percentage rates used for the Loan to Valuation Ratio for the Term and Partly Paid Facility were relaxed to 75% and 95% respectively. The percentage rates revert back to 67.5% and 85% respectively on and from 30 June 2010.
Important Notice:
Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.