Published 4 January 2006
Small Melbourne-based listed property trust, the Rabinov Diversified Property Trust, boosted its portfolio value by 5.66% in December with $A8.8 million of revaluation gains.
Rabinov has 16 properties worth $A156 million, which will grow to $A216 million after it completes acquisition of a third building currently being constructed for GE and due for completion in early 2006.
The trust has 5 commercial, 3 retail & 8 industrial properties, not all valued annually. The Suncorp-Metway property in Toowoomba, Queensland, last valued at $A5.95 million in December 2002, increased by 21.7% to $A7.6 million and the Air International property in Campbellfield, Victoria, increased by 17.5% to $A20 million.
The trust’s founder,Ezriel Rabinowicz (known as Mr Rabinov), built up a supermarket portfolio in the 80s, selling them to Macquarie Bank Ltd in 1994. They formed the basis of the Macquarie CountryWide Property Trust. The group then built up a diversified portfolio of 16 properties, most of which were sold in 2000-01 to GE Capital Real Estate.
The present trust was established in 1998 and was listed in 2003.
Website: Rabinov Diversified Property Trust