Archive | Rabinov

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

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Published: 27 February 2005

Rabinov Diversified Property Trust increased net profit by 55.3% to $A3.66 million in the December half, on revenue up 26.4% to $A5.13 million.

Asset backing increased from A94.37c/unit to A96.26c/unit. Diluted earnings/unit rose from A4.58c to A7.1c. Directors said the trust had used up its tax losses.

I wrote about this trust in October when it bought the GE Australian headquarters, including expansion, for $A44.3 million. The property will yield about 7%.

Website: Rabinov Diversified Property Trust

Earlier story:

16 October 2004: Rabinov doubles portfolio by buying GE’s Australian HQ

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The Rabinov Diversified Property Trust has contracted to buy GE’s Australian headquarters from Rmac Australia on a yield of about 7% after acquisition costs.

Although the price wasn’t given, managing director Ronald Serry said once the transactions were completed late next year with construction of a 3rd GE building, Rabinov’s $101 million portfolio would “approximately double”.

The GE building is in the Botanicca Corporate Park in Richmond, 4km from the Melbourne cbd. Rmac is a joint venture between property developer R Corp & Macquarie Bank.

GE occupies 2 buildings totalling 10,250m², with expansion potential to nearly 19,000m², and has committed to the 3rd 14,400m² building. The American company is on 14-year leases and will line up a 12-year lease for its new building.

The Rabinov trust has been running for 6 years and has 15 properties (8 industrial, 4 office, 3 retail) spread around Australia.

The trust is named after Ezriel Rabinowicz (known as Mr Rabinov), who 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 trust’s management company is chaired by Ray Schoer, former head of Australia’s National Companies & Securities Commission. Managing director Mr Serry is a Melbourne lawyer who acted for Mr Rabinov before the trust was established.

Website: Rabinov Diversified Property Trust