10 April 2003
Centro Property Trust’s management company applied to the Australian takeovers panel today for a declaration on whether its takeover bid for AMP Shopping Centre Trust (No 1) would trigger pre-emptive co-ownership agreement rights enabling AMP Life Ltd to take over a large slab of the shopping centre trust’s portfolio. The Australian Stock Exchange also issued a letter to every listed property trust asking if they had any pre-emptive rights agreements. The exchange said these rights created uncertainty, impacting on the reputation of this market segment.
8 April 2003
Macquarie Goodman Industrial Trust has bought 25% of the Colonial First State Industrial Property Trust from the Commonwealth Property Office Fund for $A475 million, and Macquarie Goodman Management Ltd has taken over management for another $A25 million. The Colonial trust has 22 industrial & high-tech properties. As part of the transaction, Macquarie has sold 25% of both the Colonial trust & management to Singapore-based industrial space provider Ascendas. The management position is a rolling 5-year contract, subject to annual performance & fee audits conducted by independent external consultants. The deal takes Macquarie Goodman’s total assets to $A2.5 billion, 88 properties, 2.26 million mÂ², 96% occupied (the Colonial portfolio is 8.7% vacant), average capitalisation rate of 9.25%.
The ING Industrial Fund has paid $A8.48 million for a 16.2ha development site next to its 38ha ParkWest industrial park in Melbourne, which will increase the lettable area of the park to 270,000mÂ², with a capital value exceeding $A150 million. The existing industrial park area is fully committed and the additional space will be developed in 2 stages, the 2nd part after Mazda Australia’s lease expires in 2006. Significant infrastructure investment, including the western ring road and Citilink, have made west Melbourne more attractive, offering shorter travel times to the port, airport & the city’s inner suburbs.