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333 Exhibition Street Property Fund

Introduction
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The 333 Exhibition Street Property Fund (Fund) owns the commercial office component of 333 Exhibition Street, Melbourne (Property).

Located in the prestigious parliamentary precinct of Melbourne's CBD, the property is fully leased to the University of Melbourne. The property is on a prominent corner at the intersection of Exhibition and La Trobe Streets. It is near Melbourne's renowned theatre district and public and private hospitals, with uninterrupted views of the world heritage listed Carlton Gardens and the Royal Exhibition Buildings. 



Fund at a glance
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Responsible entity Placer Property Limited
Custodian Perpetual Corporate Trust Limited
Trust structure Fixed term unlisted property trust
Trust term Ending on or around 30 June 20241
Property asset 333 Exhibition Street, Melbourne VIC 3000
Property purchase price $38.4 million
Valuation $40.5 million at June 2018
Revaluation policy Independently revalued at 30 June each year
WALE (by income) 4.6 years at 30.06.2018
Major tenants The University of Melbourne
Occupancy 100%
Distribution Forecast 6.5% p.a. in FY19
Issued units 23.5 million
NTA per unit 0.95 at 30.06.2018
Trust borrowings $19.6 million
Loan expiry 12 December 2022
LVR 48.4% at 30.06.20182
ICR 2.31 as at 30.06.20182
Distributions Quarterly
Withdrawal rights The trust is a fixed term investment with no ongoing liquidity
APIR code PLL2183AU
Date commenced March 2018
Minimum investment $20,000

1 See section 2.3 of the PDS

2 Debt facility covenant



Fund Accounts
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Date Fund Account
30 June 2018 Financial Statements < VIEW PDF >


Tax Information
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Financial Year 2018
COMPONENTS
Tax Deferred 100%
Taxable 0%
TOTAL 100%


Distributions
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Financial Year Distribution – Ordinary Units cents per unit
2019
Quarter ended Date paid Cents per unit
30 Sep 2018 8 Nov 2018 1.63841
31 Dec 2018 8 Feb 2019 1.6384
31 Mar 2019 8 May 2019 -
30 Jun 2019 8 Aug 2019 -
Total -

1 Ordinary units received a pro rata distribution rate of 6.5% annum from the unit allotment date in FY 2018 and FY 2019



RG 46 Disclosures
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30 June 2018 < VIEW PDF >


Communications & Media
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  • 333 Exhibition Street Property Fund update following successful Minimum Subscription
    17 July 2018 < view >


PDS
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1 March 2018 < VIEW PDF >
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