333 Exhibition Street Property Fund
Introduction
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
| 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
| Date |
Fund Account |
| 30 June 2018 |
Financial Statements < VIEW PDF > |
Tax Information
| Financial Year |
2018 |
| COMPONENTS |
|
| Tax Deferred |
100% |
| Taxable |
0% |
| TOTAL |
100% |
Distributions
| 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
Communications & Media
-
333 Exhibition Street Property Fund update following successful Minimum Subscription
17 July 2018 < view >
PDS
|
