June 2009 Mirvac Real Estate Investment Trust For personal ... · MirvaC real estate investMent...

Investment Portfolio Summary

Mirvac Real Estate Investment Trust June 2009

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Investment Portfolio Overview 1

MREIT Portfolio Overview 2

Portfolio Summary 3

Commercial Portfolio 4

Retail Portfolio 8

Industrial/Business Park Portfolio 14

Hotel Portfolio 19

Directory 20

Contents

Mirvac Real Estate Investment Trust

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MirvaC real estate investMent trust investMent Portfolio suMMary – June 2009

Financial highlights

1

top 10 tenants

tenant % of gross income

Travelodge 10.2

Macquarie Bank 10.0

Woolworths 8.1

BOC Limited 4.3

GM Holden Limited 4.0

Coles 3.6

Government 3.6

Star Track Express 2.6

Exel Australia 2.6

Pacific Brands 2.2

total 51.2

Investment Portfolio Overview

Retail 36%

Commercial 31%

Industrial/ Business Park 17%

Hotels 16%

asset diversification (by Book value)

Direct Property Diversification

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New South Wales 61%

Queensland 22%

Victoria 11%

Australian Capital Territory 4%

Western Australia 1%

New Zealand 1%

Geographic diversification (by Book value)

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Key drivers

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Key

Mirvac Real Estate Investment Trust is an externally managed, diversified, ASX-listed property trust in Australia with $1.0 billion1 of assets predominantly located on the eastern seaboard.

Commercial

Retail

Industrial

Hotels

MREIT Portfolio Overview

1 Includes MREIT’s investments in Mirvac Wholesale Hotel Fund ($21.0 million).

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Financial highlights

3

Portfolio SummaryProperty location asset

ownership (%)

acquisition date

independent valuation

date


($m)

Book value ($m)

Capitalisation rate (%)

lettable area/rooms

(sqm)

Commercial

10-20 Bond Street, Sydney NSW 50 Jul 04 Jun 09 109.0 109.0 7.50 37,860

3 Rider Boulevard, Rhodes NSW 100 Jan 07 Jun 09 70.0 70.0 8.00 16,714

340 Adelaide Street, Brisbane QLD 100 Sep 98 Jun 09 63.0 63.0 9.00 13,290

12 Cribb Street, Milton QLD 100 Apr 99 Dec 08 18.5 15.0 9.00 3,310

191-197 Salmon Street, Port Melbourne VIC 50 Jul 03 Jun 09 46.5 46.51 8.25 21,763

591-609 Doncaster Road, Doncaster VIC 100 Jun 02 Dec 08 21.8 17.3 9.50 8,921

total Commercial 328.8 320.8 8.19 101,858

retail

Cherrybrook Village Shopping Centre, Cherrybrook NSW 100 Jun 05 Jun 09 75.0 75.0 7.25 9,492

Taree City Centre, Taree NSW 100 Jul 01 (50%) Nov 04 (50%)

Jun 09 54.0 54.0 8.00 15,553

Moonee Beach Shopping Centre, Coffs Harbour NSW 100 Feb 07 Dec 08 18.0 15.3 9.50 10,884

Chester Square Shopping Centre, Chester Hill NSW 100 Mar 07 Jun 09 28.0 28.0 8.25 8,293

Pender Place Shopping Centre, Maitland NSW 100 Sep 07 Dec 08 11.0 10.3 9.25 4,799

Orion Springfield Town Centre, Greater Springfield QLD 33 Jun 03 Dec 08 46.8 46.81 6.50 33,370

City Centre Plaza, Rockhampton QLD 100 Mar 04 Jun 09 45.0 45.0 8.00 14,107

Morayfield SupaCentre, Morayfield QLD 100 Sep 07 Dec 08 36.5 35.5 9.25 22,325

Orion, Greater Springfield (Vacant Land) QLD 33 Jun 03 Jun 09 10.3 10.31 N/A N/A

Morayfield SupaCentre, Morayfield (Vacant Land) QLD 100 Sep 07 Dec 08 3.5 3.5 N/A N/A

Cooleman Court, Weston ACT 100 Jul 01 (50%) Nov 04 (50%)

Jun 09 47.6 47.6 7.75 10,714

total retail 375.8 371.3 7.86 129,536

industrial

10 Julius Avenue, North Ryde NSW 100 Dec 05 Jun 09 56.0 56.0 8.00 13,386

32 Sargents Road, Minchinbury NSW 100 Feb 04 Jun 09 23.7 23.7 8.75 22,378

12 Julius Avenue, North Ryde NSW 100 Nov 99 Jun 09 24.5 24.5 8.25 7,308

108-120 Silverwater Road, Silverwater NSW 100 Mar 00 Dec 08 27.2 25.3 8.75 17,830

52 Huntingwood Drive, Huntingwood NSW 100 Nov 04 Jun 09 22.8 22.8 8.75 19,286

Network, Old Wallgrove Road, Eastern Creek NSW 50 Jun 04 Oct 08 7.0 7.01 N/A N/A

47-67 Westgate Drive, Altona North VIC 100 Sep 07 Dec 08 22.5 20.0 9.00 27,081

total industrial/Business Park 183.7 179.3 8.46 107,268

Hotels

Travelodge (13 hotels) NSW QLD VIC WA NZ

49 Mar 05 – Mar 08

Nov 07 – Jun 09

171.6 172.61 9.56 2,045 rooms

total Hotels 171.6 172.6 9.56 2,045 rooms

total ProPerty Portfolio 1,059.9 1,043.9 8.35 338,662

1 MREIT has an interest in this asset through units in a trust. Book value reflects MREIT’s share of core property value, not the holding value of the investment units.F

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Commercial Portfolio

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Commercial Key statistics

Vacancy 5.3% of NLA 3.8% of NLA at June 2008

Average lease expiry (by area) 4.6 years 4.8 years at June 2008

Area leased 12 months to 30 June 2009 9,909 sqm 9.7% of commercial portfolio

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MirvaC real estate investMent trust investMent Portfolio suMMary – June 2009 5

10–20 Bond streetsydney, nsW

Located in the heart of the Sydney CBD, opposite Australia Square, 10–20 Bond Street is a landmark office complex. It comprises a seven level building known as 10 Bond Street and a 30 level ’A Grade’ office tower known as 20 Bond Street, together with a retail plaza at ground level, which provides a link between the two towers.

Property Details

Type Commercial

Site area 3,250 sqm

Lettable area 37,860 sqm

Car spaces 169

Title Freehold

Ownership 50%

Acquisition date July 2004

Valuation (50% interest) $109.0 million

Valuation date 30 June 2009

Book value $109.0 million

Occupancy 100%

Major tenants Macquarie Bank (27,015 sqm) GHD (3,667 sqm)

Fitness First Australia (3,203 sqm)

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Located in the heart of the commercial area of Rhodes, 3 Rider Boulevard is a modern, seven level office building with three retail shops on the ground floor and 326 basement car spaces. Completed in late 2005, this asset features large and flexible floor plates, a 4.0 star NABERS rating and quality finishes throughout. The area is well serviced by road, train and ferry.

Property Details

Type Commercial

Site area 3,678 sqm


Car spaces 326

Title Freehold

Ownership 100%

Acquisition date January 2007

Valuation $70.0 million



Occupancy 92.9%

Major tenants AAP (3,642 sqm) Cardlink Services (2,216 sqm)

Coffey Corp (1,265 sqm)

3 rider Boulevard rhodes, nsW

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340 Adelaide Street is a modern 17 storey commercial office building with two levels of basement car parking and is located in the heart of the Brisbane CBD.

MREIT is currently undertaking a refurbishment to increase the building’s energy efficiency to a targeted 4.5 Star NABERS rating from a current estimated 1.5 Stars. A $500,000 grant was awarded as part of the Green Building Fund program to assist the refurbishment.

Property Details

Type Commercial

Site area 1,637 sqm


Car spaces 100

Title Freehold

Ownership 100%

Acquisition date September 1998




Occupancy 89.3%

Major tenants Department of Health and Ageing (2,964 sqm) Australian Government Solicitors (1,724 sqm)

Health Services Australia Ltd (1,628 sqm)

340 adelaide street Brisbane, QlD

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12 Cribb Street is a six level office building comprising two levels of car parking, ground floor office/retail and five upper levels of office accommodation. The property is conveniently located approximately 260 metres south east of Milton railway station and approximately two kilometres west of the Brisbane CBD.

The major tenant AECOM Australia has a lease commitment until 31 January 2014.

Property Details

Type Commercial

Site area 1,194 sqm


Car spaces 51

Title Freehold

Ownership 100%

Acquisition date April 1999


Valuation date 31 December 2008


Occupancy 100%

Major tenant AECOM Australia (3,226 sqm)

12 Cribb street Milton, QlD

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The headquarters for GM Holden Limited features a modern campus style complex featuring large efficient floor plates, a 4.5 star Ecologically Sustainable Development (ESD) rating, high quality finishes and fitout and state of the art security. The property is leased to GM Holden on a 15 year lease which expires on 20 April 2020. MREIT owns a 50 per cent interest in this asset.

Property Details

Type Commercial

Site area 23,960 sqm


Car spaces 1,055

Title Freehold

Ownership 50%

Acquisition date July 2003




Occupancy 100%

Major tenant GM Holden (21,763 sqm)

191–197 salmon street Port Melbourne, viC

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Doncaster Corporate Centre consists of a purpose built complex for Silverstone Jaguar and three modern office buildings, each of two storeys plus basement car parking. The properties are situated on Doncaster Road, a major thoroughfare in Melbourne’s eastern suburbs and located approximately 14 kilometres east of Melbourne’s CBD.

Silverstone Jaguar has exercised their lease option extending their term until August 2018.

Property Details

Type Commercial

Site area 7,630 sqm


Car spaces 202

Title Freehold

Ownership 100%

Acquisition date June 2002




Occupancy 86.2%

Major tenant Silverstone Jaguar (4,037 sqm)

591–609 Doncaster road Doncaster, viC

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Retail Portfolio

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retail Key statistics

Vacancy 8.1% of GLA 1.4% of GLA at June 2008

Speciality occupancy cost 11.21% 11.79% at June 2008

Average lease expiry 5.8 years 6.4 years at June 2008

Comparable MAT $544 million 6.4% from June 2008

Area leased 12 months to 30 June 2009 13,399 sqm 10.3% of retail portfolio

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Cherrybrook Village Shopping Centre is situated within the growth precinct of north-west metropolitan Sydney. The predominantly enclosed, single level, neighbourhood shopping centre was originally constructed in 1989 and was extensively refurbished and expanded in 2004. The centre is anchored by a Woolworths supermarket, one mini-major (Martelli’s Fruit Market), plus 54 specialty tenancies, one kiosk, one ATM and one pad site (Kindalin Child Care centre). Car parking on site comprises a mixture of on grade and deck parking for 474 vehicles on a site of 2.95 hectares.

Taree City Centre is a single level, sub-regional shopping centre. Constructed in 1997, the centre comprises a Woolworths supermarket, Big W, 40 specialty tenancies and three kiosks. Car parking is provided for 930 vehicles on a site of 2.18 hectares. Taree City Centre is located in the mid north coast township of Taree 309 kilometres north of Sydney and 84 kilometres south of Port Macquarie.

Property Details

Type Retail



Car spaces 474

Title Freehold

Ownership 100%





Occupancy 100%

Major tenant Woolworths (3,832 sqm)

Property Details

Type Retail



Car spaces 930

Title Freehold

Ownership 100%

Acquisition date July 2001 (50%) November 2004 (50%




Occupancy 99.6%

Major tenants Big W (6,538 sqm) Woolworths (3,919 sqm

Cherrybrook village shopping Centre, Cherrybrook, nsW

taree City Centre taree, nsW

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Moonee Beach Shopping Centre is a neighbourhood shopping centre which opened in December 2005. The centre is located upon a site of approximately 2.71 hectares with excellent visibility to the Pacific Highway. The centre is anchored by a Coles supermarket, two mini-majors being Best and Less and Crazy Clark’s, 23 specialty shops, nine bulky goods tenancies and offers 376 car parking spaces. The centre is approximately 12 kilometres north of the New South Wales north coast township of Coffs Harbour.

Property Details

Type Retail



Car spaces 376

Title Freehold

Ownership 100%

Acquisition date February 2007




Occupancy 55.5%

Major tenant Coles (3,500 sqm)

Moonee Beach shopping Centre Coffs Harbour, nsW

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Chester Square Shopping Centre is located in the suburb of Chester Hill approximately 20 kilometres west of Sydney CBD. The centre comprises a partly enclosed single level, neighbourhood shopping centre which was originally constructed in 1978 and has undergone a major redevelopment during 2007–2008. The centre is anchored by a Woolworths supermarket, two mini-major tenancies (Go-Lo discount variety store and Chester Square Fruit Market) and 30 speciality shops. Car parking on site comprises a mixture of on-grade and basement parking for 350 vehicles on a site of 1.67 hectares.

Property Details

Type Retail



Car spaces 350

Title Freehold

Ownership 100%

Acquisition date March 2007




Occupancy 93.5%

Major tenants Woolworths (3,468 sqm) Go–Lo (1,280 sqm)

Chester square shopping Centre Chester Hill, nsW

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Property Details

Type Retail



Car spaces 233

Title Freehold

Ownership 100%





Occupancy 97.6%

Major tenant Woolworths (3,374 sqm)

Pender Place shopping CentreMaitland, nsW

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Pender Place Shopping Centre is a single level, neighbourhood shopping centre. Constructed in 1982, the centre comprises a Woolworths supermarket, 14 specialty tenancies and one kiosk. Car parking is provided for 233 vehicles on a site of 1.05 hectares. The property is located in Maitland in the Hunter Valley approximately 200 kilometres north by road from the Sydney CBD.

Property Details

Type Retail



Car spaces 2,200

Title Freehold

Ownership 33%


Valuation (33% interest) $46.8 million1


Book value $46.8 million1

Occupancy 98.9%2

Major tenants Woolworths (4,188 sqm) Big W (8,044 sqm)

1 Excludes vacant land of $10.3 million. 2 Original vacancies supported by a rental guarantee.

orion springfield town Centre Greater springfield, QlD

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Orion Springfield Town Centre is a regional shopping centre located approximately 25 kilometres south west of Brisbane’s CBD, which commenced trading in March 2007. The centre is anchored by a Woolworths supermarket, Big W discount department store and 133 specialty tenancies (including five mini-majors and a free standing Petrol Plus outlet). Parking is provided for 2,200 vehicles. In February 2008 the centre was awarded the first six star rating by the Green Building Council Australia.

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City Centre Plaza, Rockhampton is situated on the fringe of Rockhampton’s CBD. The single level sub-regional shopping centre was modernised and upgraded during 2008. The centre is anchored by a Target department store and a Coles supermarket with 36 specialty shops. The centre incorporates both basement level and on grade car parking for 495 vehicles.

Property Details

Type Retail



Car spaces 495

Title Freehold

Ownership 100%





Occupancy 100.0%

Major tenants Target (6,910 sqm) Coles (3,670 sqm)

City Centre Plaza rockhampton, QlD

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Morayfield Supa Centre is a single level bulky goods centre located 43 kilometres from Brisbane. In its current configuration the property consists of 17 units with a total GLA of 22,325 square metres with major tenants Spotlight and The Warehouse. The existing units represent stages one and two of a three stage development covering a total site area of 8.08 hectares. The property presently provides 300 car parking spaces onsite.

Property Details

Type Retail



Car spaces 300

Title Freehold

Ownership 100%


Valuation $40.0 million1


Book value $39.0 million1

Occupancy 94.6%

Major tenants Spotlight (4,214 sqm) The Warehouse (3,333 sqm)

1 Includes vacant land of $3.5 million.

Morayfield supa CentreMorayfield, QlD

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Cooleman Court Shopping Centre is a two level neighbourhood shopping centre located in Weston, a residential suburb approximately 10 kilometres south-west of the Canberra CBD. An extensive redevelopment of Cooleman Court was substantially completed in June 2009. The redevelopment transformed the first floor of the centre from secondary office space to modern, active retail space anchored by an Aldi supermarket and the mini-major, The Reject Shop. The upgrade works also included the introduction of building management systems to improve power efficiency and a general modernisation of the centre.

Property Details

Type Retail

Site area 9,369 sqm


Car spaces 517 (located on Government land)

Title Leasehold

Ownership 100%

Acquisition date July 2001 (50%) November 2004 (50%)




Occupancy 83.3%

Major tenants Woolworths (3,102 sqm) Aldi Foods (1,400 sqm)

Cooleman Court Weston, aCt

Artist’s impression

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Industrial/Business Park Portfolio

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industrial/Business Park Key statistics

Vacancy 4.4% of GLA 1.1% of GLA at June 2008

Average lease expiry 3.9 years 4.8 years at June 2008

Area leased 12 months to 30 June 2009 9,133 sqm 8.55% of industrial portfolio

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10 Julius Avenue comprises three separate buildings located adjacent to 12 Julius Avenue, also owned by MREIT. The major lessee, BOC Gases, has a lease until November 2015. The property is well located providing convenient access to the M2 Motorway approximately 200 metres to the south west and direct access to the Sydney CBD via Epping Road and the Gore Hill Freeway.

Property Details

Type Business Park



Car spaces 444

Title Freehold

Ownership 100%

Acquisition date December 2005




Occupancy 92.5%

Major tenants BOC Gases (8,993 sqm) Synthes Australia (2,355 sqm)

10 Julius avenue north ryde, nsW

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The property comprises two free standing distribution warehouses together with associated ground floor offices and an awning that allows under cover access between the two warehouses. The property was built in two stages with the first warehouse completed in September 2004 and the second in December 2006. The property is conveniently located at the junction of the M4 and M7 Motorways which is approximately three kilometres to the east.

Property Details

Type Industrial



Car spaces 202

Title Freehold

Ownership 100%

Acquisition date February 2004




Occupancy 100%

Major tenant Star Track Express (22,378 sqm)

32 sargents road Minchinbury, nsW

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12 Julius Avenue is located in the Riverside Corporate Park, North Ryde considered the premier high-tech business park location in Sydney. The property comprises two multi level buildings with Revlon being the major occupant of the property. As with 10 Julius Avenue, 12 Julius Avenue has benefited from the completion of the Lane Cove Tunnel which links the M2 Motorway and the Gore Hill Freeway.

Property Details

Type Business Park

Site area 9,000 sqm


Car spaces 200

Title Freehold

Ownership 100%

Acquisition date November 1999




Occupancy 79.3%

Major tenant Revlon (2,675 sqm)

12 Julius avenue north ryde, nsW

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Centrewest Industrial Estate is situated in the established industrial precinct of Silverwater, with excellent access to the M4 Freeway and Victoria Road, major arteries that link Sydney’s west and north west with the CBD. The property comprises a modern 12 unit office/warehouse industrial estate.

Property Details

Type Industrial



Car spaces 340

Title Freehold

Ownership 100%





Occupancy 87.8%

Major tenants Chubb (4,355 sqm) Christian City Church (3,594 sqm)

108—120 silverwater road silverwater, nsW

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The property comprises a high quality, modern, flexible distribution warehouse which was specifically designed for Exel Australia in 2000 who has leased the property until October 2012. The property is located in the prime western industrial suburb of Huntingwood just off the M4 Motorway, adjacent to the intersection of the M7 Westlink.

Property Details

Type Industrial



Car spaces 106

Title Freehold

Ownership 100%

Acquisition date November 2004




Occupancy 100%

Major tenant Exel Australia (19,286 sqm)

52 Huntingwood Drive Huntingwood, nsW

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This industrial development site comprises six hectares jointly owned by Mirvac Property Trust and MREIT. MREIT receive a land rent from Mirvac Projects on its equity contributed. A development application has been lodged for bulk earth works and infrastructure. Located adjacent to the intersection of the M4 and M7 Motorways, the development is ideally suited to attract major industrial users.

Property Details

Type Industrial

Site area 6 ha

Lettable area N/A

Car spaces Nil

Title Freehold

Ownership 50%



Valuation date 31 October 2008

Book value (50% interest) $7.0 million

network, old Wallgrove road eastern Creek, nsW


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The property is an industrial warehouse facility which serves as a distribution centre for the sole tenant Pacific Brands. Completed in 1996 the facility is located in Melbourne’s western industrial precinct strategically serviced by major transport routes Westgate Freeway, Western Ring Road and the Princes Freeway.

Property Details

Type Industrial



Car spaces Nil

Title Freehold

Ownership 100%





Occupancy 100%

Major tenant Pacific Brands (27,081 sqm)

47—67 Westgate Drive altona north, viC

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travelodge Hotel Portfolio location asset ownership

(%)

acquisition date


date


($m)

Book value ($m)

Capitalisation rate (%)

lettable area/rooms

(sqm)

Travelodge Sydney NSW 49 Mar 05 Jun 08 37.0 36.7 9.50 406

Travelodge Wynyard NSW 49 Jun 05 Dec 07 29.9 33.3 9.00 277

Travelodge Newcastle NSW 49 Feb 06 Jun 09 10.8 10.8 10.00 131

Travelodge Phillip Street NSW 49 Mar 05 Mar 08 8.8 8.0 9.25 86

Travelodge Macquarie North Ryde NSW 49 Mar 05 Dec 08 8.6 7.4 9.75 120

Travelodge Manly-Warringah NSW 49 Mar 05 Dec 08 7.0 6.5 10.00 120

Travelodge Blacktown NSW 49 Mar 05 Mar 09 6.4 5.8 10.00 120

Travelodge Bankstown NSW 49 Mar 05 Mar 09 7.1 7.1 10.25 108

Travelodge Garden City QLD 49 Mar 05 Mar 08 5.3 5.3 10.50 120

Travelodge Rockhampton QLD 49 Jun 06 Sep 08 5.0 5.1 10.00 74

Travelodge Southbank VIC 49 Mar 05 Jun 09 28.0 28.0 9.50 275

Travelodge Perth WA 49 Apr 06 Sep 08 11.8 13.4 9.50 123

Travelodge Palmerston North NZ 49 Mar 08 Nov 07 6.0 5.3 10.00 85

total Hotels 171.6 172.6 9.56 2,045

Hotel Portfolio

travelodge Key statistics fy 09 fy 08

Average occupancy 80.5% 86.8%

EBITDA $15.9 million $16.1 million

Note: Reflects 49% share.

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Disclaimer

This Investment Portfolio Summary is dated June 2009 and is provided for information purposes only and is subject to change without notice. It has been prepared on the basis of the information which is believed by Mirvac REIT Management Limited to be correct but Mirvac REIT Management Limited does not warrant the accuracy of any details or accept liability for any of the information contained in this Investment Portfolio Summary.

Nothing contained in this Investment Portfolio Summary is intended to be investment, legal, tax or other advice. The information in this Investment Portfolio Summary does not take into account the investment objectives, financial situation and needs of any particular investor. Before acting on the information in this Investment Portfolio Summary investors should read the annual report of Mirvac Real Estate Investment Trust and subsequent ASX announcements, obtain independent advice and make their own assessment of Mirvac Real Estate Investment Trust having regard to their investment objectives, financial situation and needs.

This document is printed on Australian made paper containing 50 per cent recycled fibre and 50 per cent non-recycled fibre sourced from sustainable plantations.

Directory

responsible entity

Mirvac REIT Management Limited ABN 70 002 060 228 AFSL 233 787 as Responsible Entity of Mirvac Real Estate Investment Trust ARSN 089 535 526

registered office and Postal address

Level 26, 60 Margaret Street Sydney NSW 2000 Telephone: 02 9080 8000 Facsimile: 02 9080 8174 Email: [email protected] Web: www.mirvac.com/mrz

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