Property Portfolio 2011 - ASX › asxpdf › 20110831 › pdf › 420s5l1zf664yx.pdf · Investment...

Aspen Group Property Portfolio

August 2011

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Table of Contents

About Aspen Group 3

Investment Property Portfolio 5

Funds Management 11

Aspen Living 14

Aspen Development Fund No. 1 21

Aspen Parks 25

Aspen Diversifi ed 28

ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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About Aspen Group

Investment Property PortfolioAspen directly owns and manages a diversifi ed portfolio of commercial property assets Australia-wide with a core to core plus focus. The portfolio is concentrated in the offi ce and industrial sectors and has grown through acquisitions and portfolio revaluations, driven by strong inhouse property management capabilities.

Funds ManagementAspen has developed a reputation for creating successful funds management products and related services across core-plus, value-add and opportunistic strategies. These managed funds have provided investment opportunities across a broad spectrum of property sectors including tourist and accommodation parks, residential land subdivisions, and commercial development.

Aspen Group was formed in 2001 with a vision of building a leading property investment group by acquiring and managing quality property assets and creating and managing innovative property funds and syndicates.Since then, Aspen Group has grown to become a member of the S&P/ASX 300 Index with assets under management of circa $1.3 billion.

Today, Aspen’s core strength remains in the Group’s broad expertise across property acquisition, development and management, enabling the Group to provide fi rst class property solutions to investors and generate attractive returns for shareholders.

This portfolio provides an overview of all properties and developments owned by Aspen Group and its managed Funds. More information on Aspen’s activities can be found on our website www.aspengroup.com.au


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Aspen Group directly owned properties

Aspen Funds owned properties


Aspen Group Assets

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Investment Property Portfolio

The Aspen Group’s key foundation lies in the strength of its robust and proven underlying commercial property portfolio. This portfolio comprises seven core assets which are valued at $327 million.

This portfolio of properties allows Aspen Group to provide consistent income and long term growth in asset values, as well as security, to support growth in the Group’s funds management activities.

Aspen Group’s property team is fi rmly focused on managing the portfolio’s maturity profi le, securing further long-term tenants and ensuring the portfolio continues to deliver a high-quality recurring rental stream to the Group.

Aspen also has a direct development portfolio consisting of $28 million of non-core land assets which will either be developed in the short term and/or recycled.

Portfolio Sector Diversification(by Value)

Commercial 61%

Other 13%

Industrial 26%

Portfolio Geographic Diversification (by Value)

WA 63%

VIC 6%QLD 3%

SA 28%

Income Covenant Profile(by Value)

Major Corporate

49%

Other 22%Government 29%

ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011All diagrams assume completion of the ATO Building.

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Investment Property Portfolio - Summary

Property State Primary Latest Book Capitalisation Use Independent Value Rate Valuation

Septimus Roe, Perth WA Offi ce Dec 09 $87.0m 9.25%

Alcoa Offi ce Complex, Booragoon WA Offi ce Dec 09 $28.0m 9.00%

Browns Road, Noble Park VIC Industrial Jun 10 $21.0m 10.00%

51 Heaton Street, Rocklea QLD Industrial Jun 10 $9.5m 10.00%

ATO Building1 SA Offi ce N/A $49.6m N/A

Woolstores, Spearwood WA Industrial Jun 11 $58.0m 9.75%

Karratha Village, Karratha WA Accommodation Jun 10 $44.0m 18.50%

Total $297.1m** 9.47%*

* Weighted Average Capitalisation Rate (ex Karratha).** Sovereign Gardens, Ballina is classifi ed as investment properties in the Group accounts however is excluded for the purposes of this document as it is a non-commercial asset, being primarily land ($30.3m).1. Currently under construction. APZ interest is 50% of building on completion. Forecast value on completion is $95m.

Septimus Roe Square, WA


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Septimus Roe Square is a medium rise offi ce building comprising two levels of basement parking, ground, and 16 upper offi ce levels. The building has undergone extensive refurbishment in 1990 and ongoing refurbishment of various upper level lobby, offi ce and ground fl oor sections has occurred over recent years. More recently the ground fl oor of the property has undergone extensive refurbishment, with it being extended to comprise further retail tenancies.

The property is located on a prominent corner within the Perth CBD.

SUMMARY INFORMATION

CLASS CBD Offi ce BuildingNLA 17,548 sqmCAR SPACES 126 baysACQUISITION DATE Oct-02BOOK VALUE $87.0mVALUATION DATE Dec-09CAPITALISATION RATE 9.25%

MAJOR TENANTS: Aurecon, Aspen Group, Minister for Works

Alcoa Building is a high quality 5 level offi ce development specifi cally constructed for Alcoa of Australia Limited. The property comprises a net lettable area of 7,645 sqm along with 17 undercover carbays and 213 open carbays.

The property adjoins Garden City Shopping Centre being Perth’s premium Regional Shopping Centre. Further development potential exists on the site.

SUMMARY INFORMATION

CLASS Suburban Offi ce BuildingNLA 7,645 sqmCAR SPACES 230 baysACQUISITION DATE Aug-03BOOK VALUE $28.0mVALUATION DATE Dec-09CAPITALISATION RATE 9.00%

MAJOR TENANTS: Alcoa, Minister for Works

256 ADELAIDE TERRACE, PERTH, WA LOT 4, DAVY STREET, BOORAGOON, WA

SEPTIMUS ROE SQUARE ALCOA BUILDING


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The property is a multi-tenanted complex of offi ce/warehouse buildings incorporating low clearance warehouse accommodation of 19,310 sqm, modern warehouse accommodation of 22,400 sqm with a two level offi ce/showroom component of 1,800 sqm. There is on-site car parking for more than 400 vehicles. Noble Park is an established major industrial precinct located approximately 27 kms south east of Melbourne’s CBD.

SUMMARY INFORMATION

CLASS IndustrialGLA 43,510 sqmCAR SPACES 400 baysACQUISITION DATE Oct-04BOOK VALUE $21.0mVALUATION DATE Jun-10CAPITALISATION RATE 10.00%

MAJOR TENANTS: UR1 International, Parton Wine Distribution, E&S Trading

The property is improved with two industrial warehouse buildings of approximately 10,639 and 3,885 sqm respectively situated on a total site area of 26,070 sqm The larger building comprises approximately 580 sqm of offi ce accommodation and 10,059 sqm of warehouse/factory accommodation. The second building is a modern concrete tilt panel warehouse and comprises approximately 140 sqm of offi ce accommodation and 3,745 sqm of high clearance warehouse. Rocklea is located approximately 9 kms south of the Brisbane CBD.

SUMMARY INFORMATION

CLASS IndustrialGLA 14,524 sqmCAR SPACES MultipleACQUISITION DATE Sep-04BOOK VALUE $9.5mVALUATION DATE Jun-10CAPITALISATION RATE 10.00%

MAJOR TENANT: GMAC

NOBLE PARK, VIC ROCKLEA, QLD

215 BROWNS ROAD 51-63 HEATON STREET


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9ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011


The property is a large industrial development which is utilised for wool storage. The buildings comprise two large industrial warehouses with a total area of 102,339 sqm on a site of 29.37 hectares. The large land area of the site lends itself to future subdivision potential with the benefi t of a secured cashfl ow. The property is located 5 kms from the Fremantle port facilities.

SUMMARY INFORMATION

CLASS IndustrialGBA 102,339 sqmCAR SPACES MultipleACQUISITION DATE Aug-03BOOK VALUE $58.00mVALUATION DATE Jun-11CAPITALISATION RATE 9.75%

MAJOR TENANT: Elders

Developed on the site is an accommodation village comprising a total of 180 units. The individual unit layouts comprise 1 main room separated into a lounge/living area with a partitioned bedroom and a separate ensuite facility. Other facilities include a large communal facility comprising restaurant, kitchen, recreation room and gymnasium, 2 freestanding laundry buildings, swimming pool and tennis court.

The property is securely leased to Woodside Burrup Pty Ltd for a 5 year term.

SUMMARY INFORMATION

CLASS AccommodationNO. UNITS 180 unitsCAR SPACES MultipleACQUISITION DATE N/ABOOK VALUE $44.0mVALUATION DATE Jun-10CAPITALISATION RATE 18.50%

MAJOR TENANT: Woodside

CNR PHOENIX & SUDLOW ROAD, BIBRA LAKE, WA LOT 1 RADLEY DRIVE, KARRATHA, WA

WOOLSTORES KARRATHA VILLAGE

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10 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011


The ATO Building is a major offi ce tower development of 36,700 sqm within the Adelaide City Central precinct, fronting both Franklin and Bentham Streets. Agreements for lease have been entered into with the Australian Tax Offi ce and Australia Post for approximately 98.5% of the net lettable area and the building has a weighted average lease expiry of 14.4 years. The ATO Building, which will be the largest commercial offi ce building in Adelaide, will have a 5 star Greenstar Version 3 rating and is targeting a 4.5 star NABERS rating. The building is on schedule for practical completion in October 2012 and is currently circa 30% completed on a forecast cost to complete basis.

Aspen Group holds a 50% interest in joint venture with Telstra Super Scheme.

SUMMARY INFORMATION

CLASS CBD Offi ce BuildingNLA 36,215 sqmACQUISITION DATE Feb 2011BOOK VALUE $49.63mVALUATION DATE N/ACAPITALISATION RATE N/A

MAJOR TENANTS: Australian Tax Offi ce, Australia Post

ADELAIDE, SA

ATO BUILDING

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Funds Management

The Funds Management division was established in 2004 to leverage Aspen’s core asset management expertise to create innovative property sector funds. The division continues to evolve, enabling the Group to broaden its property sector reach and derive additional revenue.The Funds Management division provides four avenues of income generation for the Group:

• Management fees on the circa $1 billion of assets held within the Aspen Funds;

• Transaction fees on acquisition and development activities undertaken on behalf of each Fund;

• Equity profi ts though the Group’s cornerstone investment in each Fund which aligns Aspen’s interest as both Fund Manager and investor; and

• Interest on loans provided to fund vehicles.

Key sector focuses for the Funds Management division are:

• Residential land – Aspen Living;

• Commercial Development – Aspen Development Fund No. 1;

• Holiday and Accommodation Parks – Aspen Parks;

• Core Income – Aspen Diversifi ed.

Coogee Beach Holiday Park, WA

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Funds Management - Summary

Funds Sector Investment Investor Assets Under Structure Markets Management

Aspen Living Land Development Closed-End Wholesale Syndicates Sophisticated $319 million

Aspen Developments Commercial and Closed-End Wholesale Residential Development Syndicate Sophisticated $254 million

Aspen Parks Tourism and Open-Ended Retail $288 million Accommodation Parks Stapled Security

Aspen Diversified Diversified Commercial Open-Ended Trust Retail $131 million Core Income

Aspen Funds Management by Brand (value)

Development Fund 26%

Aspen Living

32%

Diversified 13%

Parks 29%

Aspen Funds Management by Investor Market (value)

Retail 42%

Wholesale/Sophisticated 58%

Aspen Funds Management by Investment Structure (value)

Open Ended

Trust 13%

Open Ended Stapled

Security 29%

Closed End Syndicates 58%

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Aspen LivingResidential

$

ADF No.1Developments

$5 Assets (AUM $319M) 14 Assets (AUM $254M)

Aspen ParksTourism &

Accommodation25 Assets (AUM $288M)

Aspen DiversifiedCore Income

9 Assets (AUM $131M)25 Assets (AUM $288M)

Funds Management - Portfolio

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Aspen Living

Aspen Living is responsible for the development of large scale, masterplanned land estates with six* estates presently under management. The division has established strong in-house project management, sales and marketing, and administration teams committed to developing quality land estates in keeping with the surrounding environment.*Byford on the Scarp is an asset of Aspen Development Fund No. 1.

St Leonards Estate, WA.

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Aspen Living - Property Summary

Property State Number of Current Projected Gross Development Lots Average Realestate or Timeframe Remaining Lot Price Realisable Value (Years)

Dunsborough Lakes WA 1,076 $220k $391m 10

Seaside Fern Bay NSW 771 $260k $260m 9

St Leonards Estate WA 810 $260k $273m 5

Whitsunday Shores Qld 805 $160k $256m 13

Enclave at St Leonards WA 181 220k $40m 2

Dunsborough Lakes, WA

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Aspen Living - Dunsborough Lakes

Ideally located at the gateway to the world renowned Margaret River wine region is Dunsborough, a favorite holiday location and increasingly popular as a permanent living address for many Western Australians. Dunsborough Lakes is an established premium estate situated around an 18-hole championship golf course, adjoins the town centre and is only minutes from the area’s pristine beaches.

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Aspen Living - St Leonards Estate

Located in the picturesque Swan Valley Wine Region in Perth, Western Australia, St Leonards Estate will house in excess of 1,000 families in a rural and viticulture setting and is well positioned to benefi t from an increased population in one of Perth’s key growth corridors, only 15 minutes from the Perth CBD. The estate has one of the largest new home display villages in the area, contributing to its strong appeal with buyers.

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Aspen Living - Seaside Fern Bay

Nestled in pristine coastal bushland just north of thriving Newcastle, Seaside Fern Bay provides a classic countercyclical opportunity for Aspen Living. An established and successful project to date, this 881 lot estate provides a foothold in the growing Newcastle residential market, Australia’s sixth largest city.

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Aspen Living - Whitsunday Shores

The town of Bowen in North Queensland, home to Whitsunday Shores Estate, is expected to benefi t signifi cantly from major infrastructure and resource projects in the region. This established estate has 805 remaining lots many with views to the Whitsunday Islands.

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Aspen Living - Enclave at St Leonards

Enclave at St Leonards is Ideally located at the gateway to the famous Swan Valley region and within the popular St Leonards Estate precinct in West Swan, Western Australia.

West Swan is approximately 15km North East of the Perth CBD in a rapidly expanding residential corridor, which includes the highly successful Ellenbrook Estate 7km to the North.

The Enclave’s central location in the Swan Valley wine and tourist region, in close proximity to the major employment areas of Midland and Perth CBD makes it a very well sought after development with demonstrated high demand for new housing.

Reid HighwayMidland 4km

Vines Resort & Golf Course 14km

Whiteman ParkResidential Land Estate

St Leonards Private Estate


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Aspen Development Fund No. 1

Aspen Development Fund No. 1 (ADF No. 1) was established in May 2007 as a multisector portfolio and initially comprised of 18 development projects including CBD offi ce towers, retirement villages, private hospitals and land subdivisions.

Development Portfolio by Sector(by GRV)

Commercial 48%

Retirement 13%

Hospital 2%

Residential 37%

Status of DevelopmentsBreakdown of Projects by Status

($m Book Value)

In Planning 57%•Chittering

•Upper Swan•Waggrakine

•Adelaide - Other

Completed Stock 18%•Mariner Resort•Campbelltown Commercial•Norwest

In Progress 14%•Byford by the Scarp

Awaiting Funding 11%

•Currambine

Norwest Private Hospital, NSW

Byford On The Scarp, WA

Campbelltown Private Hospital, NSW

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ADF No. 1 - Project Overview


Project GRV Sector Description of Project

Tourist Accommodation

Mariner Apartments

13 50% interest Tourist Accommodation

Architecturally designed resort of 82 short stay apartments and residential townhouses on the oceanfront in Geraldton, the major city in the mid west region of Western Australia.

Adelaide Commercial

Tower 4 214 Offi ce A proposed 32,760 NLA offi ce tower over 24 fl oors with 150 car bays on a portion of the site at 2-10 Franklin Street.

Adelaide Post Offi ce

27 Retail 99 year leasehold interest in the heritage listed GPO building on the corner of William and Franklin Street, Adelaide, occupying a historic location. The Building is ideally positioned for redevelopment into high end retail and boutique offi ces.

Darling Building 2 Apartments /strata offi ce

A vacant heritage building over 5 levels on the corner of Bentham and Franklin Street, which has the potential for boutique offi ce or residential apartment development.

Tower 7 81 Hotel Residential Development site in the heart of the Adelaide City Central precinct, earmarked as a future hotel or residential development.

ATO Building 134 Offi ce Currently being developed for Franklin Street Property Trust. 98.5% of the 36,215 sqm NLA building has been pre-leased to the ATO and Australia Post. The building is expected to be completed in October 2012.

Electra House 6 Entertainment Located on King William Street in the heart of Adelaide, this historic 3 level building is earmarked for redevelopment as a boutique hotel and restaurant.

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ADF No. 1 - Project Overview

Project GRV Sector Description of Project

Tourist Accommodation

Byford on the Scarp

85 Residential Land Subdivision

A well established residential subdivision in the Byford township involves the progressive development of land under a master-planned project. Upon completion, this quality estate will consist of approximately 685 residential lots set in a picturesque landscape on the Darling Scarp.

Chittering 42 Rural Residential Land Subdivision

Located 80 kilometres north east of Perth, this 1,431 hectare site is currently zoned rural. The strategy is to subdivide the land for rural residential lots.

Upper Swan 57 Subdivision land Bank Situated in the Swan Valley region approximately 30 kilometres east of Perth. This vacant site of 150 hectares is on a major arterial route which serves Western Australia’s burgeoning resource areas. Planning is well progressed for development as a major transport depot.

Waggakrine 27 40% interest Rural Residential Subdivision

Two rural land holdings for staged subdivision of 421 rural residential lots located on the north eastern outskirts of Geraldton, to be developed in partnership with one of the regions major developers.

Healthcare and Retirement

Campbelltown Private Hospital

1 Strata Hospital and Medical Suites

450 sqm of medical suites developed as part of the Campbelltown Private Hospital and Medical Centre complex in the growing south western corridor of Sydney. This project has been completed.

Norwest Private Hospital

18 Strata Hospital and Medical Suites

A 170 bed private hospital and 8,000sqm medical centre complex, located 34kms from Sydney in the fast growing north western region. Completed in 2009, the Fund holds approximately 1,400 sqm of medical space and a carpark for sale. Healthscope Limited, one of Australia’s largest healthcare providers, is the hospital operator.

Currambine Retirement Village

100 Retirement Village A retirement development site comprising 6 hectare site in Perth’s northern suburbs. Superbly located adjacent to major rail, road and shopping services, the fully approved development is being undertaken for a leading aged care housing provider in the not for profi t sector.

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ADF No. 1 - Key Projects

Adelaide City Central Site, SA B1 – Tower 1B2 – Tower 2B3 – ElectraB4 – Tower 4B5 – GPOB6 – GPOB7 – Tower 7B8 – ATO BuildingB9 – Darling Building

Electra House, Adelaide

ATO Building, Adelaide

B8

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Aspen Parks

Aspen Parks Property Fund was established in June 2004 as a value add property fund to acquire, manage and expand a portfolio of tourist and accommodation parks. The Fund’s key objective is to provide unitholders with regular income and the potential for capital growth, capturing the benefi ts of well located land holdings with attractive income yields.

Monkey Mia Dolphin Resort, WA

Geographical Diversification% of book value

WA-North32%

WA-Mid Coast 18% Vic 14%

SA6%

QLD3%

Perth Metro10%

NSW17%

Sector Diversification % of revenue

Tourist52%

Mining/Semi Perm

21%

Annual/Perm12%

Food & Beverage15%

Tourist Sites by Type % of sites

Caravan/Camping

56%

Cabin/Chalet 38%

Backpackers6%

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Aspen Parks - Portfolio Summary

Property State Total Date of Most Latest Capitalisation Land Area Recent Independent Independent Rate (Ha) Valuation Valuation ($m)

1. Woodman Point WA 7.9 Jun 10 8.8 12.5%

2. Coogee Beach WA 4.1 Mar 09 7.6 13.5%

3. Perth Vineyards WA 9.6 Dec 10 9.3 11.0%

4. Pilbara WA 5.7 Apr 11 37.0 18.8%

5. Balmoral WA 7.6 Mar 11 15.0 15.1%

6. Cooke Point WA 3.1 Sep 10 26.0 24.9%

7. Exmouth Cape WA 8.3 Mar 11 9.5 12.6%

8. Island Gateway QLD 3.2 Mar 09 7.9 10.8%

9. Twofold Bay NSW 6.7 Mar 09 6.7 11.2%

10. Yarraby Vic 9.4 Oct 10 8.8 11.5%

11. Wallamba River NSW 7.7 Mar 09 6.7 10.1%

12. Monkey Mia Dolphin Resort WA 9.1 Sep 10 20.7 11.5%

13. Horseshoe Lagoon NSW 13.3 Mar 09 8.9 11.1%

14. Port Augusta BIG4 SA 4.4 Mar 09 5.4 12.8%

15. Wymah Valley NSW 140.0 Dec 10 2.2 13.0%

16. Ashley Gardens Vic 7.9 Mar 11 15.8 11.3%

17. Ningaloo Reef Resort WA 1.8 Apr 11 18.5 10.5%

18. Kununurra Country Club WA 2.7 Apr 09 9.6 11.5%

19. Myall Grove SA 8.7 Mar 09 9.5 17.5%

20. Golden River Vic 2.5 Dec 10 4.3 12.1%

21. Shady River NSW 10.8 Jun 10 5.7 11.5%

22. Geelong Riverview Vic 2.6 Mar 09 3.4 21.0%

23. Murray River NSW 1.3 Jun 10 0.7 22.0%

24. Boathaven Vic 2.4 Mar 09 6.8 12.2%

25. Maidens Inn NSW 15.5 Apr 11 14.6 11.2%

296.3 269.41

1. Excludes $1.4m relating to the value of five houseboats at Murray River Holiday Park.

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Aspen Diversified

Aspen Diversifi ed Property Fund is a core income fund with a strategy of investing in commercial properties within the $5 million to $30 million range.

Property State Primary Latest Book Capitalisation Use Independent Value Rate Valuation

80 Mount Street, North Sydney NSW Offi ce Jun 2011 $27.5m 9.00%

2 Apollo Place, Lane Cove NSW Offi ce Jun 2011 $8.20m 9.25%

3 Apollo Place, Lane Cove NSW Offi ce Jun 2011 $7.05m 9.25%

5 Burra Place, Shellharbour NSW Offi ce/Retail Jun 2011 $7.40m 9.50%

Industrial Complex, Nunawading VIC Industrial Jun 2011 $18.20m 8.25%

677 Springvale Road, Mulgrave VIC Industrial Jun 2011 $17.50m 9.50%

60 Grindle Road, Wacol QLD Industrial Jun 2011 $12.40m 9.25%

Homemaker City, Castle Hill NSW Retail Jun 2011 $16.70m 10.50%

Total $114.95m 9.27%

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Aspen Diversified - Portfolio Summary

Portfolio Sector Diversification (by Value)

Office 44%

Retail 14%

Industrial 42%

Portfolio Geographic Diversification (by Value)

Vic 31%

Qld 11%

NSW 58%

Homemaker City, Castle Hill, NSW

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Aspen Diversified

The property is a substantial offi ce tower strategically positioned on a highly visiblecorner within the North Sydney CBD. The building comprises 14 levels of offi ce accommodation and ground fl oor retail, in addition there are 3 levels of basement carparking.

SUMMARY INFORMATION

CLASS CBD Fringe Offi ce BuildingNLA 6,332 sqmCAR SPACES 35 baysACQUISITION DATE Dec-05BOOK VALUE $27.5mVALUATION DATE Jun-11VALUER M3 PropertyCAPITALISATION RATE 9.00%

MAJOR TENANTS: Sydney Institute of ERP, HCL Services, Tract Consultants

The property is a 3 level commercial offi ce building located in the Lane Cove Industrial Estate. The building has a total Net Lettable Area of 3,995 sqm with basement parking provided for 98 vehicles fully leased to Optus Administration Pty Limited with lease agreements expiring in February and June 2012. Lane Cove is located approximately 12 kms north west of the Sydney CBD and within close proximity to other commercial/industrial areas including Artarmon, St Leonards and North Ryde.

SUMMARY INFORMATION

CLASS Suburban Offi ce Building NLA 3,995 sqm CAR SPACES 98 bays ACQUISITION DATE Dec-07 BOOK VALUE $8.20m VALUATION DATE Jun-11 VALUER M3 Property CAPITALISATION RATE 9.25%LEASE EXPIRY May-12

MAJOR TENANT: Optus Administration

NORTH SYDNEY, NSW LANE COVE, NSW

80 MOUNT STREET 2 APOLLO PLACE

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LANE COVE, NSW

3 APOLLO PLACE

Aspen Diversified

SHELLHARBOUR CITY CENTRE, NSW

5 BURRA PLACE

The property is a 2 level commercial offi ce building located in the Lane Cove Industrial Estate. The building has a total Net Lettable Area of 3,480 sqm with basement parking provided for 69 vehicles fully leased to Steinhoff Asia Pacifi c Ltd. Lane Cove is located approximately 12 kms north west of the Sydney CBD and within close proximity to other commercial/industrial areas including Artarmon, St Leonards and North Ryde.

SUMMARY INFORMATION

CLASS Suburban Offi ce BuildingNLA 3,480 sqmCAR SPACES 69 baysACQUISITION DATE Dec-07BOOK VALUE $7.05mVALUATION DATE Jun-11VALUER M3 PropertyCAPITALISATION RATE 9.25%LEASE EXPIRY Sep-12

MAJOR TENANT: Steinhoff Asia Pacifi c Ltd

The property is situated within the new Shellharbour City Centre being approximately 100kms south of Sydney. Shellharbour City Centre is the commercial hub of the growing greater Shellharbour region. The property comprises a modern 3 level offi ce/retail building with associated carparking constructed in 2001.

SUMMARY INFORMATION

CLASS Commercial Building NLA 2,992 sqm CAR SPACES 21 bays ACQUISITION DATE Dec-07 BOOK VALUE $7.40m VALUATION DATE Jun-11 VALUER Colliers CAPITALISATION RATE 9.50%

MAJOR TENANTS: Rebel Sport, Dept.of Community Services

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Aspen Diversified

The property is a quality offi ce/industrial facility situated in the established industrial precinct of Nunawading located approximately 20 kms north of the Melbourne CBD. The complex has a total lettable area of 22,542 sqm including 2,000 sqm of quality offi ce accommodation and is currently fully occupied by the Autobarn group of companies from March 2011 on a 15 year lease.

SUMMARY INFORMATION

CLASS Industrial GLA 22,542 sqm CAR SPACES 334 bays ACQUISITION DATE Dec-05 BOOK VALUE $18.20m VALUATION DATE Jun-11 VALUER M3 PropertyCAPITALISATION RATE 8.25%LEASE EXPIRY Feb-26

MAJOR TENANT: Autobarn

72-96, STATION STREET, NUNAWADING, VIC

INDUSTRIAL COMPLEX

The subject property is a modern offi ce/warehouse complex providing 9 tenantable units with ancillary laboratories, hard stand areas and onsite parking. The main building comprises good quality offi ce accommodation of single and double storey construction featuring a combination of open plan work stations and partitioned offi ces. The complex includes 300 designated open air and undercroft car bays. Mulgrave is one of Melbourne’s most sought after industrial/business precincts located only 1 km from the Monash Freeway.

SUMMARY INFORMATION

CLASS IndustrialNLA 12,409 sqmCAR SPACES 300 baysACQUISITION DATE Jun-07BOOK VALUE $17.50mVALUATION DATE Jun-11VALUER M3 PropertyCAPITALISATION RATE 9.50%

MAJOR TENANTS: Optus Administration, HRL Limited, Mizuno Corporation

MULGRAVE, VIC

677 SPRINGVALE ROAD

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Aspen Diversified

The property is a modern, purpose built cold storage and food preparation facility on a 4 ha site. The improvements comprise a large, high clearance production fl oor room along the northern alignment of the building with extensive cold storage and freezer rooms toward the western end of the building. Ample car parking is provided toward the eastern part of the property. The industrial suburb of Wacol is located approximately 16kms from the centre of the Brisbane CBD, close to main arterial roadways.

SUMMARY INFORMATION

CLASS IndustrialGLA 9,020 sqmCAR SPACES MultipleACQUISITION DATE Dec-07BOOK VALUE $12.4mVALUATION DATE Jun-11VALUER CB Richard EllisCAPITALISATION RATE 9.25%LEASE EXPIRY Dec-24

MAJOR TENANT: Cook Freeze Pty Ltd

WACOL, QLD

60 GRINDLE ROAD

The property is a bulky goods retail centre located in Castle Hill, approximately 30 kms from the Sydney CBD and within one of Sydney’s strongest growth corridors. The property features 16 large retail stores of varying sizes anchored by several quality bulky goods retail tenants. The centre provides ample onsite parking, both open air and undercover.

SUMMARY INFORMATION

CLASS Retail (Bulky Goods) GLA 11,263 sqm CAR SPACES 265 bays ACQUISITION DATE Feb-06 BOOK VALUE $16.70m VALUATION DATE Jun-11 VALUER CB Richard Ellis CAPITALISATION RATE 10.50%

MAJOR TENANTS: Rays Outdoors, Fantastic Furniture, Baby Kingdom

6 VICTORIA AVENUE, CASTLE HILL, NSW

CASTLE HILL HOMEMAKER CENTRE

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Important Information: This document contains information of a general nature and is believed to be accurate at the time of printing. This document is not intended to provide financial advice, and does not take into account any person’s financial situation, needs or objectives. Should you wish to invest in any products discussed, please seek your own financial advice from your financial adviser.

Investor EnquiriesFreecall: 1800 220 840www.aspengroup.com.au

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