AUSTRALIAN UNITY OFFICE FUND use only | |
personalFor | 620 Mersey Road, Osbourne |
468 St Kilda Road, Melbourne
Woodvale Boulevard Shopping Centre, Woodvale
5 Eden Park Drive, Macquarie Park
Technology Place Williamtown
1 and 2 Technology Place, Williamtown
Busselton Central Shopping Centre, Busselton
The Merger to create
Australian Unity Property Fund
November 2021
AOF.ASX
1
Acknowledgement of Country
For personal use only
Let's reflect the meaning of place and in doing so recognise the various traditional
lands on which we meet.
We acknowledge the traditional custodians of the people of the Kulin nations and the traditional owners of the lands on which each of you are living and working from today. We pay our respects to Elders, past, present and emerging.
2
Delivering outcomes for unitholders
only | The Board undertook a strategic assessment and refined AOF's objectives and strategy | ||
Key Objectives | Strategy | ||
use | To provide sustainable income returns via | Focus on owning Australian office properties in metropolitan and CBD markets, | |
quarterly distributions and the potential for | complemented by a targeted and diversified portfolio of Australian real estate | ||
capital growth over the long-term by | assets offering affordability, accessibility and amenity | ||
investing in a diversified portfolio of | |||
Australian properties |
personal | |||
The Proposal to merge AOF and DPF to create AUPF1 has strategic and financial merit | |||
The AOF RE Board considers | The AOF RE Board | The Independent Expert has | |
the Proposal will provide a | unanimously recommends | concluded the Proposal is in | |
number of benefits to AOF | AOF Unitholders VOTE IN | the best interests of AOF | |
unitholders | FAVOUR of the Merger | Unitholders, in the absence | |
For | Resolutions | of a Superior Proposal | |
1. All references to Australian Unity Property Fund (AUPF) in this presentation assume the Proposal proceeds, which is subject to a number of conditions as detailed in the AOF Explanatory Memorandum, including the approval of AOF and DPF unitholders. There can be no certainty that these conditions will be satisfied or waived
3
Strategic rationale of the Proposal
only | The Proposal is expected to provide potential benefits to AOF unitholders | |
Key benefits to AOF unitholders | ||
use | ||
✓ Increased sustainability of income and distributions, with enhanced medium term prospects | ||
✓ Enhanced ability to execute value-add opportunities | ||
personal | ✓ Exposure to a larger and more diversified portfolio | |
✓ A new debt facility and improved access to capital | ||
✓ Increased relevance and liquidity with potential inclusion in additional ASX and global indices | ||
✓ Experienced management team guided by a majority independent Board | ||
For | Australian Unity managed with strong alignment of interests with unitholders | |
4
Creating a complementary portfolio, aligned with strategy
personal use only
Diversified Australian real estate portfolio with attractive WALE and high occupancy
Portfolio Metrics | Office | Multi-use (office/industrial) | Convenience and | Total portfolio | |||
and industrial | infrastructure retail | ||||||
AOF1 | AUPF2 | AOF1 | AUPF2 | AUPF2 | AOF1 | AUPF2 | |
Number of properties3 | 6 | 8 | 2 | 4 | 6 | 8 | 18 |
Portfolio value ($m) | 473.6 | 615.7 | 136.0 | 199.5 | 342.3 | 609.6 | 1,153.4 |
Weighted average cap rate (%) | 6.0% | 5.9% | 5.5% | 5.4% | 5.7% | 5.9% | 5.8% |
% of AOF/AUPF portfolio value | 77.7% | 53.2% | 22.3% | 17.2% | 29.6% | - | - |
Occupancy | 94.9% | 95.5% | 98.0% | 98.9% | 97.7% | 95.6% | 96.8% |
% of AOF/AUPF gross income | 82.5% | 59.4% | 17.5% | 15.9% | 24.7% | - | - |
WALE (years)4
2.62.6
AOFAUPF
3.4 | 4.8 | 10.5 |
AOF | AUPF | AUPF |
4.9 | |
2.7 | |
AOF | AUPF |
For
- AOF portfolio is based on 30 June 2021 book values and portfolio metrics, adjusted for acquisition of 96 York Street, Beenleigh and the proposed divestment of 32 Phillip Street, Parramatta
- AUPF portfolio is based on 30 June 2021 book values and portfolio metrics, adjusted for acquisition of 96 York Street, Beenleigh and the proposed divestment of 32 Phillip Street, Parramatta and 19 Corporate Avenue, Rowville
- Certain properties consolidated for reporting purposes, refer to appendix
- WALE means weighted average lease expiry in years, by gross property income as at 30 June 2021
5
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Australian Unity Office Fund published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 00:29:09 UTC.
