New Enterprise Property Syndicate
as at 30 June 2010
The New Enterprise Property Syndicate comprises three properties:
- 407 Pacific Highway, Artarmon, NSW
- Cove Hill Shopping Centre, Bridgewater, TAS
- Mundaring Shopping Centre, Perth, WA (sold 30 July 2010)
407 Pacific Highway, Artarmon is prominently located in an established commercial and residential suburb of northern Sydney approximately 8km by road from the Sydney GPO and 14km from Sydney Airport.
Cove Hill Shopping Centre is located at Bridgewater, a residential suburb approximately 20km northwest of Hobart's CBD and within the Local Government Area administered by Brighton Council. The Centre is situated on the northern side of East Derwent Highway and the main concentration of residential development is south of the Centre.
Mundaring Village Shopping Centre is located in an outer eastern suburb of Perth, approximately 30km by road from the Perth CBD. Mundaring is centrally positioned within "the hills" region of Perth and is an attractive, rural/semi rurual environment servicing the local area. This property was sold on 30 July 2010. The proceeds of sale will be used to repay debt and complete capital works and upgrades at Cove Hill Shopping Centre and the office building at 407 Pacific Highway, Artarmon.
An update on the progress of the Syndicate can be found in the latest edition of Viento Insider News.
Applications
|
Fully Subscribed
|
| Income Distributions |
Paid Quarterly (suspended)
|
| Distribution Reinvestment |
Not Available
|
| Minimum Withdrawal |
Not Available
|
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Syndicate Structure
|
Fixed Term
|
Start Date
|
June 2004
|
| End Date |
June 2012 |
| Units on Issue |
22,650,000
|
Portfolio Purchase Price
|
$48,105,000 |
| Number of Properties |
3 |
| Occupancy Rate |
65% |
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| Financial Institution |
AXA
|
| Loan Amount |
$31,300,000 |
| Term of loan (years) |
Expires 31 December 2010
|
| Gearing Ratio1 |
62% |
| Loan to Value Ratio (LVR) |
Compliant |
| Current Interest Rate |
7.9% |
Interest
|
100% Variable
|
| Interest Cover2 (Times) |
1.45 |
| Interest Times Cover Ratio (ITCR) |
Compliant |
1 Calculated in accordance with ASIC's Regulatory Guide 46. The gearing ratio indicates the extent to which a scheme's assets are funded by external liabilities.
2 Calculated in accordance with ASIC's Regulatory Guide 46. The interest cover indicates a scheme's ability to meet interest payments from earnings. Note that the interest cover formula defined by ASIC is not the interest cover related formula (interest times cover ratio) adopted by our financiers.
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- The Net Tangible Asset value (NTA) is an indication of the value of the collective properties in the Syndicate, including acquisition costs. It does not include sale costs.
Financial Year
|
Unit Price
|
NTA |
2009/2010
|
1.00
|
0.81
|
| 2008/2009 |
1.00
|
0.65
|
2007/2008
|
1.00
|
1.09
|
| 2006/2007 |
1.00
|
1.19
|
2005/2006
|
1.00
|
0.95
|
2004/2005
|
1.00 |
0.98 |
2003/2004
|
1.00 |
0.86 |
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Distributions are currently suspended.
Historical Distributions
Financial Year
|
Cents Per Unit (CPU)
|
Return %
|
Taxable Component
|
| 2003/2004 |
0.65 |
8.11% |
75% Deferred
|
| 2004/2005 |
8.50 |
8.77% |
78% Deferred |
2005/2006
|
8.88
|
9.17% |
100% Deferred |
2006/2007
|
9.50 |
9.84% |
75% Deferred |
| 2007/2008 |
9.25 |
9.58% |
78% Deferred |
| 2008/2009 |
1.38 |
1.38% |
28% Deferred |
| 2009/2010 |
0 |
0 |
NA |
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Note: The RG 46 for the New Enterprise Property Syndicate will be updated when the July 2010 financial accounts are finalised in mid-August 2010.
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