Multiplex Capital, the property funds management division of Multiplex Group, is pleased to announce the Multiplex European Property Fund (the Fund). This new Fund, a property trust to be listed on the ASX, represents a further step in growing Multiplex Capital’s stable of fund offerings.
The Fund offer is for A$184.45 million (at an issue price of A$1.00 per unit, paid in full on application), with distributions forecast at 8.5%1 (annualised) for the period from allotment to 30 June 2008, increasing to 8.7% for the financial year ending 30 June 2009. Distributions are forecast to be 65%1and 69% tax deferred, over the respective periods. In addition, Multiplex funds have a total interest of at least 20% in the Fund at allotment, providing a strong alignment of interest.
The Fund’s initial portfolio, consisting of an interest in 67 properties throughout Germany across retail, logistics, office and nursing home assets, has been purchased for €355.0 million (A$599 million), a 2.4% discount to the independent valuation of €363.6 million (A$614 million). The Fund’s investment mandate is to invest across Europe in all the main property asset classes.
Key features of the Fund’s initial portfolio include:
Multiplex Capital Management Limited will be the responsible entity of the new Fund, and will use its London based management team to identify assets to enable the Fund to grow.
Multiplex Capital is well placed to diversify the Fund into the broader European market with a demonstrated capability in Australia and a dedicated team in the UK. Multiplex Capital European Divisional Director, Kevin Murphy, said: "Europe offers many exciting investment opportunities.The Multiplex European Property Fund is well placed against this backdrop, offering investors the opportunity to gain exposure to a portfolio of properties throughout Europe with the objective of providing stable income returns with prospects of capital growth through a diversified property portfolio."
The launch of this Fund follows the successful listing of the A$671 million Multiplex Prime Property Fund in September 2006 and the launch of two open ended unlisted funds, Multiplex Diversified Property Fund and Multiplex Property Income Fund, in March 2007.
Offer Closes-20 June 2007 (or earlier if oversubscribed) 2
Investors should obtain and consider the Product Disclosure Statement ("PDS") for the offer in deciding whether the investment is appropriate for them and whether to acquire or hold Units in the Fund.
As described in the Product Disclosure Statement, investors should regard the Units as a medium to long term investment and should consider the risk factors set out in Section 8 of the Product Disclosure Statement before investing.
Further Information
You must read the PDS in connection with the National Privacy Notification and Financial Services Guide.
2 The Responsible Entity, Multiplex Capital Management Limited (ACN 094 936 866, AFSL 223809) in consultation with National Australia Bank Limited and Commsec, has the absolute discretion to extend or reduce the offer period.
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The information on this website has been made available to the recipient for information purposes only. It is not intended to be, and does not constitute a product disclosure statement, prospectus, short form prospectus or profile statement as those terms are defined in the Corporation Act. It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in the assets.
Units in the Multiplex European Property Fund (ARSN 124 527 206) will be issued by Multiplex Capital Management Limited (AFSL 223809) as Responsible Entity of the Fund. The Product Disclosure Statement (PDS) dated 20 April 2007 may be obtained as indicated above. The PDS details the terms of the offer of units as well as the various assumptions on which the forecast financial information is based. Prospective Investors should consider the PDS in deciding whether to acquire units in light of their personal objectives, financial situation and needs and seek their own advice before making any decision about whether to invest. Applications must be made by completing the application form in or accompanying the PDS. This website is not intended as personal advice and has been prepared without taking account of any investor’s investment objectives, financial situation or needs. Within 7 days of the date of the PDS, application will be made to the ASX for the Fund to be admitted to the official list and for quotation of the units. The Corporations Act prohibits the processing of applications in the 7 day period after the date of the PDS and this period may be extended by ASIC by up to a further 7 day period. It is expected that, subject to the approval of ASX, trading of units will commence on 3 July 2007.
Without limiting the foregoing, any forecast, budget, target, projection or other forward looking statement ("Projection") is provided for information purposes only and comprises management estimates of future prospects. As the achievement of any Projection as to results of subsequent trading is dependent upon future events, the outcome of which cannot be assured, the actual results achieved may vary materially from the Projection.
While every care has been taken in the preparation of this document, NAB makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any Projections. To the maximum extent permitted by law NAB expressly disclaim all or any liability which may arise out of the provision to, or use by, any person of the information contained in this email.
The information in this web page is of a general nature only. This web page has been prepared for the purpose of providing information only without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the full details set out in the Product Disclosure Statement which will be made available for the product and seek professional advice, having regard to the investor’s objectives, financial situation and needs.
Investment in the Units is subject to investment risk, including possible delays in payment and loss of income and principal invested. NAB is not responsible for and has not authorised the issue of the Product Disclosure Statement. No warranty or representation is given as to the accuracy or reasonableness of any matters contained in the Product Disclosure Statement. NAB have provided this information on the basis that each recipient will carry out and rely solely upon its own investigation and analysis.
NAB acts as lead equity arranger, joint lead manager and joint underwriter in relation to the Offer. NAB may also provide debt, treasury, and other services to the Fund or its controlled entities. These services are provided in various capacities as a third party. Any such services provided by NAB will be described in the PDS. NAB may act if necessary to protect its interests ahead of those of investors and other parties. In acting in its various capacities, NAB will only have the duties and responsibilities expressly agreed by it in the relevant capacity and will not, by virtue of acting in any other capacity, be deemed to hold any differing standard of care.
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