360 Capital Havelock House Property Trust
strategy
- Performance - The performance of the Trust is determined by macroeconomic factors such as the health of the economy, interest rates and the strength of the Perth commercial property markets; asset management success in the underlying property as well as capital and Fund management initiatives.
- Forecast FY2012 distributions - of 9.40cpu are unchanged on the previous year reflecting the fixed rent review structure in the lease and represent a 9.4% distribution yield on original equity.
- Trust expiry in May 2012 - In accordance with the Trust's constitution, the Trust’s term is due to expire in May 2012. In view of the Trust’s termination date and co-terminus expiry of the Trust’s debt facility, the Responsible Entity has proactively sought alternate finance providers to refinance the Trust for a further period beyond the termination date. Whilst the property’s fundamentals remain solid, the Trust has been unable, to date, to source an alternative financier due to the specific lease clause that limits disclosure of the tenant’s income performance. Therefore, a new strategy to sell the Property and windup the Trust will be implemented. Unitholders will be kept informed as to the progress of the sale and windup process, however it is expected the process may take several months depending on market conditions.
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