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  1. #1
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    Default Listed Property Trusts

    Skellmax Industries is dropping out of the sharemarket's top 50.

    The New Zealand Exchange said the rubber products company would be deleted from the NZSX 50 Index on May 2. Its place would be taken by Macquarie Goodman Property Trust which would also be added to the NZSX 50 Portfolio Index and the NZSX MidCap Index at Skellmax's expense. Skellmax will join the NZX SCI Index for smaller companies and Macquarie Goodman will be removed.

    Fundamentals : Macquarie Goodman Property Trust Ordinary Units

    Total Issue 341,691,679

    Market Capitalisation $392,945,431 (@ 115)

    Full Year Profit 16,569,000 (NZD)

    Earnings/Share 10.7900 cents

    Price/Earnings Ratio 10.6580

    NTA/Share 97.5800 (NZD) cents

    Dividend/Share 9.8000 (NZD) cents

    Dividend Yield 8.5%



    Funds that purport follow the NZ50 will have to buy some MGP so I predict a rise in the SP. In the last year the shares have gone from 1.02 to 1.15 which is hardly spectacular. However, if they have paid 8.5% dividend over that time then that's 20%.

    Does anyone think this trust might be worth investing in?
    Last edited by STMOD; 26-05-2016 at 07:39 PM. Reason: original title out of date
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  2. #2
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    to rmbbrave:
    There's plenty of discussion about MGP on the existing thread - 'MGP - is it a good stock?', as recently as last Friday.
    I'm a happy holder and have just acquired a further 8000 units.

  3. #3
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    Safe as houses but bargains hard to find

    05.04.06
    By Anne Gibson


    Rental growth will slow and capitalisation rates and asset values become more stable in the listed property sector, an analyst forecasts.

    Mark Lister, of ABN Amro Craigs, said he was generally optimistic about the property market's underlying fundamentals in the coming year but was predicting a slight change.

    "We expect growth in asset values to slow down, although the weight of capital globally that is destined for low-risk assets is likely to keep prices supported at current levels," he said.

    "We do not expect to see steep increases in net tangible assets and revaluations that we have over the last few reporting periods, although in particular Kiwi Income Property Trust and ING Property Trust are likely to report strong gains, with their valuations looking particularly dated."

    He is picking a 10 per cent total return from the sector, with the majority coming from dividends, not unit or share price rises.

    The sector could take further heart from a Treasury forecast which said that by 2010, the NZ Super Fund would have invested $2.4 billion in property - a significant portion of it domestically.

    Lister ranked the sector by total returns and found Calan Healthcare Properties Trust the standout performer.

    "Arguably it came off the lowest base, with a significant number of non-yielding asset sales which led to the market re-rating Calan," he said of the trust, whose management has been sold to ING.

    He also predicted that ING would eventually merge Calan into its existing property trust.

    Second-best performer was Property For Industry which Lister said reflected the excellent fortunes of the industrial sector in which it specialised.

    The company had a "brilliant" track record, organic growth opportunities and a low risk profile.

    "However as with most quality companies, PFI is expensive. Its current yield is below the sector average at 6.4 per cent and it trades at a 13.9 per cent premium to NTA, although it has historically always traded at a premium of around 10 per cent. At $1.31, PFI is well above our valuation of $1.16 and as much as we like the stock, it is difficult to justify at these levels."

    Lister said Macquarie Goodman Property Trust provided a cheaper exposure to the industrial market but its portfolio was still dominated by office assets, in spite of its industrial tag.

    Ground leases and rental guarantees attracted a higher-risk profile too.

    ING appeared to be one of the only value opportunities in the sector.

    "We regard ING's office and retail portfolio as lower quality than other listed property trusts such as Kiwi and AMP Property Trust, so in a slowing economy, ING's tenants will run into trouble first and with demand likely to fall away earlier it does deserve a slightly higher risk profile," Lister said.

    AMP was an attractive stock for investors who are non-taxpayers because of its low imputation of dividends. It had an element of under-renting in its portfolio so there was potential for some upside for rental growth over the coming years.

    National Property Trust is the only stock Lister recommends selling, citing asset value writedowns, high gearing, dividend cuts and badly managed developments which had all plagued the trust.


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  4. #4
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    Macquarie Goodman Property profit lifts 98 per cent

    11.05.06 4.00pm


    The country's second biggest listed property investor, Macquarie Goodman Property Trust (MGP), today reported a 98 per cent rise in full year profit, driven by major acquisitions.

    The trust reported a net profit after tax of $35.1 million for the year to March 31 compared with a $17.7 million profit the previous year.

    A further gain of $27.8m was made after a revaluation of the company's portfolio of office and commercial buildings.

    MGP's assets jumped from about $500m to just under $1 billion during the year after it acquired a portfolio of industrial and business properties from its cornerstone unit holder, Australia's Macquarie Goodman Group.

    That made it the second-biggest listed property investor on the NZX, after Kiwi Income Property Trust, with a market capitalisation of $623m.

    Total operating revenue jumped 145 per cent to $53.2m, due largely to the $300m purchase of Macquarie Goodman's assets in March this year.

    MGP chief executive John Dakin said the trust would continue to invest in high-quality investment properties.

    "While business growth is expected to slow over the short term, the industrial and business space sectors continue to experience strong occupier demand," he said.

    MGP units last traded down 2c at $1.25 against a year high of $1.28 and a low of $1.15.

    Since balance date, MGP has bought two warehouse and manufacturing properties from media group APN for $21m in a sale and leaseback deal.

    - NZPA
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  5. #5
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    quote:Originally posted by Lawso

    to rmbbrave:
    There's plenty of discussion about MGP on the existing thread - 'MGP - is it a good stock?', as recently as last Friday.
    I'm a happy holder and have just acquired a further 8000 units.
    Comrade Lawso,

    I like these property trusts.

    I have a few MGP, a few ING and a few PFI.

    I used to have CHP too but not now.

    They are fun to buy on dips and sell on peaks. Even if you fu(k up and buy too high in a few months every thing works out anyway.

    They seem to be much of a muchness so I'd like to keep 'em together if you don't mind.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
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  6. #6
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    Commercial property on roll
    04 June 2006
    By GREG NINNESS

    Spectacular capital gains booked by many listed property vehicles have been a notable feature of the recent commercial property market.


    In many cases the revaluation gains of the past 12 months have been at record levels. Many property-based trusts and companies made a bigger profit from the increasing value of their assets than they did from the rental income those assets produced.

    But can the good times last?

    Commonsense suggests that such high capital gain rates must inevitably slow. And if they do, what effect could that have on share and unit prices.

    Because capital gains are a paper profit they do not directly affect the dividends paid by most listed property vehicles. However they do underpin their share or unit prices.

    One effect of a substantial gain in the value of a company or unit trust's assets is to lift its net tangible asset (NTA) backing per share.

    Share or unit prices for property-based investment vehicles tend to follow movements in NTA. If they don't, the vehicle can become a target for corporate raiders with an eye on buying it cheaply and flogging off its assets for a quick profit.

    Rising asset values also strengthen the balance sheet and can reduce debt ratios or increase the capacity of a business to make further acquisitions.

    Provided the company or trust's managers get their sums right, this can lead to growth in future earnings, which also encourages a higher share price.

    So it is not surprising that the share and unit prices of the investment vehicles in the accompanying table have grown at a far greater rate over the past two years than their dividends. They have been substantially fuelled by exceptional increases in underlying property values.

    The large listed property vehicles generally own buildings occupied by blue chip tenants on long-term leases. This means that changes to their rental income and the effect this could have on their ability to pay a dividend can usually be forecast with a fair degree of reliability.

    Not so changes in asset values and the flow-on effects this can have on share and unit prices. Fund managers and analysts are usually reluctant to make predictions on this.

    "I think the size of the (revaluation) increases will slow, nevertheless we'll still get growth," was as specific as Kiwi Income Property Trust's chief executive, Angus McNaughton, was prepared to be. His counterpart at Macquarie Goodman Property Trust, John Dakin, was even more circumspect.

    "We're not in the business of making forecasts," he said.

    One person prepared to make a forecast was Zoltan Moricz, the research director at CB Richard Ellis.

    Moricz is revising his outlook for the property market downwards as a result of falling business investment.

    "Falling business investment will directly impact on the occupier side of the property market through lower net (space) absorption as businesses become reluctant to invest in extra capacity. As a result, our underlying occupier demand forecasts over 2006 and 2007 have softened," he wrote in a market report.

    The report is not all doom and gloom. Moricz still sees growth occurring but at a lower rate. And there will be sharp differences in how different types of properties perform.

    In the CBD, Moricz said capital growth was likely to average 5% a year over the next five years for prime office buildings at the top of the market.

    At the bottom of the market, C-grade office buildings were likely to show almost no capital gain over the next five years, with Moricz predicating average annual price increases of just 0.2%.

    He believes the industrial market, one of the hottest sectors of the past few years, will also cool.

    He is picking prime industrial buildings to provide average annual capital growth of 3.2% over the next five years while secondary industrial buildings will average 2%.

    The high performing retail sector will also slow, with capital gains likely to range between 1.3% to 3.4% a year.

    If Moricz
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  7. #7
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    Caveat Re ING Property Trust (don't know if the same things need to be looked out for on others or not as I haven't held any others...)

    READ THE FINE PRINT

    They are quick to point out the increases in holdings, massive earnings growth, record revaluation gains etc... but if you look more closely the real drivers behind this are additional units issued, and as a result (of dilution) the earnings per unit are strongly diminishing. The earnings per unit you will only find it buried in the depth of the notes appended to the financial statements. ING had been issuing additional units (at a discount no less) to institutional buyers including their parent company. They are now also issuing units to all shareholders, also at a slight discount. Moral of the story: it is easy to issue new units, buy more buildigs, management rights etc. and proclaim to be growing but the truth is if the eps is declining as a result, they are buying growth at too high a price....! However, in their defence they have had reasonable returns over the last few years and have a strong yield so will be popular for some...

    Disc

    NZX: PPL / RYM
    ASX BPC / RPC / FXJ





  8. #8
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    Have a look at this National Property Trust discussion.
    om mani peme hum

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    What is the general opinion of CHP as an investment and, of more interest to me, a trading stock? It seems to have followed a trendline quite nicely for the past year, hitting it bang on 5 times and almost touching it multiple other times. It also seems relatively volatile.

    What can be made from this chart? I'm curious to know what the big "spike" back in Feb-&gt;Mar-&gt;Apr this year was?


  10. #10
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    Bureaucrats boost building boom
    18 June 2006

    Commercial property is getting a lift as state departments move into state-of-the-art buildings in the heart of the capital. Greg Ninness reports.


    Wellington property investors have the government to thank for surging profits as a ballooning bureaucracy pushes demand for floor space to new heights.

    In the past year, the public sector has occupied an additional 28,000sq m of floor space in Wellington. Since 2001, the extra space occupied is 100,000sq m, a report by valuer TelferYoung has found.

    That has underpinned a boom in Wellington's commercial property market and generated extraordinary profits for investors.

    The Property Council says total returns (income plus capital gains) from Wellington CBD office buildings were 21.6% last year and 20.5% in 2004.

    There was no debate about the reason, said Rohan Hill, a commercial leasing specialist with Bayleys in Wellington.

    "It's been underpinned by growth in the government sector, there's no question about that."

    AdvertisementAdvertisementThe government sector now occupies nearly 40% of the office space in Wellington's CBD and the ongoing expansion of the public service is creating continuing demand from government departments looking for more space.

    The bureaucracy factor is expected to keep Wellington's commercial property market booming for at least the next two years.

    The State Services Commission says the number of bureaucrats employed in the core public service, the 37 ministries and departments under direct ministerial control, grew by 29% between 1999 and last year.

    The commission figures relate to the true administrative heart of government activity because they exclude people working for state-owned enterprises such as NZ Post and those working in semi-autonomous arms of government such as the police and armed services.

    They would include staff working for the Ministry of Health, but exclude employees of public hospitals. Similarly, they would include staff employed by the Ministry of Education, but exclude those working in schools. As well as having to accommodate the extra staff, government departments have been significantly improving the standard of their premises over the past few years and many now occupy some of the most valuable office buildings in the country.

    Hill has observed the march of the mandarins into the CBD over the past two decades.

    "Twenty years ago when I first started working in commercial property, you would go into the oldest and hardest-to-lease buildings and you would find a government agency there," said Hill.

    "Today you go into the better grade, newer buildings in town and you find a government agency. There's been a total change in the environment that the government provides for its staff."

    Last month, Wellington's largest government sector landlord, Capital Properties, which was the subject of a hostile takeover by AMP Property Portfolio last year, posted a net profit of $101.9 million - including an increase of which $84.7m came from a 13.6% rise in the value of its property portfolio. This followed a $79.1m revaluation gain last year.

    Last week, AMP NZ Office Trust, which owns some of Wellington's largest government buildings, announced a revaluation gain of $126m on its portfolio.

    In a statement to the stock exchange the company said: "ANZO's investment in the Wellington market in recent years had resulted in very strong returns for unitholders. Mayfair House, acquired in September last year for $29.3m, was now valued at $35.3m, representing a total return of 26% for the nine-month period."

    As well as the need to accommodate more staff, several other factors are driving government agencies to upgrade their premises.

    TelferYoung's research manager Philip Tomlinson said government departments had to compete with the private sector to attract and retain qualified staff. This meant they had to provide high-quality work environments in good locations.

    "So there's been a been a significant improvement in th
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  11. #11
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    13 Jun 2006 09:10
    FORECAST: APT: Strong rental growth drives $126m revaluation gain for ANZO

    Strong rental growth drives $126 million revaluation gain for AMP NZ Office
    Trust

    Growth in office rentals has been the major driver for a $126 million
    portfolio revaluation gain announced today by New Zealand''s largest listed
    investor in prime commercial office property, AMP NZ Office Trust (ANZO).
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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  12. #12
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    So what is going on at KIP?
    They are steadily moving up. Closed at 139 today.
    Have we another CNZ in the making?

  13. #13
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    Asset backing per share in annual report was $1.44 including the recent 5c dividend. That divi has now been paid so n.a.v. falls to $1.39. Stock is pretty fairly valued at these levels, the big question is will rents keep rising and yields keep falling to boost the shareprice even further ??
    nelehdine

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    Property trust snaps up half of industrial park
    12 July 2006

    Listed property vehicle ING Property Trust is to unconditionally buy a 50 per cent stake in property company North East Industrial Ltd (Neil).


    Neil owns 70 ha of industrial and commercial-zoned land in Palmerston North, known as the North East Industrial Park.

    ING says it expects to receive an 8 per cent return on the 44.5ha of undeveloped land from the vendors until new buildings are completed and producing an income.

    http://www.stuff.co.nz/stuff/0,2106,3728688a13,00.html
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
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  15. #15
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    Ezibuy opens $10m centre
    12 July 2006
    By SUE ALLEN

    Mail order company Ezibuy has opened a $10 million distribution centre in Palmerston North, the biggest in the Southern Hemisphere.

    http://www.stuff.co.nz/stuff/0,2106,3728700a13,00.html
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
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  16. #16
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    Caesius,

    I'm curious to know what the big "spike" back in Feb-&gt;Mar-&gt;Apr this year was?

    It was an aborted takeover (by ING I think)
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
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  17. #17
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    In Palmy ING Property trusts
    16 July 2006
    By GREG NINNESS

    ING Property Trust expects its newly acquired industrial estate in Palmerston North to be worth $300 million when it is finished in about seven years.


    The trust has taken a 50% stake in North East Industrial Ltd, which owns the partially developed 70ha estate.

    ING Property Trust managing director Andrew Evans said the trust would pay $20m for its share of North East Industrial, which would be run as a joint venture with North East Industrial's founders, Uruguay-based brothers Frederico and Jose Chamyan.

    The Chamyan family is one of Uruguay's wealthiest, with extensive pastoral land holdings and a tannery business that employs more than 500 staff.

    The brothers bought the land on the outskirts of Palmerston North several years ago and began developing it into an industrial estate. Their interests in this country have been managed by Palmerston North businessman Paul Barris, who will continue to represent them in the North East Industrial joint venture.

    The project will be the first time the trust has entered into a joint venture arrangement and this has netted it a considerable prize.

    A scarcity of industrial land in Wellington has made Palmerston North an increasingly attractive base for companies requiring large format premises from which to distribute goods around the lower North Island.

    AdvertisementAdvertisementThe city's central location on the main trunk rail line is also attractive to major logistics companies looking to build large and efficient warehousing operations.

    Grocery giant Foodstuffs has acquired a 10ha site adjacent to North East Industrial's Palmerston North estate on which it intends to build a new distribution centre to replace its existing facility in Wellington.

    Currently, there are two fully developed properties on the estate. An enormous 27,000sqm distribution and administration centre for mail order retailer Ezibuy, which opened last week, and a recreation centre that includes a golf driving range and bowling alley. These are currently providing average yields of around 9.5%.

    A new head office and distribution centre for livestock management systems supplier Allflex is also under construction.

    This leaves about 44.5ha yet to be developed.

    Evans said new developments within the estate would only be undertaken on a design and build basis once tenants had committed to them.

    In the meantime, as part of the deal, the Chamyans have agreed to pay the trust holding income equivalent to a gross yield of 8% on its half share of the value of any undeveloped land, until it is developed and tenanted.

    This arrangement would continue indefinitely and Evans said no deadline had been set on completing the estate, but he hoped it would be finished within seven years.

    All development costs would be capitalised for each property within the estate.

    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
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    The information you need is not the information you can obtain.
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  18. #18
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    quote:Originally posted by rmbbrave

    Caesius,

    I'm curious to know what the big "spike" back in Feb-&gt;Mar-&gt;Apr this year was?

    It was an aborted takeover (by ING I think)
    The zing has totally gone for shareholders in Calan Healthcare Property Trust, which was set up to own hospitals and related facilities and lease them to medical people. Calan's share price has gone nowhere after hopes of a takeover at up to $1.55 according to an independent valuation were dashed by some slick footwork. To almost universal surprise, property group ING, which had offered $1.21 a share, suddenly withdrew the offer. They instead paid between $7 million and $20 million for its lucrative management contract. This gave them effective control, largely removing any takeover premium.

    http://www.stuff.co.nz/stuff/0,2106,...2a1865,00.html
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  19. #19
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    ANZO rides high on property demand
    04 August 2006
    By ADRIAN BATHGATE

    AMP New Zealand Office Trust has clocked up the best result in its nine-year history as it reaps the rewards of massive demand for prime commercial property.


    Executive manager Robert Lang said the $36 million net profit for the year to June and $126 million in portfolio growth represented its best all-round performance since listing in 1997.

    "We've had strong performances everywhere, from valuation, investment projects, acquisitions, leasing and rent reviews."

    He is now looking for that profit growth to be maintained as just over half of ANZO's assets will be up for rent review in the next two years.

    Mr Lang said the net profit growth of 4.4 per cent and dividend growth of 2.25 per cent is "a good minimum return profile that we think is capable of being delivered in the future".

    ABN Amro analyst Mark Lister said the under-renting in the portfolio was a "key positive". "It will underpin dividend growth over the next couple of years as they go through the rent review process."

    Mr Lang said it was "critical" that future returns had been "de-risked" thanks to a low number of leases expiring, a lot of rent reviews, and well-hedged interest rates.

    ANZO's portfolio of a dozen properties concentrates on prime office space in Wellington and Auckland, and its last revaluation pushed it over the $1 billion mark in assets. Net assets per share grew 21 per cent to $1.21.

    It has just completed the $33 million development on No 1 The Terrace and is now looking for its next project. It has at least $150 million it could spend on either buying or developing property.

    The growth in its portfolio value has seen the debt to asset ratio drop to 30 per cent
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  20. #20
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    In the last 3 years the SP has gone from 0.80 to 1.14 - about 10% a year.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

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