News Archive 2007

MacarthurCook Lists Industrial Property Fund
- 5 December 2007

MacarthurCook Fund Management Limited is pleased to announce that stapled securities in the MacarthurCook Industrial Property Fund (“the Fund”) will commence trading on the ASX (ASX: MIFN and MIFS) on Wednesday 5 December 2007.

The listing follows approval by unitholders on 26 November 2007 of the listing and capital raising.

The public offer raised an additional $29.7 million for the Fund. The Fund has an initial forecast distribution yield of 8 per cent and a forecast initial tax advantaged component of 66 percent. Commonwealth Securities Limited was the Lead Manager and Underwriter of the Offer.

Research firm Aegis has assigned the Fund a Recommended rating and valued the stapled securities at $1.16.

MacarthurCook Managing Director, Mr Craig Dunstan, said the restructure and listing of the Fund would provide unitholders with greater liquidity, an increased investor base, a reduced fee structure and improve the Fund’s ability to raise further capital.

“These factors will facilitate the expansion and diversification of the investment portfolio and increase the opportunity for refurbishment and redevelopment of existing properties,” said Mr Dunstan.

Mr Dunstan said the listed Fund will also seek exposure to overseas industrial property markets, beginning with a $15 million investment in the MacarthurCook Industrial REIT (SGX: MacCookREIT) which owns 22 high quality industrial properties located in the Asian industrial hubs of Singapore and Japan.

Click here to read full article.

MI-REIT pays $29.2m for Japanese warehouse
- 27 November 2007

MacarthurCook Industrial REIT (MI-REIT) is making its maiden foray into Japan, after purchasing a property there and forging an alliance with a Japanese asset management firm.

MI-REIT said that it will pay $29.2 million for the Asahi Ohmiya warehouse. The property was recently valued at this amount by independent property valuer CB Richard Ellis.

Located in Saitama, the property is a purpose-built, four-level warehouse with an ancillary three-storey office building, currently used as a distribution centre for pharmaceutical products.

MI-REIT also formed an alliance with Atlas Partners Japan (APJ), to which it will outsource the asset management of the property acquired.

APJ is a specialist in Japanese real estate fund and asset management for global institutional investors and its assets under management are worth more than US$740 million as at Oct 31.

In return, APJ will source for acquisition opportunities and provide asset management support for other properties acquired in Japan.

MI-REIT said that the Japanese real estate market will now be its 'second most important market outside of Singapore', even though it will continue to focus on growth within the Singapore market.

Over time, it expects 20 per cent of its portfolio to be located in Japan, while Singapore assets will take up 50 per cent. The rest is expected to be spread across other major Asian industrial property markets.

MI-REIT expects the acquisition to be completed next month, adding that it will be accretive to the trust's distribution per unit (DPU).

The pro forma financial effects include an additional 0.06 cents per unit - representing a 0.79 per cent rise from the forecast FY08 DPU of 7.41 Singapore cents per unit, plus another 0.06 cents per unit in FY09, or a 0.75 per cent increase from the forecast DPU of 7.59 cents.

The property will also contribute to the trust income's stability through enhanced tenancy and property diversification.

Exposure to MI-REIT's largest tenant, UE Tech Park, is reduced from 31.6 per cent to 29.8 per cent of portfolio income.

MI-REIT intends to finance the acquisition wholly with debt, given the relative lower cost of borrowing in Japanese yen.

2007 Annual Reports

Click here to review MCK Annual Report
Click here to review MPS Annual Report
Click here to review MSAS Annual Report

MacarthurCook acquires Jurong East business park for S$91m
- 27 August 2007

SINGAPORE : MacarthurCook Industrial REIT has made its first acquisition since listing on the Singapore Exchange.

It is buying a business park complex in Jurong East from Eurochem Corporation for S$91 million in a sale and leaseback arrangement.

The acquisition, funded fully by debt, will increase the size of MacarthurCook's portfolio to S$407 million.

Eurochem will sign a lease for 10 years with an option to extend for another five years.

The lease will start from the date of completion, which is scheduled for December 2009.

Eurochem is a Singapore-based company operating in the petrochemical sector. - CNA/ch

MacarthurCook Property Securities Fund Renounceable Rights Issue
- 11 September 2007

Click Here to view MPS Rights Issue Document

The Directors of MacarthurCook Fund Management Limited (the “responsible entity”) are pleased to announce a 1 for 3 Renounceable Rights Issue (the “Rights Issue”) for holders of units in the MacarthurCook Property Securities Fund (the “Fund”).

The Issue price for new units issued under the Rights Issue will be A$1.05 (S$1.32, calculated using the Australian-Singapore exchange rate of as at 1.2610, which was the exchange rate as at 7 September 2007).

The Rights Issue will be available to unitholders who are resident of Australia, New Zealand, or Singapore as at the Record Date.

The Rights Issue seeks to raise up to A$51.08 million before expenses. Proceeds from the raising will be used to repay debt. However, the Fund will redraw debt in order to take advantage of attractive investment opportunities as they arise.

MacarthurCook Fund Management Limited (in its personal capacity) will underwrite any shortfall in the subscription for New Units under the Rights Issue at the Australian Issue Price of A$1.05, up to a maximum subscription of 4,761,905 New Units, for an underwriting fee of $50,000 (plus any applicable GST). Therefore, the minimum subscription amount under the Rights Issue will be A$5 million (subject to the terms of the underwriting agreement).

The Rights Issue will enable investors in the Fund to increase their unitholding at a potential discount to the prevailing market price of the Fund's units, without incurring transaction charges such as brokerage. New units issued under the Rights Issue will rank the same as ordinary units of the Fund. New units will not be entitled to the distribution for the period ending 30 September 2007, as they will be issued after the record date for that distribution, but will be entitled to the distribution for the period ending 31 December 2007 and to all distributions after that date.

Click here to view full article.

MacarthurCook Office Property Trust sells North Sydney asset
- April 2007

International real estate investment manager MacarthurCook Limited today announced that the MacarthurCook Office Property Trust (“the Trust”) had sold its North Sydney asset in an “off market” transaction to LIF Pty Ltd Fund for $69.6m. The parties concluded a simultaneous exchange and settlement last evening. The sale price reflects an initial yield of 6.35 per cent, with Chesterton International representing MacarthurCook.

Click here to view full article.

Pan-Asian MacarthurCook Industrial REIT receives strong interest from institutional and retail investors
- April 2007

• IPO is 3.3 times subscribed by institutional investors and the Singapore public
• Garners support from major institutional investors from Asia, Europe and Australia
• Units are expected to trade on Mainboard of the SGX-ST at 2.00 pm on 19 April 2007

9 April 2007 - MacarthurCook Industrial REIT (“MI-REIT”) today announced that its initial public offering (“IPO”) of 247,330,000 units (“Units”) at an offering price of S$1.20 per Unit (the “Offering Price”) has attracted strong interest from institutional and retail investors.

MI-REIT’s invitation comprised an international placement of 239,830,000 Units (the “Placement”) to institutional and other investors, and 7,500,000 Units for public subscription (the “Public Offer”).

Click here to view full article.

MacarthurCook launches inaugural Art Award
- April 2007

International real estate investment manager MacarthurCook is delighted to announce the creation of its new Art Award.

This acquisitive award offers $15,000 for the winner, with prizes of $5,000 and $3,000 for second and third places.

As a young company committed to innovation, MacarthurCook understands the difficulties involved in heading out in your own direction.

That’s why we have established this award, in the hope that it will inspire and encourage artists as they undertake their creative journeys.

The theme we have chosen for the inaugural award is: “Depict the role of real estate in society”. We believe this is a broad topic that allows artists to use their interpretive and creative skills to bring to life an area of great importance for many people.

Entries close 30 June 2007.

Click here to download entry form.

Pan-Asian MacarthurCook Industrial REIT launches S$296.8 million IPO
- 12 April 2007

• Offering of 247,330,000 units at an offering price of S$1.20 per unit (the “Offering”)


• Annualised distribution yield of 6.18(1)% in Forecast Year 2008(2) and 6.32(1)% in Projection Year 2009(3)


• Opportunity to invest in Asia’s high growth industrial sector

MacarthurCook Investment Managers (Asia) Limited, as manager (the “Manager”) of MacarthurCook Industrial REIT (“MI-REIT”), today launched its initial public offering (“IPO”) of 247,330,000 units (“Units”) at an offering price of S$1.20 per Unit (the “Offering Price”) in conjunction with its proposed listing on the Mainboard of Singapore Exchange Securities Trading Limited (the “SGX-ST”).

UBS AG, acting through its business group, UBS Investment Bank (“UBS”), is the Sole Financial Advisor and Global Coordinator for the Offering. UBS and The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) are the Joint Lead Underwriters and Bookrunners (the “Underwriters”), while HSBC Institutional Trust Services (Singapore) Limited is the trustee of MI-REIT. UOB Asia Limited is the Coordinator of the Public Offer.

Click here to view full article.

MacarthurCook Asian Real Estate Securities Fund Initial Public Offering
- 22 February 2007

This offer opens on 5 March 2007

On 21 February 2007, a copy of the Product Disclosure Statement (PDS) for the offer of up to 80 million stapled securities at $1.00 per stapled security in the MacarthurCook Asian Real Estate Securities Fund (the Fund) was lodged with the Australian Securities & Investments Commission. The responsible entity of the Fund is MacarthurCook Fund Management Limited, a wholly owned subsidiary of MacarthurCook Limited.

The Fund will apply to be listed on ASX Limited (ASX) and aims to provide investors with the opportunity for long term capital growth as well as income. The Fund will provide investors with exposure to Asian real estate markets through investment in a broadly
diversified portfolio of Asian real estate securities, including Real Estate Investment Trusts (REITs) and property companies. Asian real estate securities markets that the Fund intends to target include Japan, Hong Kong, Singapore, China, India, Malaysia, Thailand, the Philippines, South Korea, Taiwan, Vietnam and Indonesia.

The Fund further provides investors with exposure to the broader characteristics and trends occurring across the Asian region, including:

• Strong economic growth rates;
  
• High personal savings rates which should, in part, be invested into real estate;
  
• The increasing number of REITs; and
• The continuing adoption of laws that establish and regulate REITs,

all of which is expected to translate into rising demand for real estate and increased real estate values.

Click here to view full article.

Click here to view product disclosure statement.

MacarthurCook to launch Asian Real Estate Securities Fund
- 1 February 2007

The Fund will invest in Asian real estate companies and real estate investment trusts (“REITs”). It is designed to provide Australian investors with the opportunity for long-term capital growth, as well as income, by investing in a diversified portfolio of Asian real estate securities.

MacarthurCook will apply to have the Fund listed on the Australian Stock Exchange. The Fund will seek to raise up to A$100 million by way of public offer, part underwritten by Citigroup Global Markets Australia Pty Limited and Bell Potter Securities Limited.

Mr Craig Dunstan, Managing Director of MacarthurCook Limited said, “We expect Asian real estate values to continue to grow strongly, driven by robust GDP growth and high savings rates across Asia. REIT laws continue to develop throughout the region, increasing the attractiveness of Asian real estate as an investment.
“The Fund will provide a unique opportunity for Australian investors to obtain access to the growing Asian real estate securities market.

“MacarthurCook has a proven track record in managing Asian real estate investments and, with its strong investment team and experienced Board of Directors, is very excited about this new opportunity for investors”.

Click here to view full article.