ABACUS GROUP — Fund Information / Factsheet 2008

Aug 26, 2008

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property book september 2008

Abacus Property Group is a diversified listed A-REIT included in the S&P/ASX 200 Index (ASX code ABP).

Abacus specialises in investing in property-based assets and actively managing those assets to enhance income and capital growth.

As at 30 June 2008, Abacus had total assets under management of $2.4 billion. 130 investment properties accounted for $1.78 billion of this total, which includes properties owned by Abacus and properties owned by Abacus funds. This book describes these investment properties.

In addition, Abacus holds interests in a number of properties through joint ventures. The value of this development pipeline brings total assets under Abacus control to almost $3 billion.

Further information on Abacus’s activities is available from our website www.abacusproperty.com.au

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Abacus Property Group Abacus Hospitality Fund Abacus Storage Fund Abacus Diversified Other funds
Income Fund II
70 properties valued at 8 properties valued at 30 properties valued at 3 properties valued at
$932 million $300 million $216 million 22 properties valued at $150 million
$183 million
Other property-based
investments $715 million Other property-based
investments $34 million
Joint ventures end value
approximately $800 million
02 property book september 2008
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Our investment philosophy

Abacus’s disciplined property selection process maintains a firm focus on fundamental real estate value. Our experience has shown that strict adherence to our fundamental investment criteria provides opportunities for outperformance while minimising downside risk to equity.

Our investment objective is to provide our investors with reliable and increasing returns.

In particular, we seek property assets that provide:

• recurring rental income; and • prospects to enhance returns through active management.

Abacus builds investor value

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Acquire assets with Actively manage Crystallise capital
strong property assets to achieve gains at appropriate
Reinvest the proceeds
fundamentals and growth points in the cycle
prospects for income through sale or
and capital growth syndication
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www.abacusproperty.com.au

As at 30 June 2008, Abacus Property Group had a total of $931 million in property assets on the balance sheet. This total is made up of the principal investment property portfolio and properties acquired for future funds.

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Sector Book value
$ million
Principal investment portfolio Diversified 596.01
Additional small properties see page 18 Diversified 140.55
Additional storage assets see page 20 Storage 94.56
Abacus Retail Property Trust see page 8 Retail 81.76
Abacus Fern Bay Fund see page 40 Home park 19.56
932.44
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Abacus Property Group also owns approximately $32 million of property assets classified as property, plant and equipment, including a portfolio of budget accommodation properties in New Zealand and two pubs in NSW.

In addition, Abacus holds interests in a number of properties through joint ventures accounted for using the equity method. The largest of these is Virginia Park, where Abacus’s interest is valued at over $51 million.

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property book september 2008

The following properties make up the principal investment property portfolio.

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Property State Sector Book value, $ million
Ashfield Mall properties, Ashfield NSW Retail 119.29
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Property Ashfeld Mallproperties, Ashfeld	State NSW	Sector Retail	Book value, $ million 119.29
Liverpool Plazaproperties, Liverpool	NSW	Retail	50.08
Moorabbin House and Home, Moorabbin	VIC	Retail	32.05
Westpac House, Adelaide	SA	Offce	69.70
51 Allara Street, Canberra	ACT	Offce	56.16
EppingOffce Park, Epping	NSW	Offce	52.10
VarsityLakesproperties	QLD	Offce	22.76
CSIRO Headquarters, Canberra	QLD	Offce	20.00
Airways New Zealand, Christchurch	NZ	Offce	14.47
Campbellfeldproperties	VIC	Industrial	27.87
10-12 Pike Street, Rydalmere	NSW	Industrial	22.20
95 and 117 Mina Parade, Alderley	QLD	Industrial	22.13
Greenacreproperties	NSW	Industrial	17.06
Pinkenbaproperties	QLD	Industrial	13.30
66 Christina Road, Villawood	NSW	Industrial	13.24
Lennons Plaza, Brisbane	QLD	Diversifed	43.60
TOTAL			596.01

Occupancy: 94%

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Sector diversity
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Geographic diversity

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n [Industrial (18%)]
n [Other (6%)]
n [Office (33%)]
n [Retail (33%)]
n [Storage (10%)]
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Weighted average lease expiry by income: 5.49 years

n[NSW (42%)] n[QLD (20%)] n[NZ (2%)] n[SA (9%)] n[VIC (12%)] n[ACT (14%)] n[WA (1%)]

Weighted average lease expiry by area: 4.74 years

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www.abacusproperty.com.au

retail

Ashfield Mall and adjacent properties Liverpool Road, Ashfield NSW

Ashfield Mall is a sub-regional shopping centre located 10 kilometres south-east of the Sydney CBD, close to the railway station and bus interchange. The fully enclosed four level building has four anchor tenants and over 80 specialty shops.

Four adjacent retail properties owned by Abacus provide scope for expansion of the Mall, greater exposure to Liverpool Road and additional parking. A development application seeking additional NLA of 2,700 m[2] , 150 residential apartments, 335 parking spaces and a childcare facility is currently with planning authorities.

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Ownership interest 100%
Book value $112 million
Cap rate 6.75%
Valuation date June 2008
Acquisition date September 1997
Site area 21,890 m [2]
Gross lettable area 25,300 m [2]
Occupancy 96%
Wale by income 6.12 years
Rent review structure CPI and fixed
Major tenants by Woolworths, Coles,
income Kmart, Franklins
Parking 1078
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*In addition, 244-256 Liverpool Road are valued at a total of $7.29 million.

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property book september 2008

retail

Liverpool Plaza and adjacent properties Macquarie Street, Liverpool NSW

Liverpool Plaza is a neighbourhood shopping centre occupying a prime location on the Macquarie pedestrian mall in the Liverpool CBD, approximately 34 kilometres south-west of the Sydney CBD. The fully enclosed centre comprises ground floor retail, mezzanine level offices and an open rooftop car park.

Two adjacent properties owned by Abacus provide scope to expand the Plaza, extend the frontage of the property to Macquarie Mall and provide a new frontage to Moore Street and additional parking. A development application is being prepared for lodgment in late 2008.

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Ownership interest 100% Gross lettable area 6,332 m [2]
Book value $42.28 million Occupancy 95%
Cap rate 7.25% Wale by income 2.63 years
Valuation date December 2007 Rent review CPI and fixed
structure
Acquisition date August 2004 Major tenants by Franklins, ANZ,
income St George
Site area 8,904 m [2] Parking 250
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Moorabbin House and Home Cnr Nepean Highway and Exley Drive, Moorabbin VIC

This bulky goods/homemaker centre occupies a prominent position on the Nepean Highway, 15 kilometres south-east of the Melbourne CBD. Built in 2002, the complex comprises two separate buildings housing nine separate showrooms leased to national retailers.

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Ownership interest 100% Gross lettable area 13,977 m [2]
Book value $32.05 million Occupancy 100%
Cap rate 7.60% Wale by income 6.02 years
Valuation date June 2008 Rent review CPI and fixed
structure
Acquisition date August 2006 Major tenants by Spotlight,
income Capt’n Snooze,
Forty Winks,
Goodlife
Site area 19,750 m [2] Parking 372
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*In addition, 193 Macquarie Street and 77 Moore Street are valued at $7.8 million.

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www.abacusproperty.com.au 07

retail

Abacus Retail Property Trust VIC | NSW | QLD | SA | WA

The Abacus Retail Property Trust holds a portfolio of 12 small shopping centres located in regional areas around Australia through a joint venture with Metcash Trading Limited. The shopping centres are anchored by IGA supermarkets with long-term leases. The Trust owns 75% of the joint venture.

The weighted average cap rate of this portfolio is 7.6%.

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Property State Lettable area Book value, $ million
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Property	State	Lettable area	Book value, $ million
22-23 Queen Street, North Bundaberg	QLD	3,756 m2	15.00
Gympie Market Place, 12 Reef Street Gympie	QLD	3,311 m2	9.00
Mt View Plaza, Kirwan	QLD	3,351 m2	8.51
96-98 Victoria Street, St George	QLD	1,500 m2	3.46
41 George Street, Gordonvale	QLD	1,477 m2	2.98
293-295 Great Eastern Highway, Midland	WA	3,261 m2	10.85
50 Mostyn Street, Castlemaine	VIC	3,757 m2	10.80
85-95 Victoria Street, Eaglehawk	VIC	2,310 m2	7.20
Mid City Plaza, Maryborough	VIC	2,028 m2	4.40
12-18 Docker Street, Wangaratta	VIC	3,383 m2	3.20
23-30 Osmond Street, Kingscote Kangaroo Island	SA	2,897 m2	4.36
29-33 Marshall Street, Cobar	NSW	2,059 m2	2.00
TOTAL		33,090 m2	81.76

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property book september 2008

commercial

Westpac House and adjacent properties 81-91 King William Street Adelaide SA

Westpac House at 91 King William Street is a premium grade commercial property located in central Adelaide with four street frontages. The property comprises a 31 level office tower and two small office buildings. 81 King William Street is a three level building 100% leased to Fitness First.

Abacus has a 50% interest in the properties through a joint venture with Orchard Funds Management.

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Ownership interest 50%
Book value $69.7 million
Cap rate 7.30%
Valuation date June 2008
Acquisition date October 2004
Site area 5,364 m [2]
Net lettable area 34,323 m [2]
Occupancy 88%
Wale by income 7.67 years
Rent review structure CPI and fixed
Major tenants by Westpac, SA
income Government, Fitness
First, PWC
Parking 107
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www.abacusproperty.com.au 09

commercial

lara Street erra, ACT ght level offce block is centrally located on the intersection of Constitution e and Allara Street in the Canberra CBD in the centre of a major government precinct. The property was substantially refurbished in 2000 and is fully to three tenants. Ownershipinterest 100% Net lettable area 11,760 m2 Book value $56.16 million Occupancy 100% Caprate 7.3% Wale byincome 4.3years Valuation date November 2007 Rent review structure 3.5% or CPI Acquisition date January 2008 Major tenants by income Murray Darling Basin Commission, Ernst & Young, Australian Taxation Offce Site area 3,973 m2 Parking 169		Epping Offce Park 4 Ray Road, Epping NSW Located 20 kilometres north-west of the Sydney CBD, close to the railway and bus interchange, this offce complex comprises four separate building and recreational facilities including a swimming pool, tennis court, squash and café.	station s court
		Ownershipinterest 100% Net lettable area 12,350 m2
		Book value $52.10 million Occupancy 87%
		Caprate 7.5% Wale byincome 2.6years
		Valuation date June 2008 Rent review structure CPI and fxed
		Acquisition date April 1997 Major tenants by income AMP, Caroma, NEC, The Wrigley Company
		Site area 13,389 m2 Parking 365

51 Allara Street Canberra, ACT

This eight level office block is centrally located on the intersection of Constitution Avenue and Allara Street in the Canberra CBD in the centre of a major government office precinct. The property was substantially refurbished in 2000 and is fully leased to three tenants.

10 property book september 2008

commercial

Varsity Lakes Properties Varsity Lakes, QLD

Varsity Lakes is a fully planned urban community surrounding Bond University located approximately nine kilometres south-west of the Surfers Paradise CBD. It includes approximately 3,000 dwellings, a university, sports and recreational, shopping, dining and commercial facilities. Local planning guidelines allow an 8 level height limit and encourage mixed use development.

The RP1 Building is a three level commercial office building with five tenancies. 169 Varsity Parade is a single level building with one tenant. The two properties offer potential for redevelopment given their large sites and under-utilised FSR.

Property RP1 Building Cnr Main Street & Bellvue Drive	169 Varsity Parade
Ownership interest 100%	100%
Book value $22.76 million total
Valuation date June 2008	June 2008
Acquisition date July 2007	July 2007
Site area 8,670 m2	13,000 m2
Net lettable area 3,631 m2	3,907 m2
Occupancy 83%	100%
Wale by income 2.69 years	1.47 years
Rent review structure Annual CPI	Annual 4%
Major tenants by income Billabong	Exceliors Pty Ltd
Parking 87	180

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www.abacusproperty.com.au

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commercial

abacus property group properties CSIRO Headquarters Limestone Avenue, Campbell ACT CSIRO’s head offce and related facilities occupy an elevated four hectare site two kilometres east of the Canberra CBD. The improvements include a fve level offce building with attached single level conference centre, a two level administration building and extensive parking. Ownershipinterest 100% Occupancy 100% Book value $20.0 million Lease expiry 2012 + 4 x 10 year options Valuation date June 2008 Rent review structure Annual 3% Acquisition date June 2002 Tenant CSIRO Site area 40,000 m2 Parking 350 Net lettable area 7,215 m2		Airways New Zealand 20-28 Sir William Pickering Drive, Christchurch, NZ This commercial property comprises two offce buildings set on a large site in Canterbury Technology Park, seven kilometres from the Christchurch CBD and close to the Christchurch International Airport. The tenant, Airways New Zealand, is responsible for managing all domestic and international air traffc operating within New Zealand airspace. Ownershipinterest 100% Net lettable area 7,352 m2 Book value $14.47 million Occupancy 100% Cap rate 7.15% Lease expiry 2019 + four 6 year options Valuation date May 2008 Rent review structure 3 yearly CPI and market Acquisition date July 2007 Tenant Airways Corporation of New Zealand Site area 17,300 m2 Parking 261

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12 property book september 2008
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industrial

Campbellfield Properties Campbellfield VIC

Campbellfield is a prominent industrial location approximately 17 kilometres north of Melbourne CBD adjacent to the Hume Highway, which provides excellent access to main transport routes.

1769 Hume Highway is a substantial industrial facility with a 214 metre frontage to the Hume Highway, two entrances and an internal roadway to facilitate drive through truck movements. 36-52 National Boulevard is a modern industrial property used for the manufacture of boats.

Property 36-52 National Boulevard	1769 Hume Highway
Ownership interest 100%	100%
Book value $10.2 million	$17.67 million
Cap rate 6.75%	7.09%
Valuation date June 2008	June 2008
Acquisition date July 2005	November 2007
Site area 21,000 m2	66,240 m2
Net lettable area 11,108 m2	26,946 m2
Occupancy 100%	100%
Wale by income 8.94 years	2.93 years
Rent review structure Annual 3% and market	CPI and market
Tenant Whitley Marine Industries	Venture Industries Australia
Parking 108

www.abacusproperty.com.au 13

industrial

10-12 Pike Street Rydalmere NSW

This property comprises two older style industrial buildings in an established industrial precinct two kilometres east of the Parramatta CBD and 21 kilometres west of the Sydney CBD. The lease contains demolition clauses on part of the estate to facilitate planning for the partial or full redevelopment of the property into industrial strata lots.

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Ownership interest 100% Occupancy 91%
Book value $22.2 million Lease expiry 2019 + four 6
year options
Cap rate 7.9% Wale by income 8.39 years
Valuation date June 2008 Rent review CPI and market
structure
Acquisition date October 1998 Tenant Waco Kwikform
Limited
Site area 38,000 m [2] Parking 16 undercover
Net lettable area 18,103 m [2]
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95 & 117 Mina Parade Alderley QLD

Alderley is an established inner city residential suburb of Brisbane located approximately five kilometres north of the CBD. This property comprises office/ warehouse buildings and is located opposite a railway line and is close to public transport, schools and retail amenities.

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Ownership interest 100% Gross lettable area 21,161 m [2]
Book value $22.13 million Occupancy 100%
Cap rate 7.75% Wale by income 0.46 years
Valuation date July 2007 Rent review Fixed 4%
structure
Acquisition date September 2007 Tenant Queensland
Health, Pacific
Brands Sports
& Leisure
Site area 46,690 m [2] Parking 142
(28 undercover)
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property book september 2008

industrial

Greenacre Properties Greenacre NSW

Greenacre is an industrial suburb approximately 17 kilometres southwest of the Sydney CBD and two kilometres northeast of the Bankstown CBD. The Hume Highway is one of Sydney’s primary arterial routes.

Abacus has acquired a number of adjacent properties in a series of transactions, including car showrooms, offices, warehouses, workshops and display rooms. In addition, the Abacus Storage Fund owns Storage King Greenacre on 9,225 square metres.

	Property 204-220 Hume Highway, 16-22 Anzac Street and 17-21 Anzac Street Ownership interest 100% Book value $17.06 million Cap rate 8.5% Valuation date September - November 2007 and March 2008		Abacus Storage Fund	204-220 Hume Highway & 16-22 Anzac Street	properties	acus property group
	Acquisition date October - November 2007 and July 2008
	Site area 26,161 m2
	Net lettable area 11,250 m2
	Occupancy 100%
	Wale by income 2.67 years
	Rent review structure CPI, fxed and market
	Major tenants Staway Pty Limited, Kelton Products			17-21 Anzac Street
	Parking Ample on-site
				www.abacusproperty.com.au	15

industrial

Pikenba Properties Pinkenba QLD

Pinkenba is located approximately 10 kilometres from the Brisbane CBD, close to Brisbane Airport, port and rail facilities and major roads. These industrial properties provide a long-term land lease where annual rental is equal to 8% of the land value, reviewed every three years. Ownership of the improvements lie with the tenant, but revert to the Abacus if not removed at the end of the lease term.

Property 26 Savage Street	681 Curtin Avenue
Ownership interest 100%	100%
Book value $7.6 million	$5.7 million
Cap rate 5.5%	7.0%
Valuation date June 2008	June 2008
Acquisition date January 2004	January 2004
Site area 23,500 m2	19,400 m2
Gross lettable area 5,859 m2	4,735 m2
Occupancy 100%	100%
Lease expiry 2019	2012
Rent review structure Every 3 years	Every 3 years
Tenant Summit Rural Australia	Saint-Gobain Ceramic Materials
Parking 18	40

Villawood Industrial Estate

Villawood NSW

Villawood Industrial Estate is located 25 kilometres south-west of the Sydney CBD and comprises two industrial buildings made up of five factory units and unimproved land fronting Christina Road. Abacus owns the land and receives a ground rent. The sheds are owned by the tenant.

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Ownership interest 100% Net lettable area 19,050 m [2]
Book value $13.24 million Occupancy 82%
Valuation date December 2007 Wale by income 1.4 years
Acquisition date May 2002 Rent review CPI and fixed
structure
Site area 35,710 m [2] Major tenants Independent
Motor
Auctions,
BF Goodrich
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property book september 2008

other

Lennons Plaza Brisbane QLD

Lennons Plaza is an integrated hotel/retail/commercial property located on Queen Street Mall in the retail heart of Brisbane. Built over 30 levels, the property includes the 4.5 star Chifley at Lennons Hotel, 745 m[2] of ground floor retail accommodation, ten levels providing 4,624 m[2] of commercial office accommodation and two levels of basement parking. Chifley at Lennons offers 154 hotel rooms over 13 levels and three levels of function rooms.

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Ownership interest 100%
Book value $43.60 million
Cap rate 7.50%
Valuation date December 2007
Acquisition date December 2003
Site area 1,227 m [2]
Net lettable area 5,369 m [2 ]
plus 154 hotel rooms
Occupancy 99.8%
Wale by income 3.1 years
Rent review structure Fixed and CPI
Major tenant Chifley at Lennons
Hotel
Parking 68
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www.abacusproperty.com.au

other

Additional Small Properties NSW | VIC | QLD | SA

Since the launch of the Abacus Diversified Income Fund II in July 2007 with a portfolio of properties valued at less than $25 million, Abacus has continued to acquire small properties that offer:

• a recurring and growing income stream;

• long-term leases to quality tenants; and

• the opportunity for further capital growth.

The following properties are being held on balance sheet pending their possible syndication in 2009/2010. Their weighted average cap rate (excepting the vacant land and office strata) is 7.55%.

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Property State Sector Lettable area m [2] Book value, $ million
144-168 National Boulevard, Campbellfield VIC Industrial 16,494 21.27
12 Butler Street, Hurstville NSW Office 3,962 17.39
Macquarie Business Park, Port Macquarie NSW Office 3,631 14.80
8 Station Street, Wollongong NSW Office 3,821 12.00
367 Peel Street, Tamworth NSW Retail 8,177 11.00
4 Sylvania Way, Lisarow NSW Industrial 9,933 9.51
Lot 121 Orielton Road, Smeaton Grange NSW Industrial 7,624 10.01
Italian Forum Carpark, Norton Street, Leichardt NSW Carpark na 8.89
198-206 St Johns Road, Glebe NSW Retail/Office 1,287 6.67
31-33 Windorah Avenue, Stafford QLD Industrial 6,348 6.50
671 Gympie Road, Chermside QLD Office 2,484 6.05
4-8 Jacobs Street, Bankstown NSW Office 1,849 5.85
9-14 Yates Street, Mawson Lakes SA Student accommodation 39 apartments 5.75
109 Pitt Street remaining strata NSW Office 545 3.85
Woodlands Drive, Braeside VIC Vacant land na 1.01
TOTAL 140.55
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property book september 2008

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109 Pitt St, Sydney
Macquarie Business Park, Port Macquarie
144-168 National Boulevard, Campbellfield 12 Butler St, Hurstville
www.abacusproperty.com.au 19
properties
abacus property group
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other

Self-storage assets NSW | QLD | ACT | NZ

Based on the success of the Abacus Storage Fund, Abacus is currently accumulating a portfolio of assets in preparation for the potential launch of a second storage fund. The weighted average cap rate of this portfolio is 8.7%.

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Property State Land area m [2] Lettable area m [2] Book value, $ million
Townsville facilities 23.84
Airport West QLD 11,270 4,581
Hyde Park QLD 7,450 3,633
Annandale QLD 6,000 3,261
Currajong QLD 4,376 2,120
Willows QLD 4,318 2,465
Brisbane
Rocklea QLD 3,485 2,816 6.13
Salisbury QLD 3,265 1,227 3.60
Hamilton
Hamilton [1] NZ 10,100 4,628 6.15
U Stow It assets 54.84
Belconnen ACT 27,218 9,420
Fyshwick ACT 17,784 7,085
Tuggeranong ACT 16,974 8,459
Hume (Showroom) ACT 7,151 2,917
Queanbeyan (vacant land) NSW 26,307 na
TOTAL 94.56
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1. The Hamilton property value is converted to A$ based on the exchange rate of A$1=NZ$1.2609 applicable on 30 June 2008.

1. Abacus holds 58% interest in the share capital of U Stow It. The value of the assets shown here is 100% of their value as the total is consolidated in the Abacus accounts.

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property book september 2008

other

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Canberra storage assets owned by Abacus
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21

www.abacusproperty.com.au

Abacus owns with our joint venture partners a number of assets across geographic regions and industry sectors. We seek in these ventures to couple our property and capital skills with the geographic and industry expertise of our business partners.

Abacus holds interests in:

• land subdivision projects

• mixed use – retail/residential/office industrial

• residential

• retirement living accommodation.

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property book september 2008
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Project Ownership interest Realisation date Description
Land subdivision
Colemans Road 50% 2008 - 2010 36 hectare industrial land subdivision located approximately 30 kilometres south-east of the
Dandenong, Victoria Melbourne CBD. 23 hectares has been sold for $24 million. The remaining area will be sold
down in 10 lots.
Musselbrook 50% 2008 - 2015 Residential subdivision in the Upper Hunter Valley on 157 hectares close to the town centre.
NSW 1200 lots will be released over several stages. The first stage is fully sold.
Newlands Road 50% 2008 - 2009 Industrial subdivision on a site of 21,330 m [2] . Approval is being sought for an office/
Coburg, Victoria showroom/warehouse development.
Retail
Aspley Village 33% 2009 Retail redevelopment on 19,430 m [2] site 12 kilometres north of Brisbane CBD. On
Aspley, QLD completion, Aspley Village Shopping Centre will provide lettable area of 12,230 m [2] ,
comprising a 3,200 m [2] Coles Supermarket, 28 specialty shops, a 2,100 m [2] health services
centre and undercover parking for 450. Two freestanding childcare centres and medical
centre will be retained.
Bay Street 50% 2010 - 2011 Retail development of 5,420 m [2] lettable area in one of Melbourne’s premier suburbs.
Brighton, Victoria Development approval has been obtained for a 4,200 m [2] Safeway supermarket,
15 specialties, an office and gymnasium.
Main Street 50% 2010 - 2012 Retail development on 5.1 hectares in central Pakenham. A mix of retail, bulky goods
Pakenham, Victoria and commercial office is proposed for this site.
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Aspley Village – artist’s impression and aerial of site prior to redevelopment

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www.abacusproperty.com.au

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Project Ownership interest Realisation date Description
Mixed use
Virginia Park 50% 2013 This business park provides a mix of commercial buildings on a 12.3 hectare site in a
Bentleigh East, Victoria residential area 13 kilometres south-east of the Melbourne CBD. It has potential for further
development through construction on hardstand areas, expansion of existing buildings and
replacement of older buildings. 50% interest valued at $51.25 million.
Residential
Beach Road 50% 2011 - 2012 Residential development on 11,250 m [2] beachfront site. The approved four level
Hampton, Victoria development will have 70 luxury apartments, 6 townhouses and basement parking.
Construction will commence following presales in 2009.
Retirement living
Warleigh Grove, 50% 2011 - 2013 Residential development site of 9,015 m [2] close to shops and transport with planning
Brighton, Victoria approval for 90 apartments over four levels with basement parking. It is proposed to
develop a staged retirement village with the first stage commencing in 2009.
Philip Street, 50% 2010 - 2011 Residential/retirement living development close to the shopping precinct and beachfront.
Mornington Victoria The 3,184 m [2] site has approval for a four level, 54 unit retirement village.
Pacific Highway, 50% 2010 - 2011 An existing 17 level building to be converted into a 95 unit vertical retirement village.
Crows Nest, NSW Construction to commence second half 2009.
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Hampton – aerial of site and artist’s impression

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24 property book september 2008

Abacus Hospitality Fund owns a portfolio of hotels and resorts located in Australia and New Zealand and utilises the expertise of specialist hotel management groups.

Established in 2006, the Fund’s portfolio now consists of eight hotel properties valued at over $300 million with 1674 rooms.

Further information on this Fund is available from www.abacusproperty.com.au.

Diversification by location:

Queensland 58% NSW 29% New Zealand 9% ACT 4%

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Swissôtel Sydney NSW

Swissôtel Sydney is a five star hotel occupying a prime location in the heart of the Sydney CBD. The hotel occupies seventeen floors of the Sydney Central Plaza development, which includes seven levels of Myer’s flagship department store below the hotel and ten floors of residential apartments above. It features four executive floors with a fully equipped business centre; conference and function facilities catering for up to 600 guests; a luxury day spa; and heated outdoor swimming pool, sauna, steam room and jacuzzi and fitness centre.

Novotel Twin Waters Resort Sunshine Coast QLD

Novotel Twin Waters Resort is a 4.5 star resort located on the beachfront on Queensland’s Sunshine Coast, 125 kilometres north of Brisbane. It lies within seven kilometres of Sunshine Coast Airport and is across the river from Maroochydore.

Currently completing a $9 million refurbishment program, the resort features extensive conference facilities, with capacity for over 1,000 conference delegates; five dining options and three bars; and extensive leisure facilities, including access to the nearby golf course.

	Ownershipinterest Acquisition date Book value Valuation Date Estimated replacement cost of improvements Rooms Valueper room Manager Stratum site area	100% July2007 $87.7 million February2008 $140 million 359 $244,290 Swissôtel 4,119 m2

Ownershipinterest	100%
Acquisition date	June 2006
Valuation	$68.0 million
Valuation Date	December 2007
Estimated replacement cost of improvements	$88.0 million
Rooms	374
Valueper room	$181,820
Manager	Accor
Land size	61.92 ha

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Rydges Tradewinds Cairns Hotel Cairns QLD

Rydges Tradewinds Cairns Hotel is a 4.5 star resort hotel located on the Cairns waterfront, approximately six kilometres from the airport. It includes conference and function facilities with capacity for over 340 delegates.

The park opposite and foreshore walkway provide a popular pedestrian link to the Cairns city centre, less than 700 metres away. The hotel is located two blocks from the Rydges Esplanade Cairns Resort, also owned by the Fund.

	Ownershipinterest	100%
	Acquisition date Valuation Valuation Date Estimated replacement cost of improvements Rooms Valueper room Manager Land size	March 2006 $41.0 million December 2007 $94.0 million 246 $166,667 Rydges 8,138 m2

Rydges Esplanade Resort Cairns QLD

Rydges Esplanade Resort Cairns is a 4.5 star hotel occupying a prominent position on the Cairns Esplanade, only a short walk from the city centre.

The 13 level resort includes a business centre and a range of conference and function facilities that can cater for up to 250 guests as well as pools, tennis courts and other facilities.

	Ownershipinterest	100%
	Acquisition date	December 2007
	Valuation Valuation Date Estimated replacement cost of improvements Rooms Valueper room Manager Land size	$35.7 million September 2007 $85.0 million 242 $147,824 Rydges 6,688 m2

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Rydges Southbank Townsville QLD

Rydges Southbank Townsville is located in the popular Palmer Street dining, entertainment and accommodation precinct, close to the CBD. The purpose-built convention centre caters for up to 500 delegates.

	Ownershipinterest	100%
	Acquisition date	July2007
	Valuation	$19.25 million
	Valuation Date	February2008
	Estimated replacement cost of improvements Rooms Valueper room Manager Land size	$26.75 million 98 $196,429 Rydges 6,484 m2

Rydges Gladstone Gladstone QLD

Centrally located, the 4 star Rydges Gladstone is the largest hotel in Gladstone, a major economic centre and Queensland’s largest port, approximately 550 kilometres north of Brisbane. The hotel accommodation comprises a six-storey tower and a separate complex of 22 self-contained suites. Three conference/meeting rooms cater for up to 200 delegates.

Ownershipinterest	100%
Acquisition date	June 2007
Valuation	$15.5 million
Valuation Date	February2008
Estimated replacement cost of improvements	$29.6 million
Rooms	95
Valueper room	$163,158
Manager	Rydges
Land size	8,482 m2

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Diplomat Hotel Canberra ACT

The 4.5 star Diplomat Hotel is located within three kilometres of Parliament House and approximately 300 metres south of Canberra Railway Station. The property has high visibility, being situated between Canberra and Wentworth Avenues. The three level property with basement is leased to the current operator until 2013. Rental is subject to an annual increase of 4%. The operator has managed the hotel since 1991.

	Ownershipinterest	100%
	Acquisition date Valuation Valuation Date Estimated replacement cost of improvements Rooms Valueper room Manager Land size	September 2007 $13.3 million July2007 $18.2 million 67 $198,507 Leased 6,154 m2

Chateau on the Park Christchurch New Zealand

Chateau on the Park is a 4 star resort style hotel set on landscaped grounds in Christchurch, New Zealand. Located only minutes from the airport and city centre, the hotel includes conference and function facilities with capacity for up to 660 delegates.

	Ownershipinterest Acquisition date	100% July2007
	Valuation	NZ$35.0 million
	Valuation Date	December 2007
	Estimated replacement cost of improvements Rooms Valueper room Manager Land size	NZ$40.78 million 193 NZ$181,347 Internal 2.5 ha

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Abacus Storage Fund is one of the largest participants in the Australasian self-storage industry with a portfolio of 30 facilities valued at over $216 million.

Located in Victoria, New South Wales, Queensland and New Zealand, the facilities comprise over 254,000 square metres of land and over 148,000 square metres lettable area.

Day-to-day management of the facilities is outsourced to Storage King, Australasia’s largest self-storage operator.

Further information on this fund is available from www.abacusproperty.com.au.

All facilities were valued as at June 2008.

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Project Ownership Land area Lettable area Value Description
interest
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Project	Ownership interest	Land area	Lettable area	Value	Description
Victoria
44-48 Wallis Street, Delacombe	100%	15,950 m2	3,655 m2	$2.8 million	Located 4 km south-west of the Ballarat CBD, this facility comprises ten purpose-built single storey buildings, a warehouse/factory building and a modern two storey offce/residence.
201A Gillies Street, Wendouree	100%	7,182 m2	3,308 m2	$3.2 million	Located 5 km north-west of the Ballarat CBD, this modern facility comprises two purpose-built storage buildings and an offce/amenities area.
10-12 Manningham Road, West Bulleen	100%	2,613 m2	3,845 m2	$6.3 million	Located in a residential suburb 11 km north east of the Melbourne CBD, this prominent two level storage facility is close to shopping centres, a railway station and hospital.
1 Duffy Street, Burwood	100%	8,095 m2	4,801 m2storage 7,000 m2commercial	$14.7 million	Located 14 km east of the Melbourne CBD, this converted three level industrial building has four street frontages and is close a university campus, shopping centres and business parks.
198 Sladen Street, Cranbourne	100%	11,672 m2	4,067 m2	$5.9 million	Located 41 km south-east of the Melbourne CBD, this purpose-built self-storage facility with residence is close to several housing estates. Two new buildings to be completed in March 2009 will provide an additional 1,300 m2lettable area.
328 Darebin Road, Fairfeld	100%	7,456 m2	3,800 m2	$6.9 million	Located eight km north east of the Melbourne CBD, this converted single storey warehouse occupies a prominent corner location with four street frontages.
24 Sherbourne Road, Greensborough	100%	6,647 m2	5,435 m2	$9.8 million	Located on an elevated site on a busy arterial route 17 km north east of the Melbourne CBD, this purpose-built two storey facility is surrounded by a mixture of commercial, retail and industrial properties.
71-75 Forsyth Road, Hoppers Crossing	100%	8,095 m2	3,559 m2	$5.0 million	Located 21 km south-west of Melbourne in an established industrial precinct, this purpose-built facility comprises ten single storey storage buildings and a two level administration building.
1-19 Reserve Road, Melton	100%	9,810 m2	3,255 m2	$4.6 million	Located 35 km north-west of the Melbourne CBD, this purpose-built facility is in an industrial area with good road access. A fourth building now under construction will add 500 m2lettable area.
2 Simla Street, Mitcham	100%	6,451m2	4,149 m2	$6.7 million	Located 20 km east of the Melbourne CBD, this facility comprises a converted industrial warehouse and a purpose-built facility completed in 2007.
47 Richmond Terrace, Richmond	100%	1,264 m2	2,188 m2	$6.2 million	Located in a popular inner Melbourne residential precinct with considerable high density development, this converted three storey facility is close to retail and commercial precincts and major roads.

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interest
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Project	Ownership interest	Land area	Lettable area	Value	Description
2-10 Anderson Road, Sunbury	100%	11,960 m2	4,170 m2	$4.4 million	Located in a semi-rural district 34 km north-west of the Melbourne CBD, this facility comprises a converted industrial building and three purpose-built storage buildings.
98 Northgate Drive, Thomastown	100%	5,084 m2	4,754 m2	$6.4 million	Located in an established industrial precinct 15 km north of the Melbourne CBD, this purpose-built facility comprises four modern two level buildings, an offce and residence.
Queensland
23 Learoyd Road, Acacia Ridge	100%	10,040 m2	6,114 m2	$11.0 million	Located 14 km south of the Brisbane CBD in a primarily industrial suburb, this purpose-built facility has planning approval for two more buildings, which will be developed as demand warrants.
50 Eastern Road, Browns Plains	100%	3,000 m2	3,102 m2	$4.6 million	This two level purpose-built facility is located within a commercial/industrial precinct 21 km south of the Brisbane CBD on the Brisbane Gold Coast corridor.
4 & 5 Grant Street, Cleveland	100%	11,393 m2	7,363 m2	$13.1 million	Located 23 km south-east of the Brisbane CBD in a retail precinct, these facilities include offce accommodation, residence and parking as well as purpose-built multi-level storage buildings.
New South Wales
100 Beattie Street, Balmain	100%	1,701 m2	3,439 m2	$9.3 million	Located four km west of the Sydney CBD, this converted industrial building is in a suburb with high residential density and small scale commercial activities.
29 Penny Place, Blacktown	100%	10,740 m2	6,795 m2	$13.0 million	Located 34 km west of the Sydney CBD and 10 km west of Parramatta in an industrial precinct, this modern facility comprises eight storage buildings and an offce/residence.
10 Anzac Street, Greenacre	100%	9,225 m2	3,915 m2	$7.0 million	Located approximately 16 kilometres south-west of the Sydney CBD, this facility comprises an offce/reception, six purpose-built storage buildings and an adapted former timber mill building. This older building will be replaced with a new three level building in 2009.
27 Mars Road, Lane Cove	100%	13,720 m2	7,722 m2	$12.9 million	Located 11 km north-west of the Sydney CBD within an established industrial precinct, this facility occupies over 60% of a six level strata industrial warehouse. The area is surrounded by densely populated suburbs and has good transport links to the main motorways.

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interest
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Project	Ownership interest	Land area	Lettable area	Value	Description
New Zealand
379 Rosebank Road, Avondale	100%	12,793 m2	7,096 m2	NZ$13.9 million	Located in a popular industrial location servicing the western suburbs of Auckland, this purpose-built facility with good access to the main motorway system, includes an offce and residence.
Botany Downs 100 Ormiston Road, Botany South	100%	8,623 m2	5,625 m2	NZ$8.4 million	This purpose-built facility – the 2004 Australasian Facility of the Year – is located in a commercial area of Auckland at the intersection of two major roads.
Dannemora 410 Te Irirangi Drive, East Tamaki	100%	10,418 m2	5,228 m2	NZ$7.2 million	Comprising four purpose-built storage buildings and an offce building, this facility is located on a prominent site in an industrial precinct adjacent to a residential growth area in the Auckland region.
New Lynn Cnr Portage Rd & Clark St, New Lynn	100%	6,177 m2	3,626 m2	NZ$6.8 million	Occupying a large site at the intersection of three arterial routes, this facility comprises three storage buildings and an offce. It is close to a number of strongly growing residential areas in Auckland.
Remuera 207 Merton Road, St Johns	100%	6,577 m2	5,369 m2	NZ$9.9 million	Located in a central Auckland suburb, this purpose-built facility is set in a light industrial precinct close to Auckland University and high-density residential suburbs.
182 Swanson Road, Henderson	100%	9,457 m2	3,596 m2	NZ$6.0 million	This purpose-built facility is located in a prominent position within an established industrial and residential area. It comprises four single level storage buildings and an offce building.
Takapuna 19 Hillside Road, Glenfeld	83%	13,077 m2	5,609 m2	NZ$9.6 million	This large site has a prominent location in a retail and industrial area of Auckland. The facility has been strata titled into 76 individual ownership packages of which the Abacus Storage Fund owns 63.
Ferrymead 980 Ferry Road, Christchurch	100%	9,011 m2	5,110 m2	NZ$7.7 million	Located on a principal traffc route in Christchurch, this purpose-built facility is also handily located to the Port of Lyttelton. Completed in fve stages from 1997 to 2004, the facility includes an offce and residence.
444 Blenheim Road, Riccarton	100%	10,120 m2	4,214 m2	NZ$6.3 million	Located in a prominent position eight kilometres south of the Christchurch CBD, this facility comprises purpose-built low-rise storage buildings, a converted warehouse building and a two level offce and accommodation block.
Portobello Road, Dunedin	100%	5,725 m2	2,887 m2	NZ$2.4 million	This purpose-built facility with offce and residence occupies a prominent corner position three kilometres from the centre of Dunedin. This property is leasehold, the lease having perpetual rights of renewal for 21 year terms.

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ADIFII is an unlisted open-ended property fund with a diversified portfolio of investment properties and other property-based assets valued at approximately $218 million as at 30 June 2008.

Commercial investment properties valued at less than $25 million are the core focus of the Fund. The current portfolio of assets includes 22 properties diversified across sectors and locations valued at over $183 million.

In addition, ADIFII has investments in listed and unlisted property funds valued at over $34 million.

Further information on this fund is available from www.abacusproperty.com.au.

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Further information on this fund is available from
www.abacusproperty.com.au.
Occupancy 93%
Weighted average lease expiry by income 4.6 years
Weighted average lease expiry by income 5.3 years
By sector By location
Retail
5% VIC
22% QLD
Industrial Office 37%
49% 46%
NSW
41%
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Project Ownership Land area Lettable Book value Description
interest area
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Project	Ownership interest	Land area	Lettable area	Book value	Description
Offce
22-28 Edgeworth David Avenue, Hornsby NSW	100%	2,458 m2	3,266 m2	$14.75 million	This four level building is located in the Hornsby commercial and retail centre, close to Westfeld Shopping Town. It has 10 tenancies and parking for 72 cars.
Bartercard House, 121 Scarborough Street, Southport QLD	100%	1,656 m2	3,199 m2	$14.8 million	Southport is a residential and commercial suburb of the Gold Coast. This property is located on a corner site in the main business and shopping district and has fve tenants and parking for 83.
12 Short Street, Southport QLD	100%	2,001 m2	2,958 m2	$11.25 million	This offce property is located on a corner block in the heart of Southport. Together the six-level building and two two-level buildings have a total of 15 tenancies and parking for 62.
Kawana Business Village, 13 Innovation Parkway, Birtinya QLD	100%	4,402 m2	3,168 m2	$8.5 million	Kawana is a new commercial precinct on the Sunshine Coast in southern Queensland. This three level building is opposite a new bulky goods facility and a Westfeld shopping centre is proposed nearby. It has 13 tenancies and parking for 24.
NAB Building, 313-315 Ross River Road, Townsville QLD	100%	4,643 m2	2,350 m2	$8.45 million	This property is well-located on a major road in the established local shopping precinct of Aitkenvale. It has six tenancies and parking for 77. Plans for developing an additional 800 m2of net lettable area have passed the initial approval process.
Building A, Jetstream Business Park, 5/6 Grevillea Street, Eagle Farm QLD	100%	6,210 m2	1,495 m2	$5.75 million	This two level building is located within the boundary of Brisbane Airport. The land on which the building is situated is leased from the Brisbane Airport Corporation with an initial term expiring in June 2047 and an option to extend for a further 50 year term. It has fve tenancies and parking for 47.
81 Railway Street, Rockdale NSW	100%	1,499 m2	2,694 m2	$5.60 million	This modern, three level building occupies a highly visible location opposite Rockdale railway station in a suburban shopping strip approximately 12 km south of the Sydney CBD. It has seven tenancies and parking for 64.
75 Railway Street, Rockdale NSW	100%	1,448 m2	1,547 m2	$4.75 million	This two level property is adjacent to 81 Railway Street. Together these properties provide a site of over 2,900 m2with favourable zoning that offers future development potential. The sole tenant is Centrelink and there is parking for 30.
Level 11, 99 Bathurst Street, Sydney NSW	100%	na	692 m2	$3.41 million	This offce strata in the 16 storey Sovereign Centre in the Sydney CBD with four basement parks was sold in August 2008.

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Project Ownership Land area Lettable Book value Description
interest area
Retail
2 Endeavour Street, 100% na 1,952 m [2] $8.60 million Located 100 metres from the main shopping strip and opposite a major transport
Chatswood NSW interchange currently under construction, this property occupies the ground and
podium levels of a high rise residential development. The major tenant is Dick Smith
Electronics.
Industrial
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Project	Ownership interest	Land area	Lettable area	Book value	Description
Retail
2 Endeavour Street, Chatswood NSW	100%	na	1,952 m2	$8.60 million	Located 100 metres from the main shopping strip and opposite a major transport interchange currently under construction, this property occupies the ground and podium levels of a high rise residential development. The major tenant is Dick Smith Electronics.
Industrial
1-5 Lake Drive, Dingley Village VIC	100%	39,760 m2	16,933 m2	$15.10 million	Located in an established industrial precinct 22 km south-east of Melbourne CBD, this complex of three freestanding offce/warehouse buildings is leased until 2018 to DSG Pty Limited.
13 Boundary Road, Northmead NSW	100%	8,397 m2	5,687 m2	$10.35 million	Northmead is two km north of the Parramatta CBD and close to major roads. This property comprises three new offce/showrooms, three refurbished warehouses and two new showroom/warehouses and has potential to build an additional 2,700 m2 of net lettable area.
Chullora Central, 4 Bunker Road, Chullora NSW	100%	9,613 m2	6,108 m2	$8.6 million	Located 18 km south-west of the Sydney CBD and with good access to major transport routes, the Chullora Central offce and warehouse facility has ten tenancies and parking for 100. Approval has been granted to strata subdivide the property into eight strata title units.
Lot 1 Mount Derrimut Road, Derrimut VIC	100%	15,250 m2	8,298 m2	$7.6 million	This eight metre high warehouse is located 17 km west of Melbourne in one of Victoria’s fastest growing industrial precincts and has ready access to Melbourne’s major roads network. The property is leased to GAM Steel Pty Limited until 2015.
8-12 Mercantile Court, Molendinar QLD	100%	11,754 m2	6,823 m2	$9.50 million	This factory/warehouse complex is located fve km west of Southport in the main industrial precinct servicing the northern Gold Coast region. The tenant is one of Australia’s largest boat manufacturers.
26 Production Avenue, Molendinar QLD	100%	15,270 m2	6,696 m2	$8.70 million	This factory/warehouse complex is located fve km west of Southport in the main industrial precinct servicing the northern Gold Coast region.
70 Gibbes Street, Chatswood NSW	100%	4,268 m2	4,225 m2	$8.20 million	This offce/warehouse complex with basement parking for 82 is located in an established industrial precinct two km from the centre of Chatswood and 10 km from the Sydney CBD.

36 property book september 2008

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interest area
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Project	Ownership interest	Land area	Lettable area	Book value	Description
2-6 George Young Street, Regents Park NSW	100%	12,530 m2	7,827 m2	$11.60 million	Regents Park is 20 km southwest of the Sydney CBD and eight km from the Parramatta commercial centre. This two level offce attached to a production and warehousing area is located within walking distance of the railway station. The property was bought as part of a portfolio tenanted by Colorpak Ltd and its subsidiaries.
63-73 Woodlands Drive, Braeside VIC	100%	14,870 m2	7,093 m2	$8.05 million	This property located in an industrial precinct 24 km south-east of the Melbourne CBD comprises a single level offce attached to a factory/warehouse and 115 parking spaces leased to Colorpak Packaging Pty Ltd.
75-83 Woodlands Drive, Braeside VIC	100%	5,013 m2	2,495 m2	$2.65 million	This freestanding warehouse is adjacent to 63-73 Woodlands Drive and is tenanted by Colorpak Ltd.
138-140 Williams Road, Dandenong South VIC	100%	1,411 m2	785 m2	$0.965 million	This small offce/warehouse in a modern industrial estate 35 km south-east of the Melbourne CBD has excellent access to major transport routes. The tenant is FoilMasters Pty Ltd, a subsidiary of Colorpak Ltd.
418-424 South Gippsland Highway, Dandenong South VIC	100%	9,996 m2	5,345 m2	$5.85 million	This modern industrial facility located 35 km south-east of the Melbourne CBD is tenanted by Norcross Pty Limited is a printing and logistics manager.

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www.abacusproperty.com.au 37

Abacus syndicates a range of high quality property-based investment opportunities to suit the needs of retail and professional investors.

In addition to the core funds of Hospitality, Storage and ADIIFII, Abacus offers special opportunity funds which offer different risk/ reward characteristics.

Our current special opportunity property funds hold properties to the value of $150 million:

Abacus Miller Street Fund Abacus Wodonga Land Fund Abacus Fern Bay Fund

$69.87 million $60.60 million $19.56 million

Further information on these funds is available from www.abacusproperty.com.au.

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property book september 2008

abacus miller street fund

50 Miller Street North Sydney NSW

Abacus Miller Street Fund owns the commercial property at 50 Miller Street, North Sydney located in the heart of the North Sydney CBD, close to shops and public transport. The property provides 9,784 square metres of office accommodation over 10 levels and six ground level retail tenancies totaling 650 square metres. Basement parking is provided under a separate freehold stratum title. The office accommodation and car parks are leased to the National Australia Bank until 2017.

	Ownershipinterest	100%
	Book value Valuation date Acquisition date Site area Net lettable area Occupancy Lease expiry Rent review structure Major tenant Parking	$69.87 million June 2007 December 2004 1,487m2 10,434m2 100% 2017 Annual fxed 4%; market review inyear 5 National Australia Bank 76

www.abacusproperty.com.au 39

abacus wodonga land fund

Abacus Wodonga Land Fund is undertaking a large scale urban development on a 173 hectare site two kilometres from the Wodonga town centre. The approved masterplan provides for over 1,000 residential lots, a supermarket and shops, primary school, community centre, aquatic centre, retirement village, specialised age care facility, service station and bulky goods facility.

Infrastructure and landscaping works are complete on the first four stages and there has been a strong response to the initial release of residential lots. More information is available from the project website at www.whiteboxrise.com.au.

	Ownershipinterest Book value Acquisition date Site area	100% $60.6 million June 2005 and May2006 173 ha

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abacus fern bay fund

1126 Nelson Bay Road Fern Bay NSW

Abacus Fern Bay Fund owns and operates Bayway Village, a relocatable homes park designed primarily to provide low cost accommodation for retirees. The large, well-located property is approximately 17 kilometres north of Newcastle in the Upper Hunter region, close to beaches, a golf course and the township of Fern Bay.

Bayway Village features 478 home sites with development consent to increase capacity to 595 home sites. Recreational facilities include lawn bowls, tennis court, swimming pool and recreation hall.

	Ownershipinterest Book value Valuation date Acquisition date Site area Home sites Occupancy	100% $19.56 million June 2008 February2008 26 ha 478 93%

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www.abacusproperty.com.au