ABACUS GROUP — Interim / Quarterly Report 2008

Feb 13, 2008

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property book february 2008

group overview

As at 31 December 2007, Abacus Property Group had a total $890 million in property assets on the balance sheet. This total is made up of the principal investment property portfolio and properties that have been acquired for future funds.

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Sector Book value
$ million
Principal investment portfolio diversified 636.57
Abacus Retail Property Trust, see page 7 retail 79.14
Abacus Small Properties Fund, see page 17 diversified 91.60
Proposed second storage fund, see page 18 storage 83.10
890.41
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Abacus Property Group also owns $35 million of property assets classified as property, plant and equipment, including a portfolio of budget accommodation properties in New Zealand. In addition, Abacus holds interests in a number of properties through joint ventures, which are equity-accounted. The largest of these is Virginia Park, described on page 19.

Abacus builds investor value by:

• acquiring assets with strong property fundamentals and prospects for income and capital growth;

• actively managing assets to achieve growth;

• crystallising capital gains at appropriate points in the cycle through sale or syndication; and

• reinvesting the proceeds into replenishing the principal investment pipeline or growth of our funds management business.

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property book february 2008

The following properties make up the principal investment property portfolio. Properties valued above $10 million are described in this property book.

Property	State	Sector	Book value, $ million
Ashfeld Mallproperties, Ashfeld	NSW	retail	128.90
Liverpool Plazaproperties, Liverpool	NSW	retail	49.80
Moorabbin House and Home, Moorabbin	VIC	retail	34.00
AspleyVillage, Aspley	QLD	retail	24.52
367 Peel Street, Tamworth	NSW	retail	13.30
Westpac House, Adelaide (50%)	SA	offce	72.02
EppingOffce Park, Epping	NSW	offce	54.50
CSIRO Headquarters, Canberra	ACT	offce	20.00
Airways New Zealand, Christchurch	NZ	offce	16.64
AAPT Building, VarsityLakes	QLD	offce	12.56
RP1 Building, VarsityLakes	QLD	offce	11.50
8 Station Street, Wollongong	NSW	offce	12.75
Campbellfeldproperties	VIC	industrial	28.85
10-12 Pike Street, Rydalmere	NSW	industrial	22.40
Mina Parade, Alderley	QLD	industrial	20.98
Greenacreproperties	NSW	industrial	13.91
66 Christina Road, Villawood	NSW	industrial	13.20
Pinkenbaproperties	QLD	industrial	12.00
Lennons Plaza, Brisbane	QLD	hotel	43.50
Additionalproperties valued at < $10 million		diversifed	31.24
			636.57

Sector diversity n[Industrial (19%)] n[Other (10%)] n[Office (33%)] n[Retail (38%)]

Occupancy: 95%

Weighted average lease expiry by income: 4.90 years

Geographic diversity

n[NSW (50%)] n[QLD (22%)] n[NZ (3%)] n[SA (12%)] n[VIC (10%)] n[ACT (3%)]

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Weighted average lease expiry by area: 4.93 years

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retail

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PROPERTY Ashfield Mall
OWNERSHIP INTEREST 100%
BOOK VALUE $122.0 million
CAP RATE 6.25%
VALUATION DATE December 2007
ACQUISITION DATE September 1997
SITE AREA 21,890 m [2]
GROSS LETTABLE AREA 25,300 m [2]
OCCUPANCY 98%
WALE BY INCOME 6.29 years
RENT REVIEW STRUCTURE CPI and fixed
MAJOR TENANTS BY Woolworths, Coles, Kmart
INCOME
PARKING 1078
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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 with 650 undercover car spaces and more than 400 rooftop spaces.

Over the past two years, Abacus has undertaken a major refurbishment of the Mall and signed 20 year leases with Woolworths and Coles, resulting in a 7.8% increase in MAT in the 12 months to the end of December and a greater level of enquiry from national specialty retailers. The Mall is currently being repositioned to accommodate that enquiry with progressive refurbishment of shopfronts as new leases are signed.

Four adjacent retail properties are also owned by Abacus and 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 and serviced apartments, 335 parking spaces and a childcare facility is currently with planning authorities.

• In addition 244-256 Liverpool Road are valued at a total of $6.9 million

244-256 Liverpool Road

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4 property book february 2008

Liverpool Plaza and adjacent properties

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• 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.

Abacus’s strategy is to expand the property to take advantage of its under-utilised FSR and enhance its appeal as a convenience centre. The two adjacent properties acquired in 2005 extend the frontage of the property to Macquarie Mall, provide a new frontage to Moore Street and additional parking. Abacus is currently preparing a development application for expansion of the Plaza, to be lodged in late 2008.

77 Moore Street & 193 Macquarie Street

	PROPERTY	Liverpool Plaza
	OWNERSHIP INTEREST BOOK VALUE	100% $42.0 million*
	CAP RATE	7.25%
	VALUATION DATE	December 2007
	ACQUISITION DATE	August 2004
	SITE AREA	8,904 m2
	GROSS LETTABLE AREA	6,332 m2
	OCCUPANCY	95%
	WALE BY INCOME RENT REVIEW STRUCTURE MAJOR TENANTS BY INCOME	2.44years CPI and fxed Franklins, ANZ, St George
	PARKING	250

• In addition 77 Moore Street and 193 Macquarie Street are valued at $7.8 million

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retail

Retail Moorabbin Homemaker

• Cnr Nepean Highway & Exley Drive Moorabbin VIC

Tamworth

• 367 Peel Street Tamworth NSW

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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.

This small shopping centre comprises a Target Department Store and three speciality retail shops located on Peel Street, the main thoroughfare through Tamworth, a prominent town in north-western NSW. The 15 year lease to Target expires in 2018 and has two five year options.

100%

OWNERSHIP INTEREST 100% BOOK VALUE $34.0 million CAP RATE 7.50% VALUATION DATE December 2007 ACQUISITION DATE August 2006 SITE AREA 19,750 m[[2]] GROSS LETTABLE AREA 13,977 m[[2]] OCCUPANCY 92%

19,750 m[[2]] 13,977 m[[2]] 92%

WALE BY INCOME 3.45 years RENT REVIEW STRUCTURE CPI and fixed MAJOR TENANTS BY Spotlight, Capt’n Snooze, INCOME Forty Winks PARKING 372

OWNERSHIP INTEREST BOOK VALUE CAP RATE VALUATION DATE ACQUISITION DATE SITE AREA GROSS LETTABLE AREA OCCUPANCY WALE BY INCOME RENT REVIEW STRUCTURE MAJOR TENANTS BY INCOME PARKING

100%

$13.30 million 6.75% December 2007 February 2004 6,098 m[2]

8,179 m[2] 100%

8.99 years

CPI and fixed

Target, Gloria Jeans

n/a

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6 property book february 2008
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Retail Aspley Village Shopping Centre

• Aspley, QLD

Aspley Village Shopping Centre is located approximately 12 kilometres north of the Brisbane CBD and has three street frontages.

Abacus acquired the property in February 2006. Since then, Abacus has negotiated lease surrenders with existing tenants to obtain vacant posession, signed a number of new tenants and commenced construction.

On completion, scheduled for December 2008, the Centre will comprise a full line Coles Supermarket occupying 3,200 m[2] and 28 specialty shops including fresh food and a new medical/health services centre occupying 2,100 m[2] . A covered plaza will provide a social focus with restaurants and cafés. The existing two freestanding childcare centres and medical centre will be retained and undercover parking for approximately 450 vehicles will improve access and safety.

OWNERSHIP INTEREST 100% BOOK VALUE $24.52 million VALUATION DATE February 2006 SITE AREA 19,430 m[2] GROSS LETTABLE AREA 12,230 m[2] on completion

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Abacus Retail Property Trust

• VIC | NSW | QLD | SA | WA

The Abacus Retail Property Trust holds a portfolio of 11 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. Abacus intends to syndicate this fund in the 2009 financial year.

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Property State GLA m [2] Cap Rate % Book Value
$ million
22-23 Queen Street, North Bundaberg QLD 3,756 6.2 16.68
293-295 Great Eastern Highway, Midland WA 3,261 6.8 10.28
50 Mostyn Street, Castlemaine VIC 3,757 7.0 10.20
Gympie Market Place, 12 Reef Street Gympie QLD 3,290 7.0 9.00
Mt View Plaza, Kirwan QLD 3,351 7.8 8.50
85-95 Victoria Street, Eaglehawk VIC 2,310 7.8 6.90
Mid City Plaza, Maryborough VIC 2,028 6.9 4.82
23-30 Osmond St, Kingscote Kangaroo Island SA 2,862 6.7 4.50
96-98 Victoria Street, St George QLD 1,500 8.5 3.20
12-18 Docker Street, Wangaratta VIC 3,383 10.2 3.10
29-33 Marshall Street, Cobar NSW 2,059 9.9 1.96
TOTAL 31,557 79.14
WEIGHTED AVERAGE 7.2
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commercial

Westpac House

• 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 and various pedestrian thoroughfares through it. 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 acquired 91 King William Street at well below replacement cost. At the time of acquisition, the property had a short lease expiry profile and low average rents while the Adelaide premium market had low vacancy and limited new supply.

At end December 2007, approximately 80% of the 16,450 m[2] vacated by Santos Ltd in June 2007 had been re-leased, with approximately 10,000 m[2] taken up by the South Australian Government for an initial term of five years. The remaining space is expected to be leased in the near term.

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

50% $72.02 million 7.00% June 2007 October 2004 5,364 m[2] 34,323 m[2] total 81% 5.61 years CPI and fixed

OWNERSHIP INTEREST BOOK VALUE CAP RATE VALUATION DATE ACQUISITION DATE SITE AREA NET LETTABLE AREA OCCUPANCY WALE BY INCOME RENT REVIEW STRUCTURE MAJOR TENANTS BY INCOME PARKING

Westpac, SA Government, Fitness First, PWC 107

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property book february 2008

CSIRO Headquarters

• Limestone Avenue, Campbell ACT

CSIRO’s head office and related facilities occupy an elevated four hectare site two kilometres east of the Canberra CBD. The improvements include a five level office building with attached single level conference centre, a two level administration building and extensive parking.

This large property provides potential for redevelopment on expiry of the CSIRO lease.

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||||
|---|---|---|
|OWNERSHIP INTEREST|100%|
|BOOK VALUE|$20.0 million|
|VALUATION DATE|June 2007|
|ACQUISITION DATE|June 2002|
|SITE AREA|40,000 m|[2]|
|NET LETTABLE AREA|7,215 m|[2]|
|OCCUPANCY|100%|
|LEASE EXPIRY|2012 + 4 x 10 year options|
|RENT REVIEW STRUCTURE|Annual 3%|
|TENANT|CSIRO|
|PARKING|350|

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Epping Office Park

• 4 Ray Road, Epping NSW

Located 20 kilometres north-west of the Sydney CBD, close to the railway station and bus interchange, this office complex comprises four separate buildings with typical floor areas ranging from 963 m[2] to 1,300 m[2] . Facilities include a swimming pool, tennis court, squash court and café.

Epping is close to Macquarie University, major shopping centres and Lane Cove National Park.

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||||
|---|---|---|
|OWNERSHIP INTEREST|100%|
|BOOK VALUE|$54.50 million|
|CAP RATE|7.5%|
|VALUATION DATE|June 2007|
|ACQUISITION DATE|April 1997|
|SITE AREA|13,389 m|[2]|
|NET LETTABLE AREA|12,350 m|[2]|
|OCCUPANCY|94%|
|WALE BY INCOME|2.62 years|
|RENT REVIEW STRUCTURE|CPI and fixed|
|MAJOR TENANTS BY INCOME|AMP, Caroma, NEC|
|PARKING|365|

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www.abacusproperty.com.au

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commercial

Varsity Lakes properties

• Varsity Lakes, QLD

Varsity Lakes is a fully planned urban community surrounding the Bond University Campus located approximately four kilometres east of Robina and 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 a 4-8 level height limit and encourage mixed use development.

The RP1 Building is a three level commercial office building constructed in a campus style, featuring a central hall with a series of commercial tenancies flanking each side. The property provides restricted lake views and has five tenancies.

169 Varsity Parade is a single level commercial office building with water views over a communal boardwalk to Lake Orr. The sole tenant is a call centre division of Skilled Engineering.

The properties provide a significant landholding in the southeast Queensland growth corridor and offer future expansion potential given their large sites and under-utilised FSR. There is also potential for commercial/residential redevelopment.

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PROPERTY RP1 Building 169 Varsity
Cnr Main Street Parade
& Bellvue Drive
OWNERSHIP 100% 100%
INTEREST
BOOK VALUE $11.50 million $12.56 million
VALUATION DATE July 2007 July 2007
ACQUISITION September September
DATE 2007 2007
SITE AREA 8,670 m [2] 13,000 m [2]
NET LETTABLE 3,631 m [2] 3,418 m [2]
AREA
OCCUPANCY 83% 100%
WALE BY INCOME 2.75 years 2.17 years
RENT REVIEW Annual CPI Annual 4%
STRUCTURE
MAJOR TENANTS Billabong Exceliors Pty Ltd
BY INCOME
PARKING 87 180
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10 property book february 2008

Airways New Zealand

• 20-28 Sir William Pickering Drive Christchurch, NZ

This commercial property comprises two large two level office buildings set on a landscaped site of 1.73 hectares 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 traffic operating within New Zealand’s 37 million square kilometres of airspace.

OWNERSHIP INTEREST 100% BOOK VALUE $16.64 million (A$) CAP RATE 7.15% VALUATION DATE June 2007 ACQUISITION DATE June 2007 SITE AREA 17,300 m[2] NET LETTABLE AREA 7,352 m[2] OCCUPANCY 100% LEASE EXPIRY 2019 + four 6 year options RENT REVIEW STRUCTURE 3 yearly TENANT Airways Corporation of New Zealand

Wollongong

• Wollongong, NSW

This four level commercial office building was purpose-built for the Royal Australian Navy Hydrographic Service, which is responsible for the publication and distribution of nautical charts and other information. The property is located approximately 500 metres from the centre of the Wollongong CBD and 50 metres from the train station. Wollongong is approximately a one hour drive south of Sydney.

OWNERSHIP INTEREST 100% BOOK VALUE $12.75 million VALUATION DATE December 2007 ACQUISITION DATE June 2003 SITE AREA 1,935 m[2] NET LETTABLE AREA 3,907 m[2] OCCUPANCY 100% LEASE EXPIRY 2011 + two 5 year options RENT REVIEW STRUCTURE Annual 3% MAJOR TENANTS BY RAN Hydrographic Service INCOME PARKING 45

PARKING 261

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www.abacusproperty.com.au
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industrial

95 & 117 Mina Parade

10–12 Pike Street

• Alderley QLD

Alderley is an established inner city residential suburb of Brisbane located approximately five kilometres north of the CBD. The 4.7 hectare property is located directly opposite a railway line, and is close to public transport, schools and retail amenities. Its location and high land value support possible redevelopment to residential.

The office/warehouse buildings are in good condition. 95 Mina Parade is leased to Queensland Health, while 117 Mina Parade is leased to Pacific Brands Sports & Leisure Pty Ltd.

OWNERSHIP INTEREST 100% BOOK VALUE $20.98 million CAP RATE 7.75% VALUATION DATE July 2007 ACQUISITION DATE September 2007 SITE AREA 46,690 m[2] GROSS LETTABLE AREA 21,161 m[2] OCCUPANCY 100% WALE BY INCOME 0.46 years RENT REVIEW STRUCTURE Fixed 4% TENANT Queensland Health, Pacific Brands Sports & Leisure PARKING 142 (28 undercover)

• Rydalmere NSW

Rydalmere Industrial Estate is on a 3.8 hectare site on the northern bank of the Parramatta River in an established industrial precinct, two kilometres east of the Parramatta CBD and 21 kilometres west of the Sydney CBD. The property comprises two older style industrial buildings largely leased to Waco Kwikform Limited for the manufacture and warehousing of scaffolding.

To facilitate planning for the partial or full redevelopment of the property into industrial strata lots, the recently renewed lease to Waco contains demolition clauses on part of the estate.

OWNERSHIP INTEREST 100% BOOK VALUE $22.4 million CAP RATE 7.8% VALUATION DATE June 2007 ACQUISITION DATE October 1998 SITE AREA 38,000 m[2] NET LETTABLE AREA 18,103 m[2] OCCUPANCY 93% WALE BY INCOME 8.35 years RENT REVIEW STRUCTURE CPI and market TENANT Waco Kwikform Limited PARKING 16 undercover

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12 property book february 2008
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Campbellfield Properties

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• 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 comprising a single storey office building adjoining older style, manufacturing building and various ancillary structures. It has a 214 metre frontage to the Hume Highway. Two entrances and an internal roadway facilitate drive through truck movements. The property is currently utilised for the manufacturing, storage and distribution of motor vehicle parts, primarily for the adjoining Ford Motor Company vehicle assembly plant.

36-52 National Boulevard is a modern industrial property comprising a single story office with attached large warehouse. It is leased to Whitley Marine Industries Pty Limited for the manufacture of boats.

PROPERTY 36-52 National Boulevard	1769 Hume Highway
OWNERSHIP INTEREST 100%	100%
BOOK VALUE $10.3 million	$18.55 million
CAP RATE 6.75%	7.09%
VALUATION DATE June 2007	October 2007
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 9.5 years	3.5 years
RENT REVIEW STRUCTURE Annual 3% and market	CPI and market
TENANT Whitley Marine Industries	Venture Industries Australia
PARKING 108

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industrial

Pinkenba Properties

• Pinkenba QLD

Pinkenba is located approximately ten kilometres from the Brisbane CBD, close to Brisbane Airport, port and rail facilities and major roads. Both properties provide a long-term land lease to an international tenant. 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.

26 Savage Street is an industrial property comprising a warehouse storage building, office and amenities buildings on a 2.35 hectare site. Summit Rural Australia Pty Ltd leases the property for fertiliser storage, blending, bagging and dispatch.

681 Curtin Avenue comprises a freestanding single level office building, an amenities building attached to a specialised factory building and a freestanding warehouse on a 1.94 hectare site. The facilities are used in the production of zirconia, used in the production of colour ceramics, and silica fume, used in concrete construction.

PROPERTY 26 Savage Street	681 Curtin Avenue
OWNERSHIP INTEREST 100%	100%
BOOK VALUE $6.75 million	$5.25 million
CAP RATE 7.3%	7.3%
VALUATION DATE June 2007	June 2007
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 a total site of 3.5 hectares with two industrial buildings made up of five factory units and approximately 3,000 m[2] of unimproved land fronting Christina Road.

Abacus is currently evaluating redevelopment opportunities.

	OWNERSHIP INTEREST	100%
	BOOK VALUE VALUATION DATE	$13.20 million December 2007
	ACQUISITION DATE	May 2002
	SITE AREA	35,710 m2
	NET LETTABLE AREA	19,050 m2
	OCCUPANCY	64%
	WALE BY INCOME	1.37 years
	RENT REVIEW STRUCTURE	CPI and fxed
	MAJOR TENANTS	Independent Motor Auctions
	PARKING

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property book february 2008

Greenacre Properties

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204 Hume Highway
Abacus Storage Fund & 20 Anzac Street
206-220 Hume Highway
17-21 Anzac Street
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• Greenacre NSW

Greenacre is an industrial and residential 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 and links the major centres of Bankstown and Strathfield.

Abacus has recently acquired four properties in two parcels. In addition, the Abacus Storage Fund owns the property at 10 Anzac Street.

206-220 Hume Highway is a large interconnected building containing two automotive showrooms, offices, workshops and extensive hardstand vehicle display areas. The site features good exposure to the Hume Highway. 17-21 Anzac Street is a two level industrial building containing a workshop to the first level and a car parking/ storage area underneath. Both properties are fully leased to Staway Pty Limited trading as Dale Ford.

204 Hume Highway comprises three warehouse/office/ showroom buildings used for manufacturing, administration and warehousing across three tenancies. 20 Anzac Street is a further warehouse.

PROPERTY 206-220 Hume Highway and 17-21 Anzac Street	204 Hume Highway and 20 Anzac Street
OWNERSHIP INTEREST 100%	100%
BOOK VALUE $8.86 million	$5.05 million
CAP RATE 8.75%	9.0%
VALUATION DATE September 2007	October 2007
ACQUISITION DATE October 2007	November 2007
SITE AREA 10,571 m2	8,540 m2
NET LETTABLE AREA 5,053 m2	6,197 m2
OCCUPANCY 100%	100%
WALE BY INCOME 2.67 years	0.43 years
RENT REVIEW STRUCTURE CPI and market	CPI and fxed
TENANT Staway Pty Limited	Kelton Products
PARKING 50

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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 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.

100% $43.50 million 8.3% December 2007 December 2003 1,227 m[2] 5,369 m[2] plus 154 hotel rooms 100% 3.29 years Fixed and CPI Chifley at Lennons Hotel 62

OWNERSHIP INTEREST

BOOK VALUE CAP RATE VALUATION DATE ACQUISITION DATE SITE AREA NET LETTABLE AREA OCCUPANCY WALE BY INCOME RENT REVIEW STRUCTURE MAJOR TENANT PARKING

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property book february 2008

Abacus Small Properties Fund

• NSW | VIC

After the successful launch of the Abacus Diversified Income Fund II in July 2007 with a portfolio of 19 properties each 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 have been acquired since June 2007 and are being held on balance sheet pending their syndication in 2008/2009.

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Property State Sector Cap Rate % Book Value
$ million
144-168 National Boulevard, Campbellfield 1 VIC industrial 6.8 21.27
12 Butler Street, Hurstville 2 NSW office 7.5 18.73
Macquarie Business Park, Port Macquarie 3 NSW office 7.5 16.03
4 Sylvania Way, Lisarow NSW industrial 8.8 10.32
Lot 121 Orielton Road, Smeaton Grange NSW industrial 7.2 10.01
Italian Forum Carpark, Norton Street, Leichardt NSW carpark 7.1 8.89
198-206 St Johns Road, Glebe NSW retail/office 6.8 6.35
TOTAL 91.60
WEIGHTED AVERAGE 7.2
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other

Additional Self-Storage Assets

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• 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.

These assets include 58% of the share capital of U Stow It, an unlisted company that owns and operates a number of self-storage assets and other properties in Canberra and Queanbeyan, a facility in Hamilton, New Zealand and a portfolio of assets in Townsville.

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Property State GLA m [2] Cap Rate % Book Value
$ million
TOWNSVILLE STORAGE FACILITIES
Mount St John QLD 4,490 8.5 6.85
West End QLD 3,176 8.5 4.32
Idalia QLD 3,271 8.5 4.74
Hyde Park QLD 2,086 8.5 3.48
Willows QLD 2,472 8.5 4.43
HAMILTON STORAGE FACILITY [1]
Hamilton NZ 10,100 8.5 6.88
U STOW IT PROPERTIES (58%) [2]
Belconnen ACT 9,275 8.5 18.70
Fyshwick ACT 7,085 8.5 12.13
Tuggeranong ACT 5,704 8.5 14.36
Hume (Showroom) ACT 7,151 8.0 3.26
Queanbeyan (vacant land) NSW 26,307 n/a 3.95
TOTAL 83.10
WEIGHTED AVERAGE 8.5
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1 The Hamilton property was acquired for NZ$8.1 million, converted to A$ based on exchange rate of A$1=NZ$1.177.

2 U Stow It assets valued at 58% of their value on the U Stow It balance sheet.

18

property book february 2008

commercial/industrial

Virginia Park

• 232-262 East Boundary Road Bentleigh East VIC

Virginia Park is a business park on a 12.28 hectare site in a predominantly residential location, approximately 13 kilometres south-east of the Melbourne CBD. The property provides a mix of industrial and office buildings as well as supporting facilities including a gymnasium, swim centre, child care centre, café and recreational facilities.

This massive, well-located property provides potential for further development through new construction on existing hardstand areas currently used for parking, expansion of existing buildings and redevelopment of existing older buildings at the rear of the site.

Abacus holds a 50% interest in this property through a joint venture with the Gillon Group.

OWNERSHIP INTEREST BOOK VALUE CAP RATE VALUATION DATE ACQUISITION DATE SITE AREA NET LETTABLE AREA OCCUPANCY WALE BY INCOME RENT REVIEW STRUCTURE MAJOR TENANTS BY INCOME

PARKING

50%

$41.22 million

7.75% April 2006 April 2006

122,800 m[2]

58,182 m[2]

97%

2.28 years CPI and fixed

Vision Stream, Office Works, Xtralis, Virginia Park Health Club 1,435

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www.abacusproperty.com.au
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www.abacusproperty.com.au