AI assistant
DEXUS Capital/Financing Update 2005
64807_rns_2005-10-05_154f62f3-acf7-43eb-8782-cff62f5f76bd.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
DB RREEF
Managed in partnership with Deutsche Bank El
DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder Level 21 83 Clarence Street Sydney NSW 2000 PO Box R1822 Royal Exchange NSW 1225
Telephone 61 2 9249 9500 Direct 61 2 9249 9040 Facsimile 61 2 9279 3090
Email: [email protected]
Dear Sir/Madam
DB RREEF Trust (ASX:DRT) - Market Update
DB RREEF Funds Management Limited as responsible entity for the DB RREEF Trust is pleased to advise the following Market Update.
For further information, please contact
Australian Stock Exchange Limited
| $\bullet$ | Institutional Investors: | Tony Dixon | $(02)$ 9249 9040 |
|---|---|---|---|
| $\bullet$ | Retail Investors: | Karol O'Reilly | $(03)$ 9270 4419 |
| $\bullet$ | Media inquiries: | Tania Alexander | (02) 9249 9711 |
Yours sincerely
Tanya Cox Company Secretary
6 October 2005
The Manager
20 Bridge Street
Sydney NSW 2000
Managed it gartnerskip with Deutsche Sank [7]
DB RREEF TRUST ~ MARKET UPDATE
6 October 2005. Sydney. DB RREEF Funds Management Limited (DRFM), as responsible entity of DB RREEF Trust (DRT), wishes to provide the following update in respect of its portfolio.
Settlement of Lumley Tower, Auckland
The NZ\$113 million acquisition of Lumley Tower was settled on Thursday, 29th September. The property, which is fully leased, includes total net lettable area of 19.478.8 som of commercial office space, 797.4 sqm of storage space and 194 car spaces.
Major tenants include leading legal firms Simpson Grierson Lawyers (8,952.5 sgm) and Minter Ellison Rudd Watts (5,204.2 sqm), and Lumley General Insurance (5,216.8 sqm).
Commercial Portfolio Leasing Update
At 30 September 2005, occupancy in the commercial portfolio was 90.3%, following previously announced expiries including Ernst & Young at 321 Kent Street, Sydney and the Australian Crime Commission at 201 Elizabeth Street, Sydney. The portfolio has an average weighted lease term of 6.0 years, by income.
As a result of ongoing leasing focus across the portfolio, agreements totalling in excess of 50,000 sgm have either been executed as leases or Heads of Agreement, which should enable the portfolio to reach greater than 95% occupancy as at June 2006.
Maior new leases executed during the quarter to 30th September, 2005 include the following:
| Property | Tenant | Area (sqm) | Term | Commences |
|---|---|---|---|---|
| 45 Clarence St | -Brennan IT | 1.216.0 | 10 vrs | 1 Oct 2005 |
| 45 Clarence St | Benfield Australia | 1.255.0 | 10 vrs | 17 Oct 2005 |
| Australia Square | Abbott Tout | 5.160.0 | 10 vrs | 1. Jan 2006. |
In addition to these executed leases. Heads of Agreement encompassing 42,506 sgm (31.611 sqm on an ownership basis) have been signed across eight assets, including
- 321 Kent Street, Sydney (15,339 sqm); ٠
- 130 George Street, Parramatta (11.867 sqm);
- Southqate Complex, Melbourne (3,917 sqm);
- Zenith Centre, Chatswood (2,067 sqm); $\bullet$
- Victoria Cross, North Sydney (1.567 sqm): and
- 201 Elizabeth Street, Sydney (2,125 sqm)
Industrial Portfolio Leasing Update
Australia
Leasing during the quarter to 30th September 2005 has totalled 22,306 sqm, with a further 8,445 som executed under Heads of Agreement. This activity has resulted in occupancy in the portfolio increasing to 98.7%, with a portfolio weighted average lease term of 4.9 years, by income.
| Property | Tenant | Area (sqm) |
Term (yrs) |
Commences | Type |
|---|---|---|---|---|---|
| 145 Arthur St, Flemington |
Telstra Corporation | 3,330.0 | 3.0 | 10 Dec 2005 | Renewal (R) |
| Redwood Gardens | Ozito Industries | 3.018.0 | 3.0 | 27 Jun 2005 | Expansion (E) |
| 10-16 South St. Rydalmere |
Jar Furniture Imports |
2.397.3 | 3.0 | 1 Oct 2005 | F |
| Kings Park Industrial Est. |
Larson Juhi Australia |
2.353.8 | 5.2 | 15 Dec 2005 | R |
| Redwood Gardens | Italpro Enterprises | 2.221.0 | 6.0 | 1 Nov 2005 | Option (O) |
| 10-16 South St, Rydalmere |
The Mailing House | 2.194.7 | 3.0 | 1 Oct 2005 | R |
| 12 Frederick St. St Leonards |
Sanicare | 2.049.5 | 3.0 | 10 Dec 2005 | R |
| Redwood Gardens | Laser Dies Australasia |
1.073.0 | 2.0 | 17 Nov 2005 | ∩ |
| Axxess Corporate Park |
CR Laser | 1.000.0 | 3.0 | 1 Feb 2006 | {} |
Significant leasing transactions completed include the following:
United States
Recent activity in the US industrial portfolio has increased occupancy to 90.2%, maintaining the continued improvement in the portfolio since acquisition 12 months ago. The portfolio has a weighted average lease term of 3.4 years, by income.
The major leases completed in the period include:
| Property | Tenant | Area (sa ft) |
Term (vrs) |
Commences | Type |
|---|---|---|---|---|---|
| -9756 Int'l Blvd. Cincinnati |
Verst Group oqistics |
192.000 | 3.0 | 16 Sep 2005 | New |
| 3550 Westinghouse Blvd, Charlotte |
Detroit Diesel Corp. |
104.000 | 30 | 1.1ul 2005 | New |
Staff Appointment
DB RREEF Funds Management is pleased to announce the appointment of Tony Dixon as Fund Manager of DRT. Tony has been with the group since January 2005 as Manager, Capital Markets and continues his existing responsibility for Investor Relations.
Contact details
For any further information, please contact:
| • Institutional investors | Tony Dixon- | 02 9249 9040 |
|---|---|---|
| • Retail Investors | Karol O'Reilly | 03 9270 4419 |
| • Media enquiries | Tania Alexander | 02 9249 9711 |