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Home» About Macquarie Group» News & announcements» Archive 2004» Macquarie Direct Property Syndicate successful result

News & announcements

Macquarie Direct Property Syndicate successful result

21 January 2004

Macquarie Direct Property has brought one of its syndicates to a very successful conclusion for investors with the sale of its assets, providing them with a compound return of 15.5 per cent per annum, over the five year life of the investment.

The VC Direct Investment Trust (VC Direct) featured two assets: the Harvey Norman Centre at Campbelltown and the Bunnings Warehouse at Villawood. Both assets have been purchased by the MFS Diversified Trust.

Investors received an income, on average, of 10 per cent per annum in line with the forecasts. For every dollar invested, the sale contract reflects a $1.35 capital return.

Macquarie Direct Property Chief Executive, Richard Cutler, said that the sale of the syndicate's assets, maximised returns to investors, "Investors have had exposure to the retail bulky goods sector with a direct investment across two quality properties, quarterly income distributions and now capital gains on the sale of the properties."

"Direct property investment aims to provide regular income together with the prospect of capital growth, anchored by quality real estate assets.

"Investor interest in property syndicates is strong as evidenced by the number of offerings in the market at present, including the latest offering from Macquarie Direct which comprises five commercial office buildings located in Brisbane, Sydney and Melbourne and known as the East Coast Portfolio."

Macquarie Direct Property employed an active management strategy in its role as Manager of VC Direct, which focussed on opportunities to enhance capital growth and income to investors by reviewing leases and undertaking refurbishment where required. Harvey Norman has renewed its lease and is now committed to 2013.

Macquarie Direct Property now has more than $500 million in funds under management. It is part of Macquarie Property, which also manages a portfolio of unlisted development funds, listed and unlisted property trusts, and together with its associates has more than $10 billion assets under management.

Further information:

Richard Cutler
Chief Executive Officer,
Macquarie Direct Property
Tel: (612) 8232-3333

Robyn Turner
Macquarie Property
Public Relations
Tel: (612) 8232 6989

More information: http://www.macquarie.com.au/directproperty

NOTICE: This release has been prepared without taking into account an investor's objectives, financial situation or needs and because of that, investors should, before acting on the information contained in this release consider the appropriateness of this information having regard to the investors own objectives, financial situation and needs. All potential investors in the East Coast Portfolio should obtain a Product Disclosure Statement (PDS) for that product available from us and consider the PDS before making any decision about whether to invest. Applications to invest can only be made on the application form accompanying the PDS..

Macquarie Direct Property Management Limited (MDPML) is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MDPML's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL provides a limited $5 million guarantee to the Australian Securities and Investments Commission in respect of MDPML's Corporations Act obligations as a responsible entity of managed investment schemes. MBL does not otherwise provide assurance in respect of the obligations of MDPML.

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