Domaine Diversified Property Fund
The Domaine Diversified Property Fund is a diversified property fund across geographic and property sectors within Australia. The Fund comprises five properties and was established in April 2004.
ARSN 108 289 827
Responsible Entity
Domaine Property Funds Limited
ACN 085 616 824 AFSL No. 225131
- Financial Statistics as at 30 September 2011:
- Net Tangible Assets per unit (NTA): $0.16 (unaudited)
- NTA as at 30 June 2011: $0.16 (audited)
- NTA as at 30 June 2010: $0.24 (audited)
- Fund size: $38,079,788
- The NTA does not represent the return an investor will receive on final settlement as it does not consider future performance, distributions, disposal costs or achieved sales price. The NTA should be used as a guide only and is calculated using the latest valuation
- Domaine Diversified Property Fund holds a 50% interest in the Domaine Belmont Trust, originally valued at $2.3 million. Domaine Belmont Trust's principal asset is the Belmont Shopping Centre. The Director's of the Domaine Belmont Trust have impaired the investment value which is now carried at $nil. The impairment reflects the uncertainty over the ability to sell and realise the Shopping Centre at its current fair value
14 November 2011
The property at 11 Murray Dywer Circuit, Mayfield NSW, sold for $5,250,000 on 11 November 2011. The proceeds of the sale have been used to repay bank debt.
7 November 2011
The property at 19-27 Devlin Street, Ryde NSW, sold for $4,300,000 on 4 November 2011. The proceeds of the sale have been used to repay bank debt.
14 September 2011
A contract for sale has been exchanged for the Centrelink Building in Ryde, NSW, with settlement due in late October. A further update will be provided following settlement.
11 March 2011
On 23 February 2011, Suncorp Bank issued a further LVR Default Notice to the Domaine Diversified Property Fund as the gearing ratio (currently 76.99%) continues to be in breach of the LVR covenant in clause 18.2 of the facility agreement.
Suncorp has reserved its rights to take certain actions as outlined in the facility agreement.
21 December 2010
The Domaine Diversified Property Fund's Review Meeting was held in Sydney on Friday, 10 December 2010, following the Explanatory Memorandum sent to investors in November 2010.
The primary business of the Review Meeting was to consider and, if thought fit, to pass the following Resolution as a special resolution:
"That the Domaine Diversified Property Fund (Trust) be terminated in accordance with clause 26.2 of the Constitution of the Trust."
The Fund's Constitution required that in order for the Resolution to be passed, two tests had to be satisfied:
1. At least 75% of the votes cast (whether in person or by proxy or corporate represenative) must be in favour of the Resolution; and
2. Unit Holders holding at least 75% of all Units on issue must have voted on the Resolution in person or by proxy or representative.
In relation to the first requirement, Domaine Property Funds Limited (DPFL) received votes totaling 94.91%, which represents $9,564,754.66 of the total value of votes cast in favour of the Resolution and 5.09% against the Resolution, which represents $513,271.75 of the total value of votes cast.
In relation to the second requirement, DPFL received votes totaling $10,078,026.41 which represents 81.02% of the value of all units on issue.
Resolution 2 was not tabled as the outcome from the results from Resolution 1 meant the Trust was to be terminated in accordance with the Constitution.
DPFL will commence the wind up of the Trust beginning from the first quarter of 2011 with an orderly sale of the properties. DPFL's objective throughout this process will be to preserve as much value as possible for investors.