Domaine SEQ Growth Fund
The Domaine SEQ Growth Fund portfolio comprises two retail and two commercial properties in South East Queensland. The Fund was established in September 2005.
ARSN 115 639 971
Responsible Entity APGF Management Limited
ACN 090 257 480 AFSL No. 229287
- Financial Statistics as at 30 September 2011:
- Net Tangible Assets per unit (NTA): $0.53 (unaudited)
- NTA as at 30 June 2011: $0.52 (audited)
- NTA as at 30 June 2010: $0.55 (audited)
- Fund Size: $324 million
- 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
09.02.2012
The Manager has secured an offer for the Mt Gravatt Shopping Village which has been accepted. The purchaser is currently undertaking due diligence with settlement scheduled for late April 2012.
07.02.2012
The Unit Holder meeting scheduled to be held on 10 February 2012 has been cancelled.
The reason for the cancellation is the major investors in the Domaine SEQ Growth Fund wish to proceed with the sale of the two remaining assets and wind-up the Fund without making the proposed amendments to the Constitution.
The proposed amendments to the Constitution are not technically required in order to terminate the Fund as Clause 25.1(b) of the Constitution(s) already allows for both the Domaine SEQ Growth Fund and Trust to be terminated on a date to be notified to Unit Holders. This will occur after the sale of the last asset and investors will be kept informed of the asset sales program which is intended to be completed in 2012.
We regret any inconvenience caused by the cancellation of the meeting and have attempted to contact as many investors as possible to notify them of the cancellation.
01.02.2012
We are pleased to report the sale of 333 Ann Street and CB1 and CB2 at SW1 settled on 1 February 2012. It is likely that all or the majority of the sale proceeds will be used to reduce the debt facility with the National Australia Bank.
The prospective sale of the Mt Gravatt Shopping Village did not proceed.
20.12.2011
Further to our update below, contracts have exchanged with Growthpoint Properties Australia to acquire 333 Ann Street for $109.9 million and CB1 and CB2 at SW1 for $96.8 million. These amounts are before the payment of outstanding incentives.
The contracts are subject to the completion of a fully underwritten equity raising with settlement scheduled for February 2012.
The due diligence period for the Mt Gravatt Shopping Village is schedule to be completed in late January 2012. Details on the purchaser and contract terms will be advised when the contract is exchanged.
21.11.11
Following recent extensive marketing campaigns for 333 Ann Street, CB1 and 2 at SW1 and Mt Gravatt Shopping Village, we are pleased to advise that all three of these properties are now under contract with the purchasers currently undertaking their due diligence. The purchasers’ due diligence are due to be completed by the end of January 2012 with settlements due 30 to 60 days thereafter.
10.04.11
On 10 April 2011 the property at Yatala sold for $11.75 million. The majority of the proceeds from the sale were used to reduce bank debt, and the remainder was retained within the Fund for working capital.