Listed A-REITs

Editorials

Listed Property Editorial, June 2010: New financial year, new cycle, same lessons 13/07/2010 12:36
The Burj Khalifa in Dubai is the tallest building in the world, with facilities including an observation deck, offices, a hotel and numerous... + more The Burj Khalifa in Dubai is the tallest building in the world, with facilities including an observation deck, offices, a hotel and numerous residences. Elsewhere in the city, you will find a “seven-star” hotel, a mall with an aquarium, and a second mall with an indoor ski slope. - less

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Equities Research

Mirvac Group (MGR) Take-over of WOT Accepted 27/07/2010 15:19
On 21 July WOT unitholders voted to accept the take-over offer made by MGR on 28 April 2010. The Offer for Westpac Office Trust (WOT) was priced at $0.86 per unit. The Offer was made in the form of a Scrip or Cash Option. WOT unitholders had until c... + more On 21 July WOT unitholders voted to accept the take-over offer made by MGR on 28 April 2010. The Offer for Westpac Office Trust (WOT) was priced at $0.86 per unit. The Offer was made in the form of a Scrip or Cash Option. WOT unitholders had until close of business on 21 July to return an Election Form nominating which option they wished to take-up otherwise they would automatically receive the Scrip Option. We have a Fair Market Value of $1.60 per unit and a Buy recommendation for this stock. - less

Valad Property Group (VPG) Upgrade to Hold on price weakness 22/07/2010 18:02
Overall, we think VPG has been through its most testing period during 2009. However VPG’s earnings are clearly problematic. The group is highly leveraged, restricting its ability to invest capital into its businesses and grow revenue meanin... + more Overall, we think VPG has been through its most testing period during 2009. However VPG’s earnings are clearly problematic. The group is highly leveraged, restricting its ability to invest capital into its businesses and grow revenue meaningfully. The priority over the short- to medium-term will continue to be centred on reducing debt. We have made no changes to our forecasts and our fair value remains largely unchanged. Recent share price weakness prompts an upgrade to Hold. - less

Westpac Office Trust (WOT) Recommendation: Vote in Favour of the Offer 12/07/2010 17:33
We have reviewed the MGR Offer set out in the Explanatory Memorandum on 16 June 2010. At close of trade on 9 July 2010 the MGR Offer conversion rate of 0.597 for every WOT unit was inferior to market pricing (0.636 per WOT unit). Overall we believe ... + more We have reviewed the MGR Offer set out in the Explanatory Memorandum on 16 June 2010. At close of trade on 9 July 2010 the MGR Offer conversion rate of 0.597 for every WOT unit was inferior to market pricing (0.636 per WOT unit). Overall we believe the Offer provides broader asset diversification, lower gearing and the opportunity to take a cash option. We recommend WOT unitholders accept the MGR Offer and nominate for the Cash Option based on the current pricing differential conversion rates. - less

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