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Vol 11. No.216

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	100.43	+0.06
Cash Rate	4.75	Steady
90 Day Bill	5.05	+0.01
10 Year Bond	5.352	-0.031
ASX 200	4728.6	+28.8

New South Wales Property

• After initially withholding the information in the name of commercial sensitivity, the Barangaroo Delivery Authority (BDA) has released more details of the terms of Lend Lease’s project development agreement for the Barangaroo South site at the $6 billion project on Sydney’s waterfront.
• Lend Lease paid $97 million for the site, according to the BDA, and will contribute $150 million to the headland park, $100 million to the Wynyard pedestrian tunnel and $174 million towards site remediation and the relocation of the International Passenger Terminal.
• The company will also provide about $200 million in-kind towards the waterfront plaza, infrastructure and land development costs.

Victoria Property

• The $1.8 billion Commonwealth Property Office Fund (CPA) has paid builder Grocon $581.4 million for three Melbourne office towers.
• The deal increases the Colonial First State managed fund’s assets to 29 office towers, of which 28.7 per cent are in the Melbourne market.
• The three buildings are Media House and the AXA Asia Pacific headquarters on Collins Street, and half of the QV building in Lonsdale Street, including the 47,000 square metre shopping centre.
• CPA will partly fund the purchase of the buildings by raising $274 million.
• The fully underwritten $158.6 million institutional placement and $115.4 million entitlement offer is at 86c a unit, a 4.4 per cent discount to the closing price before yesterday’s trading halt and a discount of more than 20 per cent to net tangible assets.

• IOOF will move its national headquarters to 161 Collins Street in Melbourne.
• The funds management group will vacate its 303 Collins Street IOOF Centre building next month to occupy offices at the Liberman family’s building at 161 Collins Street.
• IOOF’s current headquarters is owned by Phileo Australia with the company occupying up to nine floors.
• They intend to consolidate their Melbourne offices as IOOF also has staff at 30 Collins Street, which is owned by the Monash University Foundation.
• It is understood that the term of the lease is for 10-years for just under 4,000 square metres.