Residential Apartments, Red Head NSW

Acquired a leased industrial facility with NLA of approximately 8,500sqm in a joint venture arrangement Initial value of $14 million Principal tenant is Iveco Trucks Australia – a wholly owned subsidiary of Fiat Industrial Company whose operations have been on the site for over 20 years Opportunities identified to increase the value of the property by negotiating an extension of the Iveco lease and developing surplus land for a possible further 10,000sqm of warehouse and office space

Acquired a walk up, neighbourhood shopping centre in the established suburb of Dee Why with NLA of 4,614sqm and further development potential for $22.5 million The centre is a convenience based shopping centre anchored by a Woolworths supermarket and liquor store, a gym, a reject shop and some specialty tenancies Originally built in 1978, the centre underwent an extensive refurbishment in 2008/2009 Equity of $9.9 million raised in fund with a 5 year investment horizon

Acquired 6 hotels in regional Queensland as part of a Joint Venture with the existing asset manager Value at establishment of the joint venture was $32.6 million The asset manager was an experienced pub investor and operator Strategy to improve operating performance through decentralised management, operational improvements and targeted capital expenditure The portfolio’s trading performance to date has exceeded expectations since AsheMorgan took over management

A $59.5 million joint venture between AsheMorgan and the Bank of Scotland, established as a solution for the workout of residential development residual stock assets held by both companies The total assets held comprised 134 individual residential apartments AsheMorgan managed the fund with the objective of selling down the apartments over a four year period Sales were maintained ahead of targets on both price and timing AsheMorgan added value through the effective management of the assets and the sales agents’ marketing strategies