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ANZ Rabinov Property Management Limited (‘ARPML’) as the Manager of the ANZ Rabinov Property Trust (‘the Trust’) has today announced that it will be conducting a strategic review of the continued ownership and management of the Trust. This follows a number of unsolicited approaches from several parties who have highlighted their interest in acquiring the Trust.
It is likely that, as a result of the above mentioned strategic review, the Manager will recommend that it is in the best interests of the unitholders to invite tenders to purchase the Trust, with a view to maximising value for unitholders.
Mr. Ronald Serry, Managing Director of ARPML said "The combination of the high quality properties in the Trust with well known tenants on long term leases have continually attracted third parties".
“As we have the best interests of our unitholders in mind, we believe that the time has come to formally and thoroughly explore the level of interest in the sale of the Trust.” Mr. Serry said.
Should it so determine, the Manager will be conducting a formal process to invite bidders to participate in a tender process with the aim of maximising the value of the units.
At this time, the Manager is noting expressions of interest and will provide relevant information to selected parties in order to confirm a proposal. The process will need the support of the required majority of unitholders to be successful and as such the strategic review will seek to ensure that the most attractive outcome available is provided to unitholders.
The Trust will continue with its business as usual during the review and any subsequent tender.
Editorial Note
Overview of the ANZ Rabinov Property Trust
Including the latest acquisition of Hydro Electric Property, which is yet to be constructed, the Trust will have:
1. 19 properties at a carrying value of over $300 million;
2. High quality tenants on long term leases;
3. Geographic distribution of assets across Australia;
4. Diversification of assets across office (69%), retail (5%) and industrial (26%) segments; and
5. Weighted Average Lease expiry of 9.6 years.
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