| Media Release |
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20 May 2009
LMW Invest and the Denison Group form property syndicate joint venture
North Sydney office tower syndicate first offer to retail market
LMW Invest (part of ASX-listed LandMark White Group) and the Denison Group Pty Limited have today announced the formation of a Joint Venture aimed at delivering traditional syndicated property investments to retail investors.
An eight level office tower in North Sydney, with forecast fund yield of 9 percent, is the first building to be syndicated and offered to investors through the Denison LMWI Property Trust #1.
Matthew Burrows, CEO of The Denison Group, said the joint venture represented an outstanding investment opportunity for retail investors. “Our combined experience enables us to bring to the market high quality property syndicates focused on income returns,” he said. “We are confident that this building represents an excellent first step for DenisonLMWI in reaching our goal of becoming the leading syndicator of commercial property in Australia.”
The North Sydney property is a prominent freestanding building comprising upper office levels, ground floor retail and underground car parking. The building is 96 per cent leased to several quality tenants with staggered lease expiries.
“We believe the harbour views and proximity to major amenities makes this property highly desirable to future and current tenants,” Mr Burrows said.
Linden Toll, Director Marketing and Distribution, LMW Invest, said there was strong demand from investors for a return to traditional property investments. “By traditional we mean simple structures with regular income derived only from rents,” he said. “For a very long time, retail investors have not had access to investments such as this – other than through a wider investment trusts that carry a broad array of risks. The current climate means that investors are now seeking simple, understandable structures that deliver consistent rental returns. We are very excited to bring this offer to the market and look forward to releasing further offers in due course.”
The DenisonLMWI Property Trust #1 is forecast to return 9 per cent per annum (to 30 June 2011) paid quarterly. The close-ended, illiquid syndicate has a five to seven year investment term. Unit price is $1.00 with a minimum investment of $10,000. NTA on fund launch will be $0.825 per unit.
Media contact
Christine Harris
Financial Media Connections
0414 621163
charris@finmc.com.au
About Denison LMWI
Denison LMWI is a strategic alliance between LMW Invest and The Denison Group. Denison LMWI has been developed to create a suite of property syndicates with a focus on income returns and marketed primarily to retail investors. Denison LMWI aims to become the leading syndicator of commercial property in the Australian market place.
About LMI Invest
The LandMark White Group (LMW) is one of the largest and most highly skilled independent valuation organisations, property consultancy and growing property fund manager organisations in Australia. LMWI is the specialist funds management arm of LMW. It specialises in asset origination, asset management and funds management. At LMWI, property funds are managed in a way that reflects our twenty year heredity as a valuation company: valuing commercial property conservatively and professionally.
Denison Group Pty Ltd
The Denison Group Pty Limited is recognised for its value-based approach to property investment, creating wealth through an in-depth asset selection process, risk mitigation, professional management and defined capital, profit and exit strategies. The Denison Group has a proven history as an active property manger identifying and acquiring premium property investments that produce secure income streams and deliver regular tax advantaged returns. Since 2002, The Denison Group has launched seven wholesale funds, three of which have now been completed with profits and capital returned to investors. The four active funds continue to perform in line with the Group’s investment strategies. The fully owned subsidiary of the Denison Group, Denison Capital Limited based in Sydney, is licenced by ASIC and will be the Responsible Entity for the Denison LMWI Property Trust #1.
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