Investa

Investa’s ICPF wholesale fund to reopen for redemptions

Investa Commercial Property Fund (ICPF), pursuant to the terms of its constitution, has made a redemption offer to its unitholders.

Funding Redemptions
ICPF will use proceeds received from the sale of its interest in 60 Martin Place, Sydney to fund a first payment to its unitholders.

ICPF Fund Manager, Peter Menegazzo said, “We recognise the importance of providing liquidity to our unitholders. To this end, the Fund is well progressed to fund its redemption responsibilities, which commences with the proceeds of 60 Martin Place”.

Performance
Despite the downturn, ICPF has performed strongly on a relative basis, outperforming the Mercer/IPD Australian Pooled Property Fund Index for the past 12 months.

Mr Menegazzo said, “The Fund’s performance result is pleasing and is a combination of the defensive characteristics of ICPF’s high quality portfolio combined with a strong asset management focus throughout the downturn.”

During 2008 and 2009, significant asset management outcomes included:

•   Australia’s largest leasing deal to Telstra across 115,000m² of assets including:
- 242 Exhibition Street, Melbourne;
- 231 Elizabeth Street, Sydney; and
•   Leasing over 25,000m² at 485 La Trobe Street, Melbourne to tenants including:
- BP Elite;
- Slater & Gordon; and
- Catholic Church Insurance.

Mr Menegazzo continued: “These are significant achievements in the most challenging leasing market in recent times and reiterates Investa’s significant asset management capabilities in the office sector.”

Long Term Strategy
ICPF owns interests in high quality assets such as the award winning 126 Phillip Street, Sydney, 400 George Street, Sydney and Telstra’s global headquarters at 242 Exhibition Street, Melbourne.

Mr Menegazzo said: “The Fund is looking forward to progressing its long term strategy, built around the principles of owning high quality office assets in major Australian office markets, a market leading sustainability focus and a reputation to deliver superior returns to unitholders.”

Sustainable Responsible Investment
In February 2010, ICPF ranked 2nd globally in an Environmental Real Estate Survey targeted at the global commercial property investment universe. The survey measured key sustainability areas including management, policy, implementation and measurement.

The survey was arranged by Maastricht University and commissioned by three large European Institutional investors: APG, PGGM and the Universities Superannuation Scheme.

Mr Menegazzo commented ‘This is a pleasing result for ICPF and confirms the market leading position and management emphasis that Investa places on sustainable property investment’.

Investa was the first Australian property fund manager to receive SRI (Sustainable Responsible Investment) Certification for its two principal funds: ICPF and Investa Diversified Office Fund (IDOF).

For further information contact:
Investa Property Group
General Manager – Marketing, Katie Barton-Harvey
on 02 8226 9391 or 0427 234 862, kbarton-harvey@investa.com.au