MacArthurCook Industrial REIT

tfwee · Veteran

RE: MacArthurCook Industrial REIT

tfwee · Veteran

UBS AG has increased it holding in MI-REIT from 18.91% to 19.32%

tfwee · Veteran

Result of 1Q ended 30 June 2007 will be released on Thursday 26 July 2007 after market close.

tfwee · Veteran

UBS AG has decreased it holding in MacArthurCook Industrial REIT From 14.95 % To 15.03 %

Date of change of Interest: 17-07-2007
Date of notice to issuer: 18-Jul-2007

tfwee · Veteran

UBS AG has decreased it holding in MacArthurCook Industrial REIT From 15.13 % To 14.95 %.

Date of change of Interest: 13-07-2007
Date of notice to issuer: 16-Jul-2007

tfwee · Veteran

UBS AG has increased it holding in MacArthurCook Industrial REIT From 14.91 % To 15.51 %.

Date of change of Interest: 06-07-2007
Date of notice to issuer: 10-Jul-2007

tfwee · Veteran

Macarthurcook Industrial REIT: Ideal candidate for takeover

New kid on the block. We met up with Macarthur Industrial REIT (MI-REIT) management yesterday, the new kid on the block. MI-REIT became the fourth listed industrial REIT on SGX in April 2007 with 12 industrial assets all located in Singapore. At listing, MI-REIT has a portfolio worth S$316m with an initial FY07/08 annualized yield of 6.18% (based on DPU of 7.41 cents and IPO price of S$1.20/unit). In terms of organic growth, there is some potential. MIREIT's portfolio has an average rental rate of S$0.92 psf/month, and with passing rates at about S$1.0 psf/month, there is the possibility of positive rental reversion. However as the average lease expiry is only in 3 years time, we do not anticipate any meaningful organic growth in the immediate future.

Management expects S$500m of acquisitions by Mar 08. Even though MI-REIT's current asset size is small at S$316m, management has ambitious growth plans. It sees S$500m of possible acquisitions by end Mar 08. Furthermore, it expects the bulk of these acquisitions to be from third party and not from the exercising of its first right of first refusal with its sponsor. This means its acquisition will likely be in direct competition with the 3 other REIT rivals in the industrial space. As we see little differentiating factors between all the REITs' acquisition strategies, the only way we see MI-REIT to be able to achieve this target is via pricing. In that context, MI-REIT can afford to be very aggressive. Its gearing remains low at about 8%, meaning any acquisition is likely to be debt funded. We estimate MI-REIT has a debt capacity of about S$117m. More importantly, with its cost of debt at about 3.5%, and with market property being offered at just below 7.0%, MI-REIT has about 350bp to play. However, we do not see MI-REIT to be willing to use up all its ammunition in the short term. Acquisitions at property yields of about 6.0-6.5% are the more likely scenario.

Ideal candidate for takeover. MI-REIT has a fairly fragmented shareholding structure. Its largest shareholders have a stake of about 12.9% but with the majority in 5% range. Its sponsor Macarthurcook only has a 2.3% stake and the vendors collectively own a further 2.7% of the issued units. The implication of this loose shareholding structure is that if the right offer comes along, the possibility of shareholders taking profit is very high. Furthermore with a price to book of about 1.3 times, it remains fairly cheap relative to its larger rivals. We thus see MI-REIT to be an ideal takeover candidate. We do not have a rating on MI-REIT. (Winston Liew)

tfwee · Veteran

Press Release

MACARTHURCOOK ASIA APPOINTS CHIEF OPERATING OFFICER

Singapore, 7 June 2007 The Board of MacarthurCook Investment Managers (Asia) Limited (the Manager ), the Manager of MacarthurCook Industrial REIT ( MIREIT ) is pleased to announce that Mr Matthew Wrigley has been appointed as Chief Operating Officer of the Manager.

Chris Calvert, Chief Executive Officer of the Manager, We are delighted that Matthew has come on board. He has played a key role in MacarthurCook s domestic and international expansion over the past three years, including the successful establishment and listing of the MI-REIT on the SGX-ST. He will actively assist me in managing and growing the MI-REIT, and also in the day-to-day management of MacarthurCook s Asian business.

In his new Singapore-based role as Chief Operating Officer, Mr Wrigley will oversee the important functions of fund and asset management, risk management, corporate governance and internal audit, as well as assisting the finance and investment teams in all areas of the business. His appointment will be effective from 1 July 2007. He has been in his current position of Head of Legal and Compliance of MacarthurCook Limited ( MacarthurCook ) in Melbourne, Australia, since January 2005.

Mr Wrigley is a qualified lawyer and, prior to joining MacarthurCook, held positions in some of the pre-eminent Australian legal firms for seven years, including a position at the property team of Holding Redlich, where his responsibilities included acquisitions, disposals and developments for a number of well-known real estate developers and fund managers.

Mr Wrigley holds a Bachelor of Laws from the University of Queensland, and is a Solicitor of the Supreme Court of Queensland.

Pursuant to Rule 704(7) of the SGX-ST Listing Manual, a separate announcement containing additional details of Mr Wrigley, where applicable, will be released.

tfwee · Veteran

Extracted from Press Release

MACARTHURCOOK INDUSTRIAL REIT RATED Baa3 INVESTMENT GRADE BY MOODY'S

- A first time corporate rating by Moody's
- Debt funding capacity increased to approximately S$220.8 million Singapore, 7 June 2007

MacarthurCook Investment Managers (Asia) Limited (the Manager ), the manager of MacarthurCook Industrial REIT ( MI-REIT ) pleased to announce that MI-REIT has been assigned a first-time corporate rating of Baa3 with a stable rating outlook by Moody s Investors Service ( Moody s ).

Chris Calvert, Chief Executive Officer of the Manager, said, We are very pleased with Moody s corporate rating for MI-REIT, which is a positive reflection of MI-REIT s strategically located properties, quality tenant base, 100% occupancy rate long average lease expiry profile of 6.7 years. The rating is a testament MacarthurCook s proactive investment management style, disciplined property acquisition process and strong capital and risk management strategy.

With the credit rating, MI-REIT has increased gearing capability, with available capacity of approximately S$193 million to fund acquisitions. The higher leverage limit increases our operational flexibility and allows us to move quickly to acquire assets in line with our investment policy, added Mr Calvert.

Under the Property Fund Guidelines issued by the Monetary Authority of Singapore, as amended in October 2005, a REIT may increase its aggregate leverage maximum of 60% of the value of its deposited property, provided it obtains discloses to the public a credit rating from one of the major rating agencies, including Moody's.

To maintain the appropriate risk profile of MI-REIT, the Manager expects to maintain a long-term target gearing ratio of between 40%-45%.

Mr Calvert continued, On occasion however, we may increase the leverage ratio above 45% in order to secure strategic industrial properties throughout Asia, which will enhance our capital growth and asset quality. We view debt in the current environment as an efficient mechanism to enable us to attain our target of growing MI-REIT by at least S$500 million in new acquisitions per annum.

The Manager has also successfully negotiated with its bank lending syndicate, which comprised of the National Australia Bank Limited and the Commonwealth Bank of Australia Limited, to increase its facility from S$128.8 million to S$220.8 million, which reflects MI-REIT s increased gearing capability.

In a separate press release issued by Moody s, the rating agency acknowledged that MI-REIT s properties are well located, with seasoned operating histories and stable and high occupancy rates. The agency also stated that it expects stable cash flow generation from the portfolio, supported by committed rental revenues, favourable industrial market conditions, low level of development risk exposure and ongoing financial discipline by the trusts management in pursuit of growth.

tfwee · Veteran

MACARTHURCOOK, ubs put new rating BUY with target price $2.07

MacarthurCook Limited's foothold in Asia . MacarthurCook Limited (MCK), a specialist fund manager in Australia, launched MacarthurCook Industrial REIT (MI-REIT) with an initial portfolio of 12 Singapore industrial assets valued at S$316m. MCK sees MI-REIT as the primary vehicle to expand its direct industrial real estate funds management business in Asia. MI-REIT aims to grow its portfolio in Asia by S$300-500m pa over the next three years.

First right of refusal from MCK and UEL . The manager of MI-REIT is jointly owned by MCK (92.5%) and United Engineers (UEL, 7.2%). MI-REIT has been granted first right of refusal for five years for industrial assets offered to MCK in Asia. We believe UEL has also granted MIREIT first right of refusal to buy Print Media Hub in 2007, and is considering selling other assets in Singapore to MI-REIT.

Debt capacity of over S$200m and potential 23% accretion . MI-REIT's current portfolio provides 2% pa organic rental growth. In addition, MI-REIT's current gearing is 8%. We expect MI-REIT to acquire more assets in Singapore and reach its gearing target of 45% within the next 18 months. We estimate this could increase DPU by 23% between now and end-FY09.

Valuation initiate coverage with Buy 2, S$2.07/unit PT . Our DCF valuation is S$2.04/unit, with our 12-month forward DCF-based price target of S$2.07/unit. At the current price level, MI-REIT's DPU yield for FY08 is 6.5%.

tfwee · Veteran

UBS AG has increased it holding in MacArthurCook Industrial REIT From 13.42 % To 13.54 %.

Date of change of Interest: 24-05-2007
Date of notice to issuer: 28-05-2007

tfwee · Veteran

Lion Capital Management Limited has increased it holding in MacArthurCook Industrial REIT from 7.15 % To 8.02 %.

Date of change of Interest: 29-05-2007
Date of notice to issuer: 30-05-2007

tfwee · Veteran

UBS AG has increased it holding in MacArthurCook Industrial REIT from 12.92 % To 13.04 %

Date of change of Interest: 24-05-2007
Date of notice to issuer: 28-05-2007

-- Edited by tfwee at 12:11, 2007-05-30

tfwee · Veteran

Prudential Asset Management (S) Ltd has decreased it holding in MacArthurCook Industrial REIT from 6.1437 % to 4.9365 % through open market sale.

Date of change of Interest: 09-05-2007
Date of notice to issuer: 11-05-2007

tfwee · Veteran

UBS AG has increased it holding From 11.19 % To 12.92 % on 26-04-2007 through Open Market Purchase ( Increase in positions held on behalf of various prime brokerage clients). Date of notice: 04-05-2007

tfwee · Veteran

Lion Capital Management Limited has increased it holding from 5.60 % To 7.15 % on 2 May 2007. Date of notice: 2 May 2007

tfwee · Veteran

USS Ltd has increased it holding from 5.76% to 8.45% through market purchase of 7,000,000 on 19 April 2007. Date of notice is 3 May 2007.

tfwee · Veteran

Dated at 19/04/2007

1. UBS AG acquired 1,300,000 shares in MI REIT through open market purchase.
2. UBS AG holds 15,150,000 shares in MI REIT on behalf of various prime brokerage clients.

3. Part of the deemed interests in the shares of MI REIT arise from UBS AG's direct and indirect shareholdings in UBS GAM which acquired interests of 14,000,000 shares in MI REIT on behalf of its discretionary clients.

Dated at 19/04/07

Lion Capital Management Limited manages discretionary fund management accounts and purchases units of MI REIT for these accounts via the Initial Public Offer. On 19 April 2007, the aggregate holding of these accounts amounts to 14,577,000 units.

Increased from 0 to 5.6% in deeded interest

Dated at 19/04/07

Indus Asia Pacific Master Fund, Ltd; Indus Pacific Smaller Companies Master Fund, Ltd Acquisition of 0.77% of MI-REIT's units amounting to an aggregate interest of 5.76% by Indus Asia Pacific Master Fund, Ltd and Indus Pacific Smaller Companies Master Fund, Ltd which are managed by Indus Capital Partners, LLC.

Dated at 19/04/07

OCBC's subsidiary, Lion Capital Management Limited ("Lion Capital") manages discretionary fund management accounts and purchases units of MI-REIT for these accounts via the Initial Public Offer. On 19 April 2007, the aggregate holding of these accounts amounts to 14,577,000 units. Lion Capital has the discretion to excercise voting rights in respect of the 14,577,000 units in the capital of MI-REIT and is deemed to be interested in the units. As Lion Capital is a subsidiary of OCBC therefore OCBC is deemed to be interested in the units.

Dated at 19/04/07

Lion Capital manages discretionary fund management accounts and purchases units of MI-REIT (through latter's initial public offer) for these accounts. On 19 April 2007, Lion Capital's aggregate holdings totalled 14,577,000 units in MI-REIT for which Lion Capital has the discretion to excercise voting rights and is considered to be interested in these units; GEH has a deemed interest in these units through Lion Capital.

Dated at 19/04/07

Acquisition of 0.77% of MacarthurCook Industrial REIT's units amounting to an aggregate interest of 5.76% by Indus Asia Pacific Master Fund, Ltd and Indus Pacific Smaller Companies Master Fund, Ltd which are managed by Indus Capital Partners, LLC.

David N. Kowitz owns more than 20% of the voting interest of Indus Capital Partners, LLC.

Dated at 19/04/07

Acquisition of 0.77% of MacarthurCook Industrial REIT's units amounting to an aggregate interest of 5.76% by Indus Asia Pacific Master Fund, Ltd and Indus Pacific Smaller Companies Master Fund, Ltd which are managed by Indus Capital Partners, LLC.

Sheldon F. Kasowitz owns more than 20% of the voting interest of Indus Capital Partners, LLC.

tfwee · Veteran

Aiyo, trading lower than IPO price yawn

Price	FY08	FY09
$1.10	6.74%	6.90%
$1.11	6.68%	6.84%
$1.12	6.62%	6.78%
$1.13	6.56%	6.72%
$1.14	6.50%	6.66%
$1.15	6.44%	6.60%
$1.16	6.39%	6.54%
$1.17	6.33%	6.49%
$1.18	6.28%	6.43%
$1.19	6.23%	6.38%
$1.20	6.18%	6.33%

KK · Guru

Price	FY08	FY09
$1.20	6.175%	6.325%
$1.21	6.124%	6.273%
$1.22	6.074%	6.221%
$1.23	6.024%	6.171%
$1.24	5.976%	6.121%
$1.25	5.928%	6.072%
$1.26	5.881%	6.024%
$1.27	5.835%	5.976%
$1.28	5.789%	5.930%
$1.29	5.744%	5.884%
$1.30	5.700%	5.838%
$1.31	5.656%	5.794%
$1.32	5.614%	5.750%
$1.33	5.571%	5.707%
$1.34	5.530%	5.664%
$1.35	5.489%	5.622%
$1.36	5.449%	5.581%
$1.37	5.409%	5.540%
$1.38	5.370%	5.500%
$1.39	5.331%	5.460%
$1.40	5.293%	5.421%

-- Edited by KK at 10:38, 2007-04-19

tfwee · Veteran

MacArthurCook Industrial REIT Ballot Result

KK · Guru

MI-REIT : BT

KK · Guru

Published April 13, 2007

MI-Reit aims to raise $312m from listing here

MACARTHURCOOK Industrial Reit (MI-Reit), the Australian fund manager's sole vehicle taking direct exposure to Asian industrial assets with an initial focus on Singapore, aims to raise $312.5 million from its Singapore listing. At an issue price of $1.20, MI-Reit is promising investors a distribution yield of 6.2 per cent for the first year ending March 2008.

In comparison, the three other industrial Reits here - Ascendas, Mapletree Logistics Trust and Cambridge - are trading at indicated gross yields of between 5.3 and 6.9 per cent, based on most recent quarterly payouts, according to Bloomberg.

MI-Reit, which seeks to grow assets by $500 million every year, is offering a total of 247.3 million units - 7.5 million units on public offer in Singapore and the remainder placed to institutional investors in Australia, Europe and Asia. In addition, six vendors of the Reit's acquired properties are taking a total interest of 7.1 million units, with MacarthurCook itself buying six million units.

MI-Reit's initial portfolio will comprise 12 industrial properties in Singapore, the most valuable of which is United Tech Park at Pandan Crescent, previously owned by locally listed United Engineers. The properties, located near Tuas, Changi Airport and elsewhere, have a total net lettable area of almost 195,000 square metres.

Management spent the past six months assessing the properties, looking at a few key qualities, said MI-Reit chief executive Chris Calvert. These include closeness to key transport roads or ports, flexible building design and, importantly, credit-worthy tenants. Over 70 per cent of the tenants are locally listed. The others are established private firms that are looking to free up capital to reinvest in growing their businesses regionally, according to Craig Dunstan, founder and chief investment officer of the MacarthurCook Group. MI-Reit has a chance to grow with its tenants, especially in Asia, Mr Dunstan said.

Unlike Australia and the United States, where Reits have existed for decades, many buildings in Asia are owner-occupied, which gives Reits a chance to structure sale-and-leaseback transactions. Besides Singapore, MI-Reit will first target Japan, Malaysia and Hong Kong. Later, it may look at China, Vietnam and South Korea.

Despite the common perception of a competitive property market, the industrial Reit sector has plenty of potential - only about 10 per cent of Singapore's total industrial space of nearly 350 million square feet is securitised or owned by structured funds, compared with 70 per cent in Australia, Mr Dunstan said. The percentage is even lower in other Asian markets, he said. Japan has only one industrial Reit, though it is the world's second-largest real estate market. And Malaysia has none.

MI-Reit will have gearing of 8.6 per cent following the acquisitions, and has a target of long-term gearing of between 40 and 45 per cent.

tfwee · Veteran

RE: MacArthurCook Industrial REIT

KK · Guru

12 Apr 2007 13:53 CST DJ

MacarthurCook Industrial REIT IPO S$1.20/Unit, Near Range Top

SINGAPORE (Dow Jones)--MacarthurCook Industrial REIT Thursday launched a Singapore initial public offering worth S$296.8 million, the trust's manager said in a statement. The REIT will sell 247.3 million units priced at S$1.20 each, near the top of the indicative range of S$1.00-S$1.30.

The offering includes 239.8 million units sold to institutional and other investors and a public placement of 7.5 million units.

For the 12 months ending March 31, 2008, the trust expects to distribute 7.4 Singapore cents per unit, implying a yield of 6.2%.

The initial property portfolio comprises 12 buildings in Singapore with tenants from sectors including construction, manufacturing, logistics and warehousing. The REIT will invest in properties across Asia used for warehousing, manufacturing and distribution activities.

Units are expected to begin trading on the Singapore Exchange April 19.

The manager, MacarthurCook Investment Managers (Asia) Ltd., will be 92.5% owned by MacarthurCook Ltd. (CK.AU) and 7.5% owned by United Engineers Ltd. (U04.SG). The offering is being managed by UBS, HSBC, and UOB.

(END) Dow Jones Newswires

IPO Prospectus

-- Edited by KK at 16:45, 2007-04-12

KK · Guru

BT, Published March 27, 2007

Macarthurcook Reit may raise $321.5m in S'pore IPO

MACARTHURCOOK Industrial Reit, which invests in commercial properties, may raise as much as $321.5 million selling shares for the first time in Singapore. The Melbourne-based trust will offer 247.3 million shares at between $1 and $1.30 apiece, according to an e-mail sent to investors by UBS AG. The stock will be priced on April 11 and is expected to begin trading in Singapore on April 19.

At the price range, the trust offers an estimated yield of between 6 per cent and 6.7 per cent based on its expected dividend in 2008, the e-mail said. That's higher than the average 12-month gross dividend yield of less than 3 per cent for the existing Reits in Singapore, Bloomberg data showed.

Macarthurcook Industrial will be the 16th property trust in Singapore since the first was set up in July 2002. The market value of the trusts has reached US$17 billion, according to Bloomberg data. Shares of the trusts have risen by an average 43 per cent in the past six months, compared with the 27 per cent gain in the Singapore benchmark Straits Times Index.

UBS is the financial adviser and global coordinator of the offering, the e-mail said. It is jointly managing the share sale with HSBC Holdings Plc. Julie Yeo, a Singapore-based spokeswoman at UBS, declined to comment. - Bloomberg