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Business Description: The Investa Office Fund (IOF) has been formed by the stapling of the units in two Australian registered schemes, Armstrong Jones Office Fund and Prime Credit Property Trust. The principal activity of the Trusts is investment in real estate. IOF owns an internationally diversified portfolio of office properties, many leased to government and blue chip tenants.
Strategy Analysis: IOF's main focus is exiting offshore markets and reinvesting in Australia. Most offshore assets have sold. Recent acquisitions include stakes in two high quality domestic properties, the Deutsche Bank building in Sydney and the Telstra Headquarters in Melbourne. IOF is also very focused on leasing up vacant and soon-to-expire space. This will be difficult in Europe and will require major incentives to attract tenants, which is preferable to having empty space. IOF generally looks to invest in CBD office buildings and intends selling non-core suburban offices. It has switched its strategy from increasing diversification by investing in overseas markets to now selling foreign assets and focusing on Australia.
Investa Office Fund reported NPAT down 68.8% to $53.7m for the half-year ended 31 December 2012. Revenues from ordinary activities were $100.7m, up 9.7% from the same period last year. Basic and Diluted EPS was 8.7 cents compared to 26.2 cents last year. Net operating cash flow was $71.1m compared to $76.2m last year. The interim dividend declared was 8.75 cents compared with 7.80 cents last year.
The Age 9/12/2013 |
Commerce ministers have capped days of hard negotiations by approving a commercial deal that the World Trade Organisation hailed as a historic boost for the trade body and the world economy.
The Age 9/12/2013 |
The jobs picture in the United States brightened in November as hiring was stronger than expected and the unemployment rate fell to a five-year low, data that increases the likelihood of the Federal Reserve easing its stimulus efforts sooner rather than later.
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