GAN cfs gandel retail trust

Gandel Retail Trust

  1. 1,094 Posts.
    Hi folks,

    Market depth on GAN shows a few buyers of >$100,000 parcels waiting in the wings.
    Not many sellers yet.

    Just put out the following announcement. I'm not experienced enough in this field to know wether the result are good/bad/indifferent.

    But the buyers must like them.


    cheers
    kaitie






    GANDEL RETAIL TRUST 2002-06-19 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    The Directors of Gandel Management Limited, the Responsible Entity
    for Gandel Retail Trust (GAN), today released the following
    information as to the distribution and centre valuations for the
    current period ending 30 June 2002.

    ESTIMATED DISTRIBUTION

    The estimated distribution amount for the six month period ended
    30 June 2002 for fully paid ordinary units on issue for the full six
    month period is 4.56 cents per unit, giving an annual distribution of
    8.96 cents per unit.

    This is an increase of 3.6% on the corresponding period last year and
    a 3.0% increase for the annual distribution.

    For those unitholders who hold units issued on 25 February 2002 (ASX
    code GANNH) under the Trust's Distribution Reinvestment Plan, the
    estimated pro-rata distribution is 3.17 cents per unit.

    CENTRE VALUATIONS

    The preliminary independent valuations indicate a total value of
    $2.874 billion for the portfolio. This is an increase of $209 million
    on the prior year and will lead to an amount of $84 million being
    credited to the Trust's Asset Revaluation Reserve at balance date,
    after allowing for joint venture interests and capital expenditure.

    The Net Tangible Asset (NTA) backing per unit will increase by 5.1%
    from $1.16 to $1.22 as a result of these revaluations.

    (Refer to the attached schedule which provides further details on the
    individual property valuations.)

    MANAGING DIRECTOR'S COMMENTS

    Mr Clive Appleton said, "These expected results have been achieved
    through increased rental streams on existing tenancies and the
    completion of new developments within a buoyant retail property
    environment. The Responsible Entity will continue to pursue
    opportunities to further enhance both income and capital returns for
    Gandel Retail Trust unitholders."

    TAX DEFERRED COMPONENT OF THE DISTRIBUTION

    Of the estimated distribution, a certain amount is not required to be
    included in unitholders' assessable income for the reporting period.

    The amount attributable to this component will be advised at the time
    of confirmation of the distribution on 12 August 2002.

    RECORD DATE / EXDISTRIBUTION DATE

    The record date for this distribution for both ordinary and DRP units
    is 30 June 2002 with the units trading ex-distribution on the
    Australian Stock Exchange from 24 June 2002.

    DISTRIBUTION TO BE MADE

    Unitholders registered at 30 June 2002 will receive their
    distribution on 26 August 2002.

    DISTRIBUTION REINVESTMENT PLAN (DRP)

    To participate in the DRP for the June 2002 distribution, the Unit
    Registrar, Computershare Investor Services Pty Limited, must receive
    unitholders' instructions by 30 June 2002.

    FURTHER INFORMATION

    Please contact Mr Clive Appleton, Managing Director or Mr Don Smith,
    Investor Relations Manager:

    Phone: (03) 9205 1222
    Facsimile: (03) 9205 1333
    email: [email protected]

    MORE TO FOLLOW
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.