australian securities property fund...1789 – 1791 sydney road, campbellfield strictly confidential...

Australian Securities Property Fund

Property Investment Report

Sub-Scheme 9

1789-1791 Sydney Road

Campbellfield

1789 – 1791 Sydney Road, Campbellfield Strictly Confidential

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Table of Contents 1. Executive Summary ................................................................................................................................................... 2

1.1 Executive Summary ................................................................................................................................................. 2

Proposed Sub-Scheme .............................................................................................................................................. 2

Property .................................................................................................................................................................... 2

Valuation Summary ................................................................................................................................................... 2

1.2 Suitability of Investment ......................................................................................................................................... 3

2. Property Details ............................................................................................................................................................ 3

2.1 Property Description ............................................................................................................................................... 3

Construction Description .......................................................................................................................................... 3

Warehouse Accommodation .................................................................................................................................... 3

Office Accommodation ............................................................................................................................................. 3

Access and Carparking .............................................................................................................................................. 3

2.2 Further Property Details ......................................................................................................................................... 3

2.3 Location ................................................................................................................................................................... 4

2.4 Regional Trade and Economic Activity .................................................................................................................... 4

2.5 Surrounding Development ...................................................................................................................................... 5

2.6 Property Pictures .................................................................................................................................................... 6

3. Tenancy Information ..................................................................................................................................................... 8

3.1 Lease Summary ....................................................................................................................................................... 8

4. Investment Metrics and Forecast Return ..................................................................................................................... 9

4.1 Key Investment Metrics .......................................................................................................................................... 9

4.2 Forecast Target Returns (Pre-Tax) .......................................................................................................................... 9

4.3 Estimated Fees ...................................................................................................................................................... 10

5. Marketability of Property ............................................................................................................................................ 11

5.1 Market Analysis ..................................................................................................................................................... 11

5.2 Vacancy Lead-Time ............................................................................................................................................... 12

5.3 Marketability on Sale ............................................................................................................................................ 12

6. SWOT Analysis ............................................................................................................................................................. 13

Appendix ......................................................................................................................................................................... 15


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1. Executive Summary

1.1 Executive Summary

Proposed Sub-Scheme

Sub-Scheme Name 2019 Campbellfield

Investment Term 7 years (2 years option to extend)

Liquidity 5 year - Option for Members to sell their interests to another Scheme Member*

Distributions Paid monthly in arrears following settlement

Debt Loan-to-Value Ratio

$1,632, 200 (Non-Recourse Loan) Not exceeding 30% LVR

Investor Suitability Investors seeking rental return with potential capital returns

Property

Property

Address 1789 – 1791 Sydney Road, Campbellfield (map)

Property Category Industrial

Description Industrial Facility with commercial office, 34 carspaces

Location 18Kms from Melbourne CBD

Building Area 4,840sqm**

Land Area 8,436sqm**

Lease

Tenant MRI PSO Pty Ltd

Rent $381,056 per annum

Private Treaty

Purchase Price $5,440,000

Expected Settlement Date November / December 2019

Valuation Summary

Valuer URBIS

Market Valuation of Property $5,500,000

Date 13 September 2019

*Sell option to be conducted within 60 days of the fifth (5) annual valuation date following purchase. Fees may apply.

**Approximate subject to survey

https://goo.gl/maps/hU7Cnapnjjagx4M16


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1.2 Suitability of Investment Based on the information provided to ASL, and ASL’s review of the property, and the advice from ASL’s Valuer, ASL is

of the opinion this property is suitable for investment by the Australian Securities Property Fund.

The key basis for this opinion are:

• Passive style investment with steady income and potential growth during the term of the Sub Scheme.

• Well designed, maintained and serviced property, suitable for the occupiers current business requirements

or alternative operations.

• Established operator within specialised and growth industry.

• Located within prominent industrial hub and populated area with close proximity to key arterial links with

further infrastructure improvements.

• Value Add opportunities in the medium to long term including the repositioning of the asset for next life

cycle or potential subdivision and development of the site to capture higher returns at disposal.

2. Property Details

2.1 Property Description

Construction Description

Based on age and construction the asset would be rated as B grade facility. The building was originally constructed in

1995 by the current owner.

Warehouse Accommodation

Access into the warehouse is provided by two (2) front on grade roller shutter doors with 2 opposite roller shutter

doors at the rear allowing for vehicle drive thru access.

The warehouse roofing is monoclad steel deck with translucent sheeting and fixed glass window panel section the

length of the southern wall providing natural light.

The clearspan is 7 metres allowing for minimum 4 pallet racking with centre structure metal column. Staff amenities

and lunchroom is provided.

Office Accommodation

The ground floor office is of commercial grade with open plan and offices and meeting rooms which is currently

underutilise by the occupant due to small number of office staff. Amenities appears original condition however are

clean and functional.

Access and Carparking

Access to the property is provided by service laneway from main arterial Sydney Road. The site provides 34 car

spaces located at the front of the property on either side. A side driveway on the southern boundary provides access

to the rear hardstand and external storage area.

2.2 Further Property Details

Certificate of Title Volume: 9804 Folio: 358

Land Area 8,436sqm

Building Area 4,840sqm*

Zoning and Planning Information Hume City Council – Council Number 512862 Industrial Zone 1 Zone (IN1Z)

*Approximate subject to survey


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2.3 Location The property is located 18kms from CBD with arterial links from Cooper Street to Hume Hwy (North) and Western

Ring Road for access to the south and western regions and Port facility. The proposed North East link will provide

further improved access to the Melbourne metropolitan areas.

Surrounding properties comprise the recently closed Ford Vehicles production facility with mixture of industrial

warehouses and showrooms along Sydney Road.

2.4 Regional Trade and Economic Activity Campbellfield is located within the City of Hume region, and is identified as a significant location for economic and

community activity. The gross regional product generated by the Hume economy is estimated at $14.709 billion.1

The bulk of this wealth creation comes from manufacturing and logistics/ warehousing which provides majority of

employment for the region. The regions business activity is summarised below;

1 Hume Economic Profile Output


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2.5 Surrounding Development Within close proximity to the proposed site, the area has been significantly developed and continues to expand,

characterised with similar standard alone industrial developments and showroom outlets along Sydney Road.

The recently closed Ford Vehicles production facility is located adjacent to the property which is currently being

assessed for reuse and a proposed masterplan of the site.

Surrounding major national occupiers includes Kaufland, Dulux, D’Orsonga, Steritech relocating to Victoria largest

Business Park in Merrifield and the Melbourne Markets in Epping.

The population of the Hume is 232,709 (2019) up 3.7% 2017/18 and is expected to increase to 303,810 by 20292.

Hume City Council reports “Residential development throughout Hume remains strong with generous and sustained

levels of lot releases, particularly in the Cloverton, Highlands and Merrifield Living estates. These growing

communities along with the more established parts of Hume continue to benefit from major investment by

developers and Hume City Council in high quality recreation, learning, leisure and community infrastructure and

services.3

2 Hume City - Population Forecast 3 Hume City – Substantial Residential Growth & Infrastructure Investment

Other25%

Manufacturing32%

Transport, Postal and Warehouse

24%

Construction12%

Rental, Hiring & Real Estate

7%

Other Manufacturing Transport, Postal and Warehouse Construction Rental, Hiring & Real Estate


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2.6 Property Pictures


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3. Tenancy Information

3.1 Lease Summary

Tenant MRI PSO Pty Ltd

Lease Term 5 years (commencing 19 June 2017)

Option Period 2 x 5 Years

Current Rental Payments $381,056

Rental Reviews

Market Review 3.5% Annual

Market Year 2022

Exercise of Option Year 2025

Incentive 4 months at lease commencement (taken in advance)

Outgoings 100% Recoverable

Security Deposit on Lease $147,114 + GST

Personal Guarantee Nil


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4. Investment Metrics and Forecast Return

4.1 Key Investment Metrics

*Approximate subject to survey

4.2 Forecast Target Returns (Pre-Tax)

Scenario 1: No Vacancy (Ongoing Occupancy)

Scenario 2: Vacancy Allowance (Year 2022)

The above projected returns includes following assumptions;

Purchase Price $5,440,000

Capitalisation Rate 7.00%

Valuation Amount $5,500,000

Capitalisation Rate 6.75%

Occupancy 100%

Building NLA (Sqm) 4,840*

WALE (Nov 2019) 2.6 Years

Rental Income $381,056

2019 2020 2021 2022 2023 2024 2025

Annual Net Rental $381,042 $394,379 $408,182 $422,468 $437,255 $452,599 $468,398

Indicative Gross % Yield 7.00% 7.25% 7.50% 7.77% 8.04% 8.32% 8.61%

Target Net Rental (After-Debt) 5.15% 5.19% 4.78% 4.64% 6.31% 6.63% 6.95%

Target Total Net Annual Return p.a.

5.85% Target Total Net Annual Return p.a. & Capital Growth

8.26%

Target Net Rental (After-Debt) 5.15% 5.19% 4.78% -3.16% 6.31% 6.63% 6.95%

Target Total Net Annual Return p.a.

4.55% Target Total Net Annual Return p.a. & Capital Growth

6.95%


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Vacancy Allowance - maximum 6 months vacancy, leasing fees and 3 months incentive.

Estimated Capital Expenditure - $120,000. (Costs and type to be confirmed following completion of due diligence)

Project Costs - The above forecast costs are conservative and incurred on a cash basis where the use of debt funding

will also be considered.

The above table and target returns are based on the following key assumptions (in addition to the fees and sale fee

estimate / assumption outlined above). Where these assumptions vary, the target returns will also vary.

Key Assumptions Include:

1. Debt $1,620,000 (Max LVR 30%) Non-recourse Loan

2. Outgoings 100% of outgoings (Excluding Capital Expenditure) payable by the tenant

3. Other Expenses

An allowance of $6,000 per annum for investor expenses (in addition to the fees and interest outlined above).

4. Valuation Growth 3% annual growth rate in capital value. Sale at 6.75% (Cap Rate)

5. Stamp Duty Stamp Duty (Vic) 5.5% on the Purchase Price

4.3 Estimated Fees For the purposes of the target returns outlined above, ASL’s fees are as follows

Fee Type Fee Note

Contribution Fee 2.00% Calculated on funds contributed to the sub-scheme.

Acquisition and Due Diligence Fee 2.00% Calculated on the total asset value at the time of acquisition.

Management Fees* 0.86% Per annum calculated on the total asset value.

Lease Renewal Fee $4,000 Per transaction

Sale Fee* 4.00% Calculated on the Sale Price

Capital Expenditure (Repairs & Maintenance) Debt Arranging Fee 0.55%

Of the Draw Down Amount to Capital Funds Repairs & Maintenance.

Project Management Fee 1.25% Of the cost of Project Works that are managed in-house.

*The management fee and sale fee are subject to change in accordance with the Fund’s Constitution and Product Disclosure Statement.

The above target returns have been provided for information purposes only to outline the potential returns an

investor could receive on investing in this property based on a number of projections and assumptions made by ASL

(based on ASL’s due diligence and advice from advisors). As a result, these target returns may vary in the event of

additional or increased expenditure required on the property, tenant conduct / default, structural issues with the

property or a decline in the property market or economy. No reliance should be placed on these calculations as

being representative of the future performance of this investment.

ASL recommends that all investors looking to invest in the property obtain their own financial advice.


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5. Marketability of Property

5.1 Market Analysis Land prices in Melbourne’s industrial market continued to soar in every region, particularly for smaller lots, as

evident in the Western precinct which saw 16.7% quarter-on-quarter growth. There is a substantial shortage of land

across all precincts with significant appreciation in land prices triggered by competition for limited land.

Melbourne’s industrial and logistics sector has undergone an upswing in investor and occupier demand in recent

years. New pricing benchmarks were reached for total transaction activity, portfolio sales and inbound cross-border

capital. This activity has been underpinned by strength in the city’s underlying fundamentals. Melbourne continues

to record strong economic and population growth whilst rising as a global benchmark city. Moreover, the industrial

market has also benefited from the structural changes in industrial demand led by the growth in online retailing.

(JLL)

Industrial market prediction (Knight Frank - Outlook 2019) indicates tenant acceptance of higher rents and the

expectation that rental growth is entrenched in Sydney and Melbourne, building in Brisbane, and emerging in Perth,

underpins the sector’s attractiveness to investors as market attention turns from capital growth to rental growth.

Melbourne has seen a 4.3% increase in net rents to January 2019. Vacancy Rates for Melbourne Industrial is at 2.6%,

(Q3/2018), a decrease of .04% (Q1/2018).

The Melbourne Industrial North precinct has been characterised by the following key factors

Occupier take-up – the drivers have primarily been reflective of its proximity to the airport as it is dominate by

transport and logistics operators, which have accounted for 45% adsorption over last decade.

Future infrastructure projects will activate the North – Two major infrastructure projects are expected to deliver

improved connectivity between the Industrial North precinct and population hubs in the east and west regions being

the West Gate tunnel project and the future North East road link. The benefits include improved accessibility and

reducing travel times for commercial and private purposes.


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Land values Rising – over the last 12 months, land values for 1 ha lots have grown by an average of 16% across the

north and on average, 57% higher than previous 5 years. Campbellfield and Epping record 17% y-o-y.

Rental growth – Prime net face rents have grown the fastest compared to other industrial precincts however remain

relatively modest in comparison. Improving accessibility to the south east and growth population in the north and

west, combined with declining availability of land in other traditional industrial markets will likely increase

competition for existing spaces options in quality locations in the medium and long term.

Last Mile delivery becoming increasingly important – growing expectation amongst consumers and expanding

competition between ecommerce suppliers is placing increased value of areas within the “last mile” radius of large

residential populations. In an ideal scenario this will be within 30 minutes of a major population centre.

The north is in the heart of Melbourne’s major population growth regions – Due to cost pressures and lack of land

availability there has been an accelerating redistribution of Melbourne population toward s the west and north,

estimates that population will increase 120% and 81% respectively. This rebalance with be critical to the North as it

is located in the middle of three major growth areas.

Activity is likely to shift north as land supply in other areas begins to decline – it is calculated the North Industrial

precinct has between 7-16 years of existing institutional grade land (less 4 ha), whilst the highest of the established

industrial precincts, it will present challenges and opportunities for investors, developers and occupiers.

(JLL Industrial Land Supply Update – August 2019)

5.2 Vacancy Lead-Time The property is 100 percent (%) occupied with 2.6 years remaining (as of November 2019). Under the Lease

Agreement the Lessee has the right to exercise two (2) further five (5) year terms to occupy (total 10 years). The

leasing strategy for the asset is to commence ongoing discussions with current occupier to review their ongoing

operational requirements and property suitability to determine their intentions to continue occupying the premises

well in advance of the pending lease expiry. The estimate lead time to source an alternative Lessee in the current

property market is up to six (6) months approximately.

5.3 Marketability on Sale Given the Sub-Scheme is for a period of approximately seven (7) years, the property should be sold when he

property is fully leased at current commercial rentals, with an improved lease expiry profile (WALE) to maximise the

sale price of the asset.


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6. SWOT Analysis

Strengths

• Well-designed and constructed warehouse suitable for current and future occupant’s business requirements.

• Located within close proximity and access to major roads, freeways and inner-city arterials providing access to Melbourne Airport and Port.

• Occupant national operator specialising in growth electronic recycling.

• Growth logistics region due to proximity to Hume Hwy, in particular Merrifield, with major national occupiers Kaufland, Dulux, D’Orsonga, Steritech relocating to Victoria largest Business Park and the establishment of Melbourne Markets in Epping.

• Surrounding areas include outer retail / residential use supporting industrial precinct.

• Versatile and flexible building to suite various occupiers in particular Ecommerce / logistic operators.

Weaknesses

• Constructed in year 1995 and classed as a secondary graded asset. Potential capital costs for upgrade to the building & FF&E.

• Limited amenities (food and beverage) supporting the area.

• Vacancy Risk: current WALE average 2.6 years per area

Opportunities

• Occupants long term tenure based on timing and restrictions to gain occupancy permits and EPA Licencing for specialised use at alternative site.

• Adjacent to Ford Motor Vehicle assembly plant, recently closed and purchased for reuse / master plan infill development.

• Surplus carparking at site entrance could be converted for operational use.

• Proposed North East link will provide further improved access to the Melbourne metropolitan areas.

• The expansion of the North Industrial precinct to outer areas of Merrifield will result in lack of new land supply in the established inner north leading to potential infill and redevelopment options in the long term.

Threats

• Asset - age of the premises could result in unforeseen Capital Expenditure in the medium to long term.

• Occupants business and lease performance with potential costs for abandon good and vacancy.

• Occupants ongoing annual compliance with EPA licence.


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• Value add (Yield and Capital growth potential) in the medium term thru the implementation and delivery of asset management strategy.

• Ability to modify the investment strategy in the event of an increased interest from the owner-occupier market or small industrial unit demand to capture higher returns at disposal.

• Solar improvement to secure lessee long term tenure and improve value of asset.


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Appendix

Australian Securities Limited Page 1 of 4

Subject: Due Diligence Research Paper Lessee MRI

E-Recycle Industry Property: 1789- 1791 Sydney Road, Campbellfield Date: September 2019

With over 25 years’ experience, Australian owned MRI E-cycle Solutions is a pioneer in delivering safe, secure, ethical and environmentally sound electronic and battery recycling solutions Australia wide. Key Credentials

• Australian owned e-waste recycling company, operating since 1980

• Independently audit and accredited to ISO 9001, IOS 14001, ISO 18001, AS 4801 & AS 5377

• Government approved national Television and Computer Recycling Scheme regulatory arrangement

• Nationwide Operations -Sydney, Brisbane, Melbourne, Canberra

• Partner Facilities -Perth, Adelaide, Launceston - including social enterprises

• 95% landfill diversion rate

• Largest non-lead acid battery recycler in Australia

• Provide free television and computer recycling to householders and small businesses across Australia through a Dropzone network in partnership with local councils, Officeworks and waste management organisations, including social enterprises.

• Have an extensive collection network from workplaces and businesses.

• Are funded by brands and importers of televisions and computers.

• Are run by an experienced team of product stewardship, recycling, workplace safety, stakeholder engagement and logistics professionals.

• Provide product stewardship services for other electrical and electronic equipment, including batteries and fluorescent tubes.

• Successfully achieved 2015-16 collection, recovery and reasonable access targets. MRI e-cycle solutions apply innovative methods to ensure minimal impact on our natural environment MRI employ recycling processes which include:

• Careful disassembly of all products – this means no or very little shredding to maximise resource recovery at its highest value and minimise disposal to landfill.

• Carefully managing resulting waste streams.

• Reclaiming precious metals for reuse.

• Diverting up to 98% or product, by weight, from landfill.

Website: https://mri.com.au/

ABC News: https://youtu.be/Q8DMZ6awlsw

https://mri.com.au/

https://youtu.be/Q8DMZ6awlsw


Competitors in the marketplace Other competitors in the marketplace include: KS Environmental EWaste Victoria Planet Ark-TV and Computers 1800RECYCLE Iron Mountain TechCollect E-waste recovery is important and necessary in our community.

What is E-Waste? E-waste is defined as waste electrical and electronic equipment that is dependent on electric currents or electromagnetic fields in order to function (including all components, subassemblies and consumables which are part of the original equipment at the time of discarding). They include:

• Consumer/entertainment electronics (e.g. televisions, DVD players and tuners)

• Devices of office, information and communications technology (e.g. computers, telephones and mobile phones).

• Household appliances (e.g. fridges, washing machines and microwaves).

• Lighting devices (e.g. desk lamps).

• Power tools (e.g. power drills) with the exclusion of stationary industrial devices.

• Devices used for sport and leisure including toys (e.g. fitness machines and remote control cars).

Australians are among the highest users of technology, and e-waste is one of the fastest growing types of waste. Without significant measures to reduce it, Australia’s e-waste will increase from around 138,000 tonnes produced in 2012-13 to 223,000 tonnes in 2023-24.1 E-waste is growing three times faster than the rate of standard municipal waste. It contains many potentially hazardous and valuable materials, which do not belong in landfill. The Victorian Government is investing $16.5 million to upgrade e-waste collection and storage facilities across the state and to deliver an education program campaign to increase awareness of e-waste and how to dispose of it properly.2 To help protect our environment and recover more precious resources, the Victorian Government has banned all e-waste from going to landfill as of 1 July 2019. That means, e-waste can’t go in any bin.

Why Recycle E-Waste? It’s good for the environment!

E-waste is full of valuable resources that we can reuse, as well as some hazardous materials that are bad for the environment. Rather than putting e-waste in the bin and sending it to landfill, we can remove the bad elements and save the good.

1 https://www.news.com.au/technology/gadgets/victoria-prepares-for-new-ewaste-measures-to-tackle-one-of-the-greatest-environmental-challenges-of-our-age/news-story/269f9f605fab235311d2ba3d83c518dd 2 https://www.sustainability.vic.gov.au

https://www.news.com.au/technology/gadgets/victoria-prepares-for-new-ewaste-measures-to-tackle-one-of-the-greatest-environmental-challenges-of-our-age/news-story/269f9f605fab235311d2ba3d83c518dd

https://www.news.com.au/technology/gadgets/victoria-prepares-for-new-ewaste-measures-to-tackle-one-of-the-greatest-environmental-challenges-of-our-age/news-story/269f9f605fab235311d2ba3d83c518dd


E-waste contains a whole range of valuable materials, including tin, nickel, zinc, aluminium, copper, silver, gold and plastic. When we throw e-waste in landfill, we lose these precious materials and then need to dig up and extract more of these materials from the earth to create new products, which is very damaging to the environment.

To give you an idea, a million mobile phones contain an estimated 15–16 tonnes of copper, 340–350 kilograms of silver and 24–34 kilograms of gold. When you consider there are more than 22 million discarded mobile handsets in Australia, a number that grows by more than one million each year, it’s a lot of precious resources we’re throwing away. Since many of these materials are non-renewable, once they’re gone, they’re gone. However, if e-waste is properly recycled, these materials and parts can be recycled and used again and again. By reusing what we’ve already mined, we’re not only cutting costs, we’re also reducing the greenhouse gasses created in the mining, processing and transportation of these raw materials. But if your old technology is sent to landfill, these valuable resources are lost forever. More importantly, it reduces landfill In 2016, 44.7 million metric tonnes of e-waste was generated worldwide. Of this enormous figure, only about 20 per cent, or 8.9 million metric tonnes was recycled. In Oceania, the total e-waste generation was .07 metric tonnes. The top country with the highest e-waste generation is absolute quantities is Australia. Official data shows that only 7.5% of the e-waste generated in Australia is documented to be collected and recycled. In New Zealand and the rest of Oceania the official collection rate was 0%.3

Australian Efforts to Manage E-Waste On 22 June 2011, the Australian Federal Parliament passed the Product Stewardship Act, which legislated that both government and industry have a shared responsibility to reduce electronic waste, increase recycling and manage the environmental, health and safety impacts of the products that we use. From this legislation the National Television and Computer Recycling Scheme (NTCRS) was established, making it law for companies that manufacture or import computers or TVs to take responsibility for the safe and environmentally friendly recycling of end-of-life products. The NTCRS has three main objectives, which together mean better management of e-waste:

• Reduce waste to landfill, especially hazardous materials found in e-waste • Increase recovery of reusable materials in a safe, scientific and environmentally sound

manner • Provide access for households and small businesses across Australia to an industry-funded

recycling service. Under the NTCRS, computer and TV manufactures and importers are required to join and support a government approved service.

How is E-Waste processed and re-used E-waste is recovered in several ways, depending on the item, and can be repurposed for use in new batteries, electronics, homewares and more. In general, the process of repurposing e-waste follows the following steps.

3 The Global E-Waste monitor 2017


1. Items are carefully disassembled Depending on the type of device, some manual disassembly may occur. Batteries and casings are removed from phones, steel casings from around hard-drives, while cartridges and toners are detached from printers. The glass from TVs and monitors (especially older-style cathode-ray tube products) will be carefully separated to avoid the release of any toxic lead or mercury that may be present. 2. Remaining components are shredded After initial disassembly, the remaining items and components are sent to a shredder, which reduces the size of components to between 1cm and 10cm. Data destruction also takes place at this stage. 3. Raw materials are processed and sorted Sorting of the shredded material is often a manual process, though automated machines are also used. Several processes are used including:

• magnets to remove ferrous metals (steel)

• eddy currents to separate non-ferrous metals such as aluminium

• infrared beams, lasers or X-rays, and bursts of compressed air to identify various plastics and other metals

• water is used to separate plastics from glass

• any contaminants are treated and removed.

4. Repurposed e-waste can be used in new batteries, electronics, homewares and more Once all the materials have been sorted into their raw form they can be resold to suppliers to make new products. While most of our e-waste is dismantled into its various components here in Australia, some materials are sent overseas for final processing. Many batteries are sent to South Korea, while circuit boards and batteries go to Singapore for processing. Other components, such as copper, steel and plastics, are smelted here in Australia. The goal is to make a closed loop, where a new product isn’t made from raw materials but, instead, from fully recovered components, which in turn are also completely recoverable. Once all the different components of your e-waste are back in the supply chain, they can be reused to make almost anything.

Further Information

About ASPF

The Australian Securities Property Fund (ASPF) is a unique unlisted property fund providing investors with an

opportunity to invest directly into a range of property classes. Members can invest in a specific Sub-Scheme (with

each Sub-Scheme holding a single property).

Key Features of ASPF

The property fund aims to provide investors with:

• Regular income returns paid monthly; and Capital growth over the medium to longer term.

• Non-pooled property fund

• Investors benefit from part ownership in each property

• Fund has investments across multiple property classes

• Low loan-to-valuation ratio on all property investments

About ASL

Australian Securities Limited (ASL) is a private fund dating back to 1925. ASL believes every Australian should be

financially independent.

To achieve this, ASL provides clients with finance and investments opportunities through various funds including:

• Australian Securities Property Fund;

• Australian Securities Income Fund; and

• Australian Securities Term Fund

How to Invest

This Sub-Scheme is currently available for investment. To Register your Interest or request a PDS, please call 03 9607

8111 and speak directly to an Investment Manager or email us on [email protected].

Level 29, 140 William Street

Melbourne VIC 3000 Australia

Mail: GPO Box 4596, Melbourne VIC 3001

Tel: (03) 9607 8111 Fax: (03) 9602 2296

Email: [email protected] Web: www.australiansecurities.com.au

Australian Securities Property Fund [ARSN 153 029 264] Australian Securities limited [ABN 69 005 428 231]

AFSL & Credit Licence No 260499

mailto:[email protected]?subject=Sub-Scheme%209%20-%20Register%20of%20Interest

australian securities property fund...1789 – 1791 sydney road, campbellfield strictly confidential...

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