Australian Unity Office Fund · ASX:AOF
Australian Unity Office Fund — Merger or Acquisition (November 2021)
24 slides from Australian Unity Office Fund's merger presentation, Nov 15, 2021
Slide 1: The Merger to create Australian Unity Property Fund
Woodvale Boulevard Shopping 5 Eden Centre, Woodvale Park Drive, Macquarie Park Busselton Central Shopping Centre, Busselton Woodvale Boulevard Shopping Centre, Woodvale 5 Eden Park Drive, Macquarie Park 1 Technology Place Williamtown 620 Mersey Road, Osbourne 1 and 2 Technology Place, Williamtown 46
Slide 2: Acknowledgement of Country
Acknowledgement of Country Let’s reflect the meaning of place and in doing so recognise the various traditional lands on which we meet. We acknowledge the traditional custodians of the people of the Kulin nations and the traditional owners of the lands on which each of you are living and working fro
Slide 3: Delivering outcomes for unitholders
Delivering outcomes for unitholders The Board undertook a strategic assessment and refined AOF’s objectives and strategy Key Objectives Strategy To provide sustainable income returns via Focus on owning Australian office properties in metropolitan and CBD markets, quarterly distributions and the pot
Slide 4: Strategic rationale of the Proposal
Strategic rationale of the Proposal The Proposal is expected to provide potential benefits to AOF unitholders Key benefits to AOF unitholders ✓ Increased sustainability of income and distributions, with enhanced medium term prospects ✓ Enhanced ability to execute value-add opportunities ✓ Exposure t
Slide 5: Creating a complementary portfolio, aligned with strategy
Creating a complementary portfolio, aligned with strategy Diversified Australian real estate portfolio with attractive WALE and high occupancy Multi-use (office/industrial) Convenience and Portfolio Metrics Office Total portfolio and industrial infrastructure retail AOF1 AUPF2 AOF1 AUPF2 AUPF2 AOF1
Slide 6: Increased sustainability of income and distributions
Increased sustainability of income and distributions The portfolio combination of AOF and DPF is expected to materially improve the overall income profile • AOF will benefit from distribution accretion, a significant increase in future minimum rent receivable from tenants and a significantly longer
Slide 7: Enhanced ability to execute value-add opportunities
Enhanced ability to execute value-add opportunities The larger portfolio scale, increased level of geographic and tenant diversification, and greater access to capital markets will enhance AUPF’s ability to deliver upon the combined portfolio’s value-add opportunities New opportunities1 North Blackb
Slide 8: Exposure to a larger and more diversified portfolio
Exposure to a larger and more diversified portfolio AUPF brings together a diversified portfolio of complementary assets and tenants with a focus on affordability, accessibility and amenity AUPF - TOP 8 TENANTS1 (by gross rental income) • AOF Unitholders will gain exposure to a larger and more Telst
Slide 9: New debt facility and improved access to capital
New debt facility and improved access to capital AUPF is expected to have in place a new $600 million debt facility with a 4.5 year average maturity sourced from five lenders at an expected all-in cost that is below AOF’s existing cost of debt1 Key debt terms Debt maturity profile – AOF and AUPF ($
Slide 10: Increased scale, relevance and liquidity
Increased scale, relevance and liquidity AUPF is expected to have a market capitalisation of ~$730 million1 • This presents the opportunity for future index inclusion in indices such as the ASX/S&P 300 Index and FTSE EPRA Nareit Global Developed Index. Index inclusion may further increase the liquid
Slide 11: Experienced manager with strong alignment
Experienced manager with strong alignment AUPF will be governed by a majority independent board of directors and managed by Australian Unity Continuity of Board, asset management and tenant relationships with the AUPF management team comprising executives from both the existing AOF and DPF managemen
Slide 12: Key dates
Key dates1 Date of the Explanatory Memorandum Monday, 15 November 2021 Latest time and date for return of Proxy Forms 1.00pm on Wednesday, 8 December 2021 Voting Record Date 7.00pm on Wednesday, 8 December 2021 Date and time of the Meeting of AOF Unitholders to vote on the Merger Resolutions2 1.00pm
Slide 13: Appendices
Appendices Australian Unity 2 Eden Park Drive, Macquarie Park
Slide 14: AUPF Pro Forma Balance Sheet
AUPF Pro Forma Balance Sheet1 Impact of DPF AOF DPF Impact of the Pro forma AUPF ($m unless otherwise indicated) Capped 96 York St4 Proposed 30 Jun-21 30 Jun-21 Proposal3 AUPF pro forma Withdrawal divestments5 30 Jun-211 Facility2 Assets Cash and cash equivalents 9 23 25 (25) - 31 - 31 Receivables 1
Slide 15: AUPF property portfolio
AUPF property portfolio $1.2 billion portfolio diversified across office, multi-use, industrial and infrastructure / convenience retail1 DPF assets AOF assets Capital Value / Lettable area Occupancy Book value Property WALE (yrs)2 Major tenant Cap rate lettable area (sqm) level (by NLA) ($m) ($/sqm)
Slide 16: AUPF property portfolio
AUPF property portfolio $1.2 billion portfolio diversified across office, multi-use, industrial and infrastructure / convenience retail1 DPF assets AOF assets Capital Value / Lettable area Occupancy Book value Property WALE (yrs)2 Major tenant Cap rate lettable area (sqm) level (by NLA) ($m) ($/sqm)
Slide 17: DPF portfolio – Office and Industrial
DPF portfolio – Office and Industrial ▪ $83.5m modern eight level office building in Parramatta 20 Smith Street Parramatta, NSW ▪ Contains a three-level carpark with capacity for 182 vehicles and ground level retail ▪ $5m capital invested: NABERS Energy 4.5 stars, end of trip constructed 2015, full
Slide 18: DPF portfolio – Convenience and Infrastructure Retail
DPF portfolio – Convenience and Infrastructure Retail ▪ $130.0m twin service centres positioned on either side of the M1 Pacific Motorway at Wyong between Ampol (Caltex) Twin Service Stations, Sydney and Newcastle Wyong NSW ▪ Caltex has leased the premises since the 1990s with a new 20-year lease ag
Slide 19: AOF portfolio
AOF portfolio ▪ 16,020sqm A-grade office property comprising 14 levels of office space, located approximately 100 metres from the Parramatta Bus and Railway Interchange and Westfield Parramatta 10 Valentine Ave, Parramatta NSW ▪ Predominantly leased to the NSW State Government (PNSW) who have occupi
Slide 20: AOF portfolio
AOF portfolio ▪ 11,081sqm A-grade office building centrally located in Brisbane's CBD, with 16 levels of office space and the midtown precinct location with construction of a new train station 200 metres from the asset 150 Charlotte Street, Brisbane QLD ▪ Boeing has recently installed new services i
Slide 21: Majority Independent Board
Majority Independent Board Don Marples Eve Crestani Liesl Pettard Independent Non-Executive Director, Independent Non-Executive Director, Company Secretary Chair of the Audit & Risk Committee Member of the Audit & Risk Peter Day, Independent Non-Executive Committee Ms Petterd was appointed as compan
Slide 22: AUPF management will comprise the existing AOF and DPF teams
AUPF management will comprise the existing AOF and DPF teams Simon Beake Victoria Padey Giovanna Reale Anna Flavell Tim Kemp-Bishop Nikki Panagopoulos, Fund Manager Deputy Fund Manager Senior Asset and Senior Asset Senior Asset Manager Major Leasing and Joined Australian Unity in 2004. Responsible f
Slide 23: Important notice and disclaimer
Important notice and disclaimer The information provided in this presentation is issued by Australian Unity Investment Real Estate Limited ABN 86 606 414 368 AFSL 477434 (AUIREL), as responsible entity for the Australian Unity Office Fund (AOF). AUIREL is owned equally by subsidiaries of Australian
Slide 24: YEARS
180 YEARS Australian Unity Real Wellbeing St
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