Home

Welcome to the Australian Education Trust website

Australian Education Trust (“AET”) is the largest Australian listed property trust investing in child care properties within Australia and New Zealand.  At 31 December 2008 the Trust had total assets under management of $460 million and 439 properties in its portfolio.

 

The Trust is in a restructuring period to reflect the changes incurred as a direct result of the failure and subsequent receivership of its major tenant, ABC Learning Centres Limited (Receivers and Managers Apointed). 

 

AET expects to have new multiple tenants who represent viable long term childcare operators as a result of the ABC 2/PPB and ABC New Zealand sales process.  Previous guidance indicated that management expected a stronger outlook by 30 June 2009.   With a sale of ABC1 potentially not concluding until early in 2010, we are unable to provide any greater certainty on new tenants for ABC1 at this time.  We do believe however, that the completion of the ABC2 process and the selling and re-leasing of closed centres provides significant confidence in AET’s strength, particularly from an underlying asset value perspective.  Although the ultimate outcome of ABC1 is uncertain, the economic risk associated with ABC1 leases should be less than was faced for ABC2.

 

The Directors are focused on ensuring the best possible long term result can be achieved out of the externally managed ABC1 and New Zealand sale processes and Management continues to play as active a role as possible in protecting the interests of the Unitholders.

 

The outlook for the future is for further challenging market conditions given the general economic climate, but with a view to a return to a sustainable distribution model that AET enjoyed prior to ABC’s demise, but now potentially with a diversified tenant base and income stream.  The long term leasing model adopted by AET remains relevant. 

 

Management continues to take a proactive position in relation to all matters surrounding ABC. Assuming a static portfolio with no forecast acquisition activity and barring further unforeseen circumstances, management envisages a return to a more stable environment for AET in early 2010. 

 

AET will continue to invest in childcare and other education assets in the future.

 

childcare centre

Unit Price Information
 
CodeBidAskLast
AEU.ASX0.250.250.24
Last trade time:
03 Jul 2009 10:12:25

RSS Feed

 

Property Leasing Enquiries

 

03 8601 2668
property@austock.com

 

Company Announcements

 

Building Picture

 

ABN 55 102 955 939

ARSN 102 955 939