Overview

Fund Features & Benefits

  • Growing childcare and education markets that are backed by strong government support
  • Triple net leases with geographical diversification and strong underlying land values
  • Weighted average lease expiry of more than 10.8 years
  • Uncomplicated business and property platform

 

2009/10 Financial Year

During the year, APML has significantly de-risked AET through the completion of the following key items:

  • made its base debt repayment obligation of $80 million in accordance with the accelerated debt amortisation targets, imposed on AET as a direct result of ABC’s failure;
  • reducing gearing from 63.7% to 50.9% through debt payment of $83.3 million and saving associated interest expense;successful defense of AET’s position in the Federal Court against the Receiver and Administrator of ABC;
  • successful negotiation and transfer of 193 ABC leases to new entity GoodStart without incentive or reduction in rent; sale of 73 properties and re-letting of 5 properties across Australia reducing vacancy and minimizing non-recoverable expenses;
  • recovery of expenses and unpaid outgoings relevant to ABC’s receivership;
  • initiated discussions with lenders regarding AET’s debt facility expiry in July 2011;
  • sold strategically selected assets rather than initiating a capital raising to repay AET’s debt targets; and
  • successful negotiation of pooled bank guarantee facilities significantly increasing the security on offer to AET.

childcare centre

 

childcare centre

 

childcare centre