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.
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