And Finally

Australand looks set for big year

Australand Property Group yesterday announced that the unaudited net profit after tax for the nine months to 30 September 2004 was approximately 50% of its full year forecast of $144 million.

The pattern of profit emergence during 2004 is consistent with prior years whereby approximately 50% of the Group’s development profits crystallise during the December quarter and barring unforeseen circumstances, a full year net profit after tax of $144 million is still expected to be achieved.

Aspen changes tact

Aspen Group has refinanced the group’s property finance facilities with the National Australia Bank.

The facility provides for a total “loan to value” (LVR) ratio of 70%, comprising a core facility up to a 60% LVR, with an additional 10% LVR standby facility, that change annually.

The facility will initially be drawn to provide a Group gearing position of 49%.

The 5-year facility will reduce Aspen’s cost of debt funds by up to 0.8% per annum.

Aspen Group managing director Angelo Del Borrello said the lower cost of funds and flexible terms of NAB’s facility results from both the increased size and quality of Aspen’s asset portfolio.

“The facility comes at an opportune time as Aspen examines a number of significant opportunities in both the asset portfolio and funds management areas,” he added.

Stockland talks big

One of Australia's largest property trusts Stockland is doing a bit of chest beating.

At its AGM yesterday, managing director Matthew Quinn said Stockland was well positioned to seek acquisitions or possible mergers.

However, other trusts can relax as it intends focusing on core business for the time being.

Howarth fills Rialto gap

Accountancy firm Horwath Australia has lobbed for almost 5000 sqm for Rialto Tower in Collins Street.

Horwath Melbourne makes the move from 600 St Kilda Road.

Starwood launches REIT Investment Advisor service

Starwood Capital Group, the parent company of Starwood Hotels & Resorts worldwide, is launching an advisory firm for institutions that want to invest in public real estate companies.

The Group will launch Starwood Real Estate Securities will be headed by Matthew Gilman, a senior portfolio manager and ABP Investments U.S. Inc., the U.S. arm of the Dutch civil service pension fund.

From 1999-2004, Gilman managed a portfolio of $8 billion of real estate securities.

Starwood is renown for its Sheraton, Westin and W hotel brand worldwide and and I-star Financial, a specialty finance REIT.

CPSISC appointments

Kareena Ballard has been appointed Chairperson of the Construction and Property Services Industry Skills Council at the first Board Meeting on Tuesday 12th October 2004.

Ballard said, “The Board of the Skills Council is made up of 12 industry leaders from a range of key industries and member organizations. There are 6 representatives from the Construction sector and 6 from the Property sector. The coverage of the Council includes 1.6 million employees. There will be 10 industry led National Skills Councils funded by the Australian National Training Authority,”

Alan Ross who is based in Canberra has been appointed the Chief Executive Officer of CPSISC.

The Skills Council will focus on skills development and shortages, implementation and continuous improvement of nationally recognised training products and services, and assisting industry to integrate skill development with business goals.