Commonwealth Property Fund is yet another listed trust that is predicting improved earnings in the financial year ending June 2004, according to its September quarterly update.
According to the Fund’s manager, Colonial First State Property Ltd, the acquisition of the 25% leasehold in Grosvenor Place in Sydney’s CBD will improve the Fund’s earnings and distribution profile over the forecast period to June 2004.
“At the portfolio level, the acquisition improved the fund’s portfolio quality, lengthened the weighted average lease term and increased the portfolio’s weighting to preferred Sydney market to 64% of gross assets.”
