SDOT No. 3 is an investment which provides investors with direct exposure to a portfolio of Australian metropolitan commercial offices and a CBD Car Park. The properties are all managed by Stockland, one of Australia’s premier property groups. The investment offers investors a stable, tax advantaged income stream and the potential for capital growth.
Features
Asset class
Unlisted unit trust
Issuer
Stockland Funds Management Limited
Deal Structure:
Units in a trust that invests directly in a portfolio of Australian metropolitan commercial offices and a CBD Car Park
Maturity
A one-off meeting is to be held after 7 years where unitholders will have the opportunity to vote on, amongst other options, whether to continue in the Trust or exit. Irrespective of the outcome Stockland will use its best endeavours to redeem units of any investor wishing to exit at that time.
Investment Objective
Stable, tax deferred income and the potential for capital growth
Distributions:
7.75% from allotment to 30 June 2008
7.85% to 30 June 2009
Key features:
Stable quarterly tax deferred distributions;
Potential for capital growth;
Diversified portfolio of properties;
High quality tenants;
Experienced management;
Alignment of interests - Stockland will subscribe for 10% of the units on the same terms and conditions as all other investors;
Limited liquidity facility - provided by ANZ
Management Fees
A establishment fee of 4.4075% of the valuation of the properties and an annual
management fee of 0.46125% per annum of gross assets.
A performance fee of 20.5% of any out performance over a bench mark rate, paid upon termination of the Trust or after 7 years, capped at 0.46125% per annum. This fee is only earned once investors receive at least their initial investment.
Liquidity
The Trust is unlisted but does have a Limited Liquidity Facility. The facility commences in the quarter beginning 1 July 2009 and can trade up to one million units per quarter, with a total cap on the facility of 19.9% (including Stockland's 10% investment). Prices are NTA less 2.5% and transaction costs (if any)
Business Development Manager, NSW & QLD
Joanne Uebergang 02 9227 1592 verbergaj@anz.com
Business Development Manager
Veronica Mason 03 9273 3622 masonv@anz.com
Important Notice:
Stockland Funds Management Limited ABN 86 078 081 722, AFS Licence Number 241188 is the responsible entity of Stockland Direct Office Trust No. 3 ARSN 124 439 925 ("Trust") and is the issuer of the product disclosure statement.
Offer restrictions
The Offer is only being made to persons in Australia and to a limited range of persons in some other jurisdictions to whom offers may be made without the need for compliance with any registration, licensing or disclosure requirements in the relevant jurisdiction.
No action has been taken to register Units or otherwise permit a public offering of Units in any jurisdiction outside of Australia.
Investments in the Trust do not represent investments in, deposits with or other liabilities of ANZ or any other member of the ANZ group of companies ("ANZ Group"), or Stockland or the Stockland group of entities. The Trust is a separate entity from ANZ and the ANZ Group and is not an authorised deposit-taking institution under the Banking Act 1959 (Australia).
None of the responsible entity, Stockland, ANZ, ANZ Group and any of its respective directors, officers, employees, agents or associates stands behind the capital value nor guarantees the performance of the investment or the underlying assets in the Trust nor provides a guarantee or gives any assurance as to the performance of the investment, the repayment of capital or any particular rate of capital or income return.
The ANZ Group may also provide finance and treasury and other services to the Trust or its controlled entities. These services are provided in various capacities as a third party provider and the ANZ Group will act if necessary to protect its interests ahead of those of Investors and other parties. In acting in its various capacities in connection with the Trust, the ANZ Group will have only the duties and responsibilities expressly agreed to by it in the relevant capacity and will not, by virtue of acting in any other capacity, be deemed to have other duties or responsibilities or be deemed to owe a standard of care other than as expressly provided with respect to each such capacity.
ANZ and the ANZ Group (whether in a member's individual capacity, as underwriter, as lead arranger, as provider of a limited liquidity facility, any finance facilities or treasury services, or in any other capacity) does not accept any responsibility for any information or errors contained in, or any omission from, this web site or the PDS and has not separately verified the information contained in this web site or the PDS and makes no representation, warranty or undertaking, express or implied, as to the accuracy, currency or completeness or suitability of the information contained in this web site or the PDS. Investments in the Trust are subject to investment and other risks, including possible delays in payment or loss of capital invested. The information contained in this PDS is not and does not provide any legal or financial product advice. This PDS has been prepared without reference to your investment objectives, financial situation and particular needs. It is important you read this PDS in its entirety before making a decision whether to invest. If you are in any doubt, you should consult your broker or financial or other professional adviser.
