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Updating...
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GDI No.29 GDI Office Fund
Strata approval granted for 251 Adelaide Terrace Perth.
30 June revaluation $69.9m compared to $35m purchase price in 2008.
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GDI Property Group, are pleased to announce that strata approval has been granted for 251 Adelaide Terrace Perth. Titles are currently awaiting registration and will hopefully be available in the next few weeks. To date GDI has secured pre-sales of around $28 million which accounts for 40% of gross realisable value. We are hopeful of settling $22 million of sales upon strata registration with the remainder later in the year.
251 Adelaide Terrace Perth has been valued at $69.9 million as at 30 June 2010. This compares with a purchase price of $35 million in 2008, the Fund has to date spent around $6 million refurbishing the building to a modern 2010 standard, a further $7 million has been committed to spend to comply with strata approval.
GDI are also pleased to announce the exchange of contracts for GDI No.29 Office Fund’s only other asset 4-10 Jamieson St Cheltenham for $15 million. The GDI No 29 Office Fund purchased 4-10 Jamieson St for $13 million in late 2008. We expect settlement in late September 2010. The Jamieson St property has held up well in tough economic conditions.
The GDI No.29 Office Fund commenced in December 2008 and currently GDI No.29 Office Fund investors are receiving a 14% annual distribution on the $1.00 investment. We expect to return a majority of investors original $1.00 per unit investment around September 2010. The remainder of funds plus profits will be paid to investors upon the successful sale of the 60% of strata units in Perth.
We are currently calculating NTA as at 30 June 2010 and we will provide a full and detailed update within the next month.
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