基金管理 - AIMS Financial Group

基金管理

宝泽金融集团(AIMS Financial Group)的房地产信托基金业务活跃于澳洲、香港和中国大陆。 2004年，宝泽证券化发行了5.86亿澳元房屋债券，2005年宝泽证券化又成功发行了4亿澳元债券，2007年5月，宝泽证券化再次发行了总量为$3.46亿的按揭债券，迄今宝泽证券化已累计发行按揭债券$29亿澳元。

宝泽北大生物产业基金

澳大利亚宝泽金融集团（AIMS Financial Group）和北京大学及北大未名生物工程集团有限公司正在发起人民币5亿元的宝泽北大生物产业基金。

该基金将严格按照国际基金管理规则实行经营，以股权投资形式投资生物医药及相关领域内具有高科技内涵、处于成长期的中小企业尤其是拟上市企业，同时，中国政府批准的重点生物科技园区亦将列入投资之列。未来基金投资人包括代理政府投资机构、专业投资机构者、大型企业及具有实力的个人投资者。

房地产机会基金

宝泽(AIMS)澳洲房地产机会基金目前正致力于开发基于澳洲的房地产机会基金池，目标针对澳洲和亚洲的资金批发商和零售投资机构，他们将直接投资澳洲房地产、澳洲房地产债券及现钱。

宝泽(AIMS)中国房地产机会基金目前正开发以中国地产为主核心的基金池，目标针对澳洲、亚洲、英国及美国的资金批发商和零售投资机构，其中包括：

由国际投资者与中国投资者设立的一支开曼群岛注册的封闭式基金，基金规模为USD$1.5亿美元，主要投资于中国的房地产项目开发，包括商品住宅，商业写字楼，零售业不动产，酒店与自助式公寓，新土地开发。年目标收益率高于20％。
总额为人民币10亿元的封闭式内资基金，致力于和中国政府机构联合进行中国农村土地的再开发。

MacarthurCook地产基金管理

MacarthurCook在澳大利亚和新加坡都设有分部，专职于进行直接地产、地产证券以及信贷资产的投资管理。

MacarthurCook地产基金管理公司是宝泽(AIMS)旗下的子公司之一，是澳大利亚知名地产基金管理公司，其管理资产超过11亿澳币(2009年7月时)，管理的物业遍布澳大利亚、新加坡、日本及美国。 Macarthurook Limited和宝泽AIMS作为7支REITS(瑞思)及基金的投资管理人，为超过21000名投资者管理基金资产。这7支REITS(瑞思)及基金包括：新加坡的AIMS AMP Capital Industrial REIT (AIMS AMP CAPITAL工业地产瑞思); MacarthurCook Industrial Property Fund(MacarthurCook工业地产基金)；MacarthurCook Office Property Trust (MacarthurCook办公地产信托)；MacarthurCook Mortgage Fund(MacarthurCook信贷基金)；Advance Mortgage Fund (高级信贷基金)；MacarthurCook Property Securities Fund (MacarthurCook地产证券信托基金)以及在美国上市交易的RMR Asia Pacific Real Estate Fund(RMR亚太地产基金)。

MacarthurCook Property Securities Fund (MacarthurCook地产证券信托基金)在澳大利亚证券交易所以及新加坡证券交易所上市交易，MacarthurCook Industrial Property Fund(MacarthurCook工业地产基金)是在澳大利亚证券交易所上市的瑞思，新加坡的AIMS AMP Capital Industrial REIT (AIMS AMP CAPITAL工业地产瑞思)是在新加坡证券交易所上市交易的瑞思，RMR Asia Pacific Real Estate Fund(RMR亚太地产基金)在美国纽约证券交易所上市。

根据每年年利润的增长比例，MacarthurCook地产基金在2005至2008年连续四年被澳洲经济周刊评为增长最快的公司之一。2009年4月，宝泽(AIMS)成为澳大利亚证券交易所(ASX)上市国际地产基金管理公司——MacarthurCook Limited 的最大股东(持股15.8%)。2009年8月，宝泽(AIMS)基本持有MacarthurCook Limited 100%的股份。

更多MacarthurCook地产基金管理的信息，请参见MacarthurCook网站： http://www.macarthurcook.com.au

以下为MacarthurCook地产基金管理公司各基金历年年报以及各基金管理物业信息:

MacarthurCook Property Securities Fund

2010 Annual Report

2009 Annual Report

2008 Annual Report

2007 Annual Report

2006 Annual Report

2005 Annual Report

RMR Asia Pacific Real Estate Fund

RMR Asia Pacific Real Estate Fund is a closed end mutual fund that invests primarily in the securities of Asia Pacific real estate companies. The Fund was created through the reorganization of predecessor RMR Funds on June 16, 2009. The Fund’s investment
objective is capital appreciation.

The Fund is listed on the NYSE Amex stock exchange (NYSE Amex code: RAP).

MacarthurCook Investment Managers Limited is the Fund’s Sub-Advisor and RMR Advisors, Inc. is the Fund’s Investment Advisor.

RMR Advisors, Inc. is an affiliate of Reit Management & Research LLC, or RMR. RMR was founded in 1986 and currently manages one of the largest portfolios of publicly owned real estate in the United States.

Further Information

Investment Approach

Portfolio Allocation

Property Portfolio Library

AIMS AMP Capital Industrial REIT

2011 Annual Report

2010 Annual Report

2009 Annual Report

2008 Annual Report

27 Penjuru Lane

27 Penjuru Lane comprises two five-storey high clearance ramp-up warehouse and logistics buildings incorporating mezzanine offices and an attached nine-storey ancillary office annex incorporating both office space and a canteen. The two buildings are services by a central vehicular ramp.

The property is strategically located along Penjuru Lane, off Penjuru Road and Jalan Buroh, and is within Jurong Industrial Estate. The immediate vicinty comprises standard and purpose-built factories, some warehouse and distribution centres and shipyards.

The Property is accessible by public transportation. Jurong Industrial Estate is serviced by two major expressways: the AYE and the PIE, as well as the West Coast Highway and Jurong East MRT Station.

Property Details	27 Penjuru Lane

Valuation ($’million)	163.8

Valuation Date	30 September 2010

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.25

Acquisition Date	15 October 2010

Purchase Price ($’million)	161.0

Leasehold Title Expiry Year	15 October 2049

Land Area (sq m)	38,297.0

Gross Floor Area (sq m)	95,758.4

NLA (sq m)	90,506.0

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.5

Current Plot Ratio	2.5

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	C & P Holding Pte Ltd

1A International Business Park

1A IBP comprises a 13-storey high-tech business park building with a basement car park with line-marked provisions for 114 cars. The building is suitable for business park use and incorporates office and warehouse areas, in addition to ancillary showroom areas.

Located within the prestigious precinct of International Business Park, the property is well-served by a network of roads that provides easy access to all parts of the island. These include the Ayer Rajah Expressway, Pan-Island Expressway and Commonwealth Avenue West. Approximately 16 km away from the city centre at Raffles Place, International Business Park is a business and technology hub for companies involved in high-technology industries that include software development, research and ancillary activities.

Property Details	1A International Business Park

Valuation ($’million)	73.0

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.00

Terminal Yield (%)	7.25

Discount Rate (%)	8.25

Acquisition Date	30 November 2009

Purchase Price ($’million)	90.2

Leasehold Title Expiry Year	31 May 2059

Land Area (sq m)	7,998.4

Gross Floor Area (sq m)	19,949.6

NLA (sq m)	16,697.0

Property Type	Business/Office Park

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	2.5

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Eurochem Corporation Pte Ltd

1 Kallang Way 2A

1 Kallang Way 2A comprises an eight-storey light industrial building with areas suitable for light industrial activities and ancillary office and showroom areas. The building also features recreational areas in the form of an executive lounge, guest accommodation rooms, swimming pool, gymnasium, sauna, steam room and open seating areas. The building has two passenger lifts, a cargo lift, a fireman’s lift and two loading/unloading bays.

The property is located within Kallang Way Industrial Estate, approximately 10 km away from the city centre at Raffles Place. It is well-served by the Pan-Island Expressway, Central Expressway, Kallang Paya Lebar Expressway, MacPherson Road and Aljunied Road.

Property Details	1 Kallang Way 2A

Valuation ($’million)	13.2

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.00

Terminal Yield (%)	7.25

Discount Rate (%)	8.25

Acquisition Date	30 January 2008

Purchase Price ($’million)	14.0

Leasehold Title Expiry Year	30 June 2055

Land Area (sq m)	3,231.4

Gross Floor Area (sq m)	7,811.1

NLA (sq m)	6,910.7

Property Type	Manufacturing

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	2.42

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Xpress Holdings Ltd

8 Senoko South Road

8 Senoko South Road comprises a six-storey factory with an ancillary office building and a single-storey annex building. The building has a passenger lift and two cargo lifts, as well as five loading/unloading bays with dock-levellers on the first storey.

The property is located within the Woodlands East Industrial Estate, approximately 30 km from the city centre at Raffles Place. The property is well-served by expressways such as the Bukit Timah Expressway and the Seletar Expressway.

Property Details	8 Senoko South Road

Valuation ($’million)	11.3

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	12.8

Leasehold Title Expiry Year	31 October 2054

Land Area (sq m)	7,031.3

Gross Floor Area (sq m)	9,249.0

NLA (sq m)	7,278.9

Property Type	Manufacturing

Town Planning	Business 2

Maximum Plot Ratio	2.5

Current Plot Ratio	1.3

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Sin Hwa Dee Food Stuff Industries Pte Ltd

10 Soon Lee Road

10 Soon Lee Road comprises a four-storey factory with an ancillary office building and a single-storey factory building. The building is equipped with a passenger lift, a goods lift, a pallet lift and a loading/unloading area accommodating three unloading bays with dock-levellers on the first storey.

The property is located within the Jurong Industrial Estate, approximately 20 km away from the city centre at Raffles Place. It is well-served by major arterial roads/expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway.

Property Details	10 Soon Lee Road

Valuation ($’million)	9.4

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.75

Terminal Yield (%)	8.00

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	8.7

Leasehold Title Expiry Year	12 March 2041

Land Area (sq m)	9,303.3

Gross Floor Area (sq m)	8,142.0

NLA (sq m)	7,214.5

Property Type	Manufacturing

Town Planning	Business 2

Maximum Plot Ratio	2.50

Current Plot Ratio	0.88

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Fullmark Pte Ltd

2 Ang Mo Kio Street 65

2 Ang Mo Kio Street 65 comprises an “L-shaped” three-storey factory building which was refurbished in 2006. The building is equipped with a cargo lift, a passenger lift and a loading/unloading bay.

The property is located within the Ang Mo Kio Industrial Estate, approximately 16 km away from the city centre at Raffles Place. It is well-served by major arterial roads/ expressways such as the Central Expressway.

Property Details	2 Ang Mo Kio Street 65

Valuation ($’million)	12.7

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	15.2

Leasehold Title Expiry Year	31 March 2047

Land Area (sq m)	5,610.2

Gross Floor Area (sq m)	7,325.0

NLA (sq m)	6,255.0

Property Type	Research & Technology

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	1.3

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	CIT Cosmeceutical Pte. Ltd

15 Tai Seng Drive

15 Tai Seng Drive comprises a five-storey plus basement industrial warehouse building. The building accommodates warehouse areas and ancillary office areas over five levels. Basement warehouse/storage areas have been created within an area originally designated for car parking. Ample loading/unloading bays with dock-levellers, lorry and covered car parking lots are provided. The building has two passenger lifts and two cargo lifts which operate between all storeys, including the basement level.

The property is located within the Tai Seng Industrial Estate, approximately 10 km away from the city centre at Raffles Place. It is well-served by the Pan-Island Expressway, Paya Lebar Road Airport Road and Macpherson Road. It has easy access to the Kallang Paya Lebar Expressway.

Property Details	15 Tai Seng Drive

Valuation ($’million)	25.6

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.50

Acquisition Date	17 December 2007

Purchase Price ($’million)	28.9

Leasehold Title Expiry Year	31 March 2051

Land Area (sq m)	9,077.9

Gross Floor Area (sq m)	21,350.0

NLA (sq m)	17,880.0

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.5

Current Plot Ratio	2.35

Lease Terms

Lease Type	Multiple-tenanted

Name of Major Tenant	Farnell Components Pte Ltd Kumpulan Development (S) Pte Ltd Westfalia Separator (S.E.A.) Pte Ltd

11 Changi South Street 3

11 Changi South Street 3 comprises a four-storey plus basement light industrial building incorporating four storeys of warehouse, office and showroom accommodation. A single basement level incorporates car parking for 60 bays and ancillary storage areas. Vertical access is provided by two passenger lifts and two cargo lifts which serve the basement to the fourth storey. There are three loading/unloading bays with dock-levellers.

11 Changi South Street 3 is located within Changi South Industrial Estate, approximately 16 km away from the city centre at Raffles Place. It is well-served by Xilin Avenue, the Pan-Island Expressway and the East Coast Parkway.

Property Details	11 Changi South Street 3

Valuation ($’million)	22.4

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.00

Terminal Yield (%)	7.25

Discount Rate (%)	8.25

Acquisition Date	17 December 2007

Purchase Price ($’million)	20.8

Leasehold Title Expiry Year	31 March 2055

Land Area (sq m)	8,832.6

Gross Floor Area (sq m)	14,015.9

NLA (sq m)	11,547.5

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.0

Current Plot Ratio	1.58

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Builders Shop Pte Ltd

3 Toh Tuck Link

3 Toh Tuck Link comprises a purpose-built part two-/ part-five storey warehouse building with ancillary offices. It accommodates high-bay and conventional warehouse areas on the first and third storeys, and ancillary office areas on all storeys.

The building has a total of seven loading/unloading bays located at the first storey of the building, each one fitted with a dock-leveller.

The property is located within the Toh Tuck Industrial Estate and is bounded by Toh Tuck Link, Old Toh Tuck Road and Toh Tuck Avenue. It is situated some 12 km to the west of the city centre at Raffles Place and is well-served by major roads and expressways such as Boon Lay Way, Commonwealth Avenue West and the Pan-Island Expressway.

Property Details	3 Toh Tuck Link

Valuation ($’million)	19.75

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.50

Acquisition Date	11 January 2010

Purchase Price ($’million)	19.3

Leasehold Title Expiry Year	15 November 2056

Land Area (sq m)	10,724.4

Gross Floor Area (sq m)	12,492.4

NLA (sq m)	11,446.0

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	1.6

Current Plot Ratio	1.16

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Tavica Logistics Pte Ltd

23 Tai Seng Drive

23 Tai Seng Drive comprises a purpose-built six-storey light industrial building with a basement car park. The building accommodates reception/ancillary office/production areas on the first storey and production areas for clean and light industry uses and ancillary office areas on the upper levels. The building is equipped with two loading/unloading bays with a raised platform, located at the front section of the building and facing the main entrance to the development.

The property is located at the junction of Tai Seng Drive and Tai Seng Avenue, some 9 km away from the city centre at Raffles Place. The property is well-served by major roads and expressways such as the Paya Lebar Road, Eunos Link and Pan-Island Expressway.

Property Details	23 Tai Seng Drive

Valuation ($’million)	17.6

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.00

Terminal Yield (%)	7.25

Discount Rate (%)	8.25

Acquisition Date	11 January 2010

Purchase Price ($’million)	17.2

Leasehold Title Expiry Year	31 July 2050

Land Area (sq m)	3,813.6

Gross Floor Area (sq m)	9,493.1

NLA (sq m)	8,561.0

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.5

Current Plot Ratio	2.5

Lease Terms

Lease Type	Multiple-tenanted

Name of Major Tenant	Excalibur Holdings (S) Pte Ltd IPC Corporation Ltd T-Systems Singapore Pte Ltd

56 Serangoon North Avenue 4

56 Serangoon North Avenue 4 comprises a purposebuilt seven-storey light industrial building incorporating warehouse areas on the first storey and factory areas incorporating ancillary office areas on the upper floors. The units generally have regular configurations with direct access to the cargo lift lobbies on the upper floors, leading to the loading/unloading bays on the first storey. The building is equipped with six loading/unloading bays and two dock-levellers at the first storey.

The property is situated within the Serangoon North Industrial Estate, some 12 km away from the city centre at Raffles Place. The property is well-served by major roads and expressways such as Yio Chu Kang Road, Ang Mo Kio Avenue 5 and the Central Expressway.

Property Details	56 Serangoon North Avenue 4

Valuation ($’million)	15.2

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.50

Acquisition Date	11 January 2010

Purchase Price ($’million)	14.8

Leasehold Title Expiry Year	15 May 2055

Land Area (sq m)	4,999.1

Gross Floor Area (sq m)	11,751.0

NLA (sq m)	10,424.0

Property Type	Warehouse and Logistics

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	2.35

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Crescendas Pte Ltd

7 Clementi Loop

7 Clementi Loop comprises a warehouse and office building consisting of a single-level high-bay warehouse and a threelevel plus mezzanine section with ancillary air-conditioned storage and office accommodation. The building has a passenger lift servicing the office and ancillary storage. There are eight loading and unloading bays with dock-levellers on the first storey.

The property is located within Clementi West Distripark, approximately 12 km away from the city centre at Raffles Place. The property is well-served by the Pan-Island Expressway, Ayer Rajah Expressway and Commonwealth Avenue West.

Property Details	7 Clementi Loop

Valuation ($’million)	12.2

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.50

Acquisition Date	31 March 2008

Purchase Price ($’million)	18.25

Leasehold Title Expiry Year	15 June 2053

Land Area (sq m)	9,998.3

Gross Floor Area (sq m)	9,081.3

NLA (sq m)	9,081.3

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	1.6

Current Plot Ratio	0.91

Lease Terms

Lease Type	Multiple-tenanted

Name of Major Tenant	Agility Fairs & Events Logistics Pte Ltd EMS Services Pte Ltd

541 Yishun Industrial Park A

541 Yishun Industrial Park A comprises a four-storey factory building which primarily incorporates production, warehouse and office areas. Vertical access throughout all levels is provided by a single passenger lift and two cargo lifts servicing the production and warehouse areas. There are six loading/unloading bays with dock-levellers located at the first storey.

The property is located within Yishun Industrial Park A and is approximately 24 km away from the city centre at Raffles Place. The property is well-served by expressways/major roads, including Yishun Avenue 2, which directly links with the Seletar Expressway.

Property Details	541 Yishun Industrial Park A

Valuation ($’million)	13.8

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	3 October 2007

Purchase Price ($’million)	16.8

Leasehold Title Expiry Year	30 June 2054

Land Area (sq m)	6,851.4

Gross Floor Area (sq m)	8,770.9

NLA (sq m)	8,017.6

Property Type	Manufacturing

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	1.28

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	King Plastic Pte Ltd

8 & 10 Pandan Crescent

8 & 10 Pandan Crescent comprises one block of five-storey (Block 8) and one block of six-storey (Block 10) warehouse buildings. Each block has a similar layout and is served by passenger lift lobbies, warehouses with ancillary offices and cargo lift lobbies. The property has 80 loading/unloading bays with 38 dock-levellers on the first storey.

The property is located in Pandan Crescent within the Jurong Industrial Estate, at the junction of the West Coast Highway. The property is approximately 15 km away from the city centre at Raffles Place and is well-served by expressways/major roads such as the West Coast Highway, Ayer Rajah Expressway and Jalan Buroh.

Property Details	8 & 10 Pandan Crescent

Valuation ($’million)	122.9

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.00

Terminal Yield (%)	7.25

Discount Rate (%)	8.25

Acquisition Date	19 April 2007

Purchase Price ($’million)	115.0

Leasehold Title Expiry Year	30 September 2068

Land Area (sq m)	32,376.5

Gross Floor Area (sq m)	80,940.0

NLA (sq m)	65,856.4

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.5

Current Plot Ratio	2.5

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	United Tech Park Pte Ltd

29 Woodlands Industrial Park E1

Property Details

NLA (sqm)	36,244

Appraisal Value	S$72,000,000

Tenant (Top 3)	Broadcom Singapore Pte Ltd Illumina Singapore Pte Ltd Ellipsiz Singapore Pte Ltd

Land Lease expiry	60 yrs from 9 January 1995 till 8 January 2055

Valuation date	31 January 2011

20 Gul Way

20 Gul Way comprises a large-scale industrial facility with production and warehouse areas, and ancillary office areas. The buildings comprise an administration block (Building A), a canteen block (Building B), a plant room/technician bay (Building D) and five production/warehouse buildings denoted as Buildings C1, C2, E, F, G, H and I. Buildings C and F each have a small single-storey annexe building which is generally used for storage. The buildings are spread over the site with generous open spaces.

The property is located within the Jurong Industrial Estate, approximately 22 km from the city centre at Raffles Place. It is well-served by major arterial roads/expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway.

Property Details	20 Gul Way

Valuation ($’million)	41.2

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	39.4

Leasehold Title Expiry Year	15 January 2041

Land Area (sq m)	76,946.1

Gross Floor Area (sq m)	35,123.0

NLA (sq m)	32,208.3

Property Type	Manufacturing

Town Planning	Business 2

Maximum Plot Ratio	1.4

Current Plot Ratio	0.46

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Enviro-Metals Pte Ltd

135 Joo Seng Road

135 Joo Seng Road comprises an 8-storey light industrial building incorporating a first-storey car park with seven storeys of areas primarily suitable for light industrial activities, in addition to a canteen located on the second storey. The building is equipped with two passenger lifts, two cargo lifts and six loading/unloading bays located on the first storey.

The property is located at the north-western junction of Joo Seng Road and Jalan Bunga Rampai, approximately 15 km away from the city centre. It is well-served by the Upper Paya Lebar Road and Upper Aljunied Road, which link with the Pan-Island Expressway and the Kallang Paya Lebar Expressway.

Property Details	135 Joo Seng Road

Valuation ($’million)	23.3

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.50

Acquisition Date	10 March 2008

Purchase Price ($’million)	25.0

Leasehold Title Expiry Year	30 June 2054

Land Area (sq m)	5,420.1

Gross Floor Area (sq m)	12,835.0

NLA (sq m)	9,535.1

Property Type	Manufacturing

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	2.36

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Powermatic Data Systems Limited

3 Tuas Avenue 2

3 Tuas Avenue 2 comprises a two-storey ancillary office building, a single-storey factory building and a part two-/ part three-storey warehouse building. A cargo lift is provided at the warehouse building, which has loading and unloading areas.

The property is located within the Jurong Industrial Estate, approximately 26.5 km away from the city centre at Raffles Place. The property is well-served by major arterial roads/ expressways such as Jalan Ahmad Ibrahim, the Ayer Rajah Expressway and the Pan-Island Expressway.

Property Details	3 Tuas Avenue 2

Valuation ($’million)	22.0

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	20.8

Leasehold Title Expiry Year	15 March 2055

Land Area (sq m)	17,802.7

Gross Floor Area (sq m)	16,334.3

NLA (sq m)	14,700.1

Property Type	Manufacturing

Town Planning	Business 2

Maximum Plot Ratio	1.4

Current Plot Ratio	0.92

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Cimelia Resource Recovery Pte Ltd

26 Tuas Avenue 7

26 Tuas Avenue 7 comprises a two-storey purpose-built factory with a mezzanine office level. The building has a loading and unloading bay and a cargo lift.

The property is located within the Jurong Industrial Estate, approximately 27 km away from the city centre at Raffles Place. The property is well-served by major arterial roads/ expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway.

Property Details	26 Tuas Avenue 7

Valuation ($’million)	9.4

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	8.3

Leasehold Title Expiry Year	31 December 2053

Land Area (sq m)	5,823.3

Gross Floor Area (sq m)	6,125.3

NLA (sq m)	5,522.1

Property Type	Manufacturing

Town Planning	Business 2

Maximum Plot Ratio	1.4

Current Plot Ratio	1.05

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Aalst Chocolate Pte Ltd

8 & 10 Tuas Avenue 20

8 & 10 Tuas Avenue 20 comprises two units of JTC “Type D” factories which were amalgamated into an extensively renovated two-storey detached factory.

The property is located within the Jurong Industrial Estate, approximately 27 km away from the city centre at Raffles Place. It is well-served by major arterial roads and expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway.

Property Details	8 & 10 Tuas Avenue 20

Valuation ($’million)	12.6

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	11.6

Leasehold Title Expiry Year	8 Tuas Avenue 20 – 31 October 2050 10 Tuas Avenue 20 – 30 September 2052

Land Area (sq m)	10,560.0

Gross Floor Area (sq m)	10,918.0

NLA (sq m)	8,873.1

Property Type	Manufacturing

Town Planning	Business 2

Maximum Plot Ratio	1.4

Current Plot Ratio	1.03

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	CS Graphics Pte Ltd

61 Yishun Industrial Park A

61 Yishun Industrial Park A comprises a six-storey industrial building with areas suitable for light manufacturing, warehouse and distribution and ancillary offices. Vertical access in the building is provided by a single passenger lift and three cargo lifts There are six loading/unloading bays located on the first storey.

The property is located within Yishun Industrial Park A, approximately 24 km away from the city centre at Raffles Place. It is well-served by major expressways/major roads, including Yishun Avenue 2, which directly links with the Seletar Expressway.

Property Details	61 Yishun Industrial Park A

Valuation ($’million)	22.2

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	21 January 2008

Purchase Price ($’million)	24.6

Leasehold Title Expiry Year	31 August 2052

Land Area (sq m)	5,921.8

Gross Floor Area (sq m)	14,601.0

NLA (sq m)	13,471.0

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.5

Current Plot Ratio	2.47

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	BTH Global Pte Ltd

10 Changi South Lane

10 Changi South Lane comprises a part five-storey/part seven-storey warehouse with ancillary office space. The property is also equipped with eight loading and unloading bays with dock-levellers. An Automated Storage and Retrieval System (ASRS) is provided at the first-storey warehouse area.

The property is located within Changi South Industrial Estate. It is approximately 15.5 km away from the city centre at Raffles Place and is well-served by expressways/ major roads such as the East Coast Parkway, Pan-Island Expressway and Upper Changi Road East.

Property Details	10 Changi South Lane

Valuation ($’million)	26.5

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.00

Terminal Yield (%)	7.25

Discount Rate (%)	8.25

Acquisition Date	19 April 2007

Purchase Price ($’million)	33.8

Leasehold Title Expiry Year	15 June 2056

Land Area (sq m)	9,219.1

Gross Floor Area (sq m)	14,793.0

NLA (sq m)	12,655.9

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	2.50

Current Plot Ratio	1.60

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Ossia International Limited

1 Bukit Batok Street 22

1 Bukit Batok Street 22 comprises an eight-storey industrial building incorporating a four-storey factory and eight storeys of ancillary office space. The building is equipped with two passenger and two cargo lifts.

The property is located within the Bukit Batok Industrial Estate, approximately 15 km away from the city centre at Raffles Place. The property is well-served by expressways/ major roads such as the Pan-Island Expressway and Bukit Batok Road.

Property Details	1 Bukit Batok Street 22

Valuation ($’million)	20.0

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.25

Terminal Yield (%)	7.50

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	18.0

Leasehold Title Expiry Year	30 June 2055

Land Area (sq m)	6,399.3

Gross Floor Area (sq m)	15,978.4

NLA (sq m)	14,134.9

Property Type	Warehouse and Logistics

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	2.5

Lease Terms

Lease Type	Multiple-tenanted

Name of Major Tenant	Guan Ming Hardware & Engineering Mentor Media Ltd Terasaki Electric Co. (F.E.) Pte Ltd

30/32 Tuas West Road

30/32 Tuas West Road comprises two detached threestorey industrial buildings with a covered link at the firststorey driveway. No. 30 Tuas West Road is a single-user factory with an office building. No. 32 Tuas West Road accommodates warehouse areas/production areas/offices on the first storey and production areas/ancillary office areas on the upper floors. Vertical access within 32 Tuas West Road is facilitated by two cargo lifts and a passenger lift.

The property is located along Tuas West Road, within the Tuas Industrial Estate some 25 km away from the city centre at Raffles Place. Accessibility to other parts of Singapore, as well as the Second Link to Johor Malaysia, is facilitated by its close proximity to the Ayer Rajah Expressway.

Property Details	30/32 Tuas West Road

Valuation ($’million)	17.8

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	11 January 2010

Purchase Price ($’million)	17.3

Leasehold Title Expiry Year	31 December 2055

Land Area (sq m)	12,894.9

Gross Floor Area (sq m)	14,838.1

NLA (sq m)	14,081.0

Property Type	Warehouse and Logistics

Town Planning	Business 2

Maximum Plot Ratio	1.4

Current Plot Ratio	1.15

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Tavica Logistics Pte Ltd

31 Admiralty Road

31 Admiralty Road comprises a seven-storey factory with ancillary office building. The building is equipped with a passenger lift, a fireman’s lift, two cargo lifts and a loading/ unloading area accommodating four bays with two dock-levellers on the first storey.

The property is located within Admiralty Industrial Park, approximately 25 km away from the city centre at Raffles Place. The property is well-served by expressways such as the Bukit Timah Expressway and Seletar Expressway.

Property Details	31 Admiralty Road

Valuation ($’million)	15.0

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	19 April 2007

Purchase Price ($’million)	13.4

Leasehold Title Expiry Year	30 April 2037

Land Area (sq m)	5,109.5

Gross Floor Area (sq m)	12,660.7

NLA (sq m)	10,197.1

Property Type	Warehouse and Logistics

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	2.5

Lease Terms

Lease Type	Master Lease

Name of Major Tenant	Fook Tong Nam Industries Pte Ltd

103 Defu Lane 10

103 Defu Lane 10 comprises a warehouse and office facility consisting of a three-storey office, and an adjoining two-storey warehouse. The building is equipped with two loading and unloading bays, a passenger lift and a cargo lift.

The property is located within Defu Industrial Estate, approximately 13 km away from the city centre at Raffles Place. It is well-served by major roads including the Kallang Paya Lebar Expressway and Hougang Avenue 3, which provides access to the Pan-Island Expressway via Eunos Link.

Property Details	103 Defu Lane 10

Valuation ($’million)	11.3

Valuation Date	21 December 2009

Capitalisation Rate (%)	7.50

Terminal Yield (%)	7.75

Discount Rate (%)	8.50

Acquisition Date	21 January 2008

Purchase Price ($’million)	14.5

Leasehold Title Expiry Year	30 June 2043

Land Area (sq m)	7,541.0

Gross Floor Area (sq m)	9,045.6

NLA (sq m)	8,361.3

Property Type	Warehouse and Logistics

Town Planning	Business 1

Maximum Plot Ratio	2.5

Current Plot Ratio	1.2