Cromwell - Closed Investments

Cromwell has been offering managed investments since 1999. A number of these funds are now closed to further investment. Below are detailed these closed investments, some of which have been wound up, with a number of others merged and stapled to Cromwell Corporation Limited to form ASX listed Cromwell Group.

Cromwell diversified property trust

Properties: 22 properties across 5 Australian States and Territories
Major Tenants: Commonwealth Government Authorities
Purchase Date: Various
Average Annual Income¹: Offer 1: 9.00%
Offer 2: 9.01%
Offer 3: 9.00%
Offer 4: 9.00%
Average Annual Return²: Offer 1: 16.29%
Offer 2: 18.27%
Offer 3: 21.75%
Offer 4: 26.32%

Details of Fund
From the first offer of units in the Cromwell Diversified Property Trust (CDPT) back in March 2003 until the product closed in April 2006, the CDPT was Cromwell's flagship product. The Trust closed with over 6,500 investors together holding units in a diversified portfolio of 22 industrial, office, retail and entertainment properties valued at more than $772 million. In December 2006 the CDPT was merged with 6 other Cromwell managed unlisted property Syndicates and stapled to Cromwell Corporation Limited to create the ASX-listed, Cromwell Group.

Cromwell Planned investment No. 3

Properties: Quadrant and Scrivener Buildings in the ACT
Major Tenants: Commonwealth Director of Public Prosecutions and the Department of Immigration
Purchase Date: June 2000
Average Annual Income¹: 11.21%
Average Annual Return²: 19.41%

Details of Fund
Cromwell registered the Cromwell Planned Investment - No 3 with ASIC in July 2000. The planned investment held 2 properties in Canberra, the Quadrant Building and the Scrivener Building. Investors in the fund enjoyed consistently high returns from their investment. In December 2006 the fund was merged with the CDPT along with 5 other Cromwell managed unlisted property Syndicates, and the consolidated CDPT was stapled to Cromwell Corporation Limited to create the ASX-listed, Cromwell Group.

Terrace Office Park Planned Investment

Properties: 527 Gregory Terrace, Bowen Hills, QLD
Major Tenants: Fuji Xerox, NEC and Mission Australia
Purchase Date: June 1999
Average Annual Income¹: 11.66%
Average Annual Return²: 22.59%

Details of Fund
This planned investment was a single property trust featuring two stand alone office complexes on the border between Bowen Hills and Fortitude Valley 2 kilometres from Brisbane CBD. In December 2006 the fund was merged with the CDPT along with 5 other Cromwell managed unlisted property Syndicates, and the consolidated CDPT was stapled to Cromwell Corporation Limited to create the ASX-listed, Cromwell Group.

Mary Street Planned Investment

Properties: 200 Mary Street, Brisbane, QLD
Major Tenants: Bechtel, Queensland Department of Transport, Cromwell
Purchase Date: June 2001
Average Annual Income¹: 9.58%
Average Annual Return²: 29.48%

Details of Fund
Cromwell registered the Cromwell Mary Street Planned Investment with ASIC in January 2001. The planned investment was a single property trust featuring Cromwell House at 200 Mary Street in Brisbane's CBD. In December 2006 the fund was merged with the CDPT along with 5 other Cromwell managed unlisted property Syndicates, and the consolidated CDPT was stapled to Cromwell Corporation Limited to create the ASX-listed, Cromwell Group.

Goulburn Street Planned investment

Properties: 59 Goulbourn Street, Sydney, NSW
Major Tenants: Environmental Protection Agency
Purchase Date: May 2002
Average Annual Income¹: 9.20%
Average Annual Return²: 17.77%

Details of Fund
Cromwell registered the Cromwell Goulburn Street Planned Investment with ASIC in March 2002. The Planned Investment was a single property syndicate featuring Sydney Plaza at 59 Goulburn Street, Sydney. In December 2006 the fund was merged with the CDPT along with 5 other Cromwell managed unlisted property Syndicates, and the consolidated CDPT was stapled to Cromwell Corporation Limited to create the ASX-listed, Cromwell Group.

Northbourne Planned iNvestment

Properties: 243 Northbourne Avenue, Canberra, ACT
Major Tenants: APRA, Sun Microsystems, Spherion
Purchase Date: November 2001
Average Annual Income¹: 11.45%
Average Annual Return²: 17.34%

Details of Fund
Cromwell registered the Cromwell Northbourne Planned Investment with ASIC in August 2001. The Planned Investment was a single property syndicate which owns APRA House located at 243 Northbourne Avenue in Canberra. In December 2006 the fund was merged with the CDPT along with 5 other Cromwell managed unlisted property Syndicates, and the consolidated CDPT was stapled to Cromwell Corporation Limited to create the ASX-listed, Cromwell Group.

Cromwell Planned INvestment No. 4

Properties: Telstra House, Canberra, ACT
Major Tenant at time of sale: Telstra
Purchase Date: November 2000
Sale Date: Settled 1 July 2005
Average Annual Income³: 12.48%
Average Annual Return⁴: 20.81%

Details of Sale
Telstra House was acquired in November 2000 for $16.1 million and sold in July 2005 for $22.2 million. Cromwell recommended the sale of this property in early 2005, following a successful expression of interest campaign in late 2004. The sale of the property realised a 36% capital gain for investors in Cromwell Planned Investment – No 4 in addition to average annual returns over the life of the Planned Investment of over 11% pa.

Details of Property
Telstra House is prominently situated in the established inner north Canberra suburb of Dickson. Completed 1985 and set in attractive paved and landscape grounds, the 8 level commercial office building features functional design, with good natural light available to all areas. A high clearance portico at the front entrance provides shelter to the main entry.

Riverfront Planned investment

Property: Riverfront, Milton, QLD
Major Tenants at time of sale: Clough Engineering, Monodelphous, Intouch
Purchase Date: December 1999
Sale Date: Settled 30 June 2005
Average Annual Income³: 10.56%
Average Annual Return⁴: 11.46%

Details of Sale
301 Coronation Drive was acquired in November 1999 for $17.5 million, and sold for $23.0 million in June 2005. Cromwell recommended the sale of this property in early 2005, following an off-market campaign. The sale was settled in June 2005 with investors in the Planned Investment achieving average annual returns in excess of 11% pa.

Details of Property
The Riverfront building is located at 301 Coronation Drive, Milton. The modern 14 level office tower is only 2.5 kilometres from the Brisbane GPO and was built in 1976 and completely refurbished in 1999. Riverfront is the tallest building in the precinct and has main road frontage and spectacular river and city views.

Meadowbrook shopping village syndicate

Property: Meadowbrook Shopping Village, Logan City, QLD
Major Tenants at time of sale: IGA Supermarket
Purchase Date: March 1999
Sale Date: Settled 18 April 2005

Details of Sale
The Meadowbrook Shopping Village was acquired in May 1993 for $3.3 million and sold for $4.14 million in April 2005.

Details of Property
Located in the heart of Brisbane’s southern growth corridor at Logan City the Meadowbrook Shopping Village is a small retail complex which provides a mix of services to the immediate surrounding community. The ‘L’ shaped complex has extensive frontage to busy Loganlea Road.

Valentines Mt. Gravatt Syndicate

Property: Roma Restaurant, Mt. Gravatt, QLD
Major Tenant at time of sale: Roma Restaurant
Purchase Date: December 1999
Sale Date: Settled November 2005

Details of Sale
Originally acquired as a Valentines Restaurant in 1999 for $2.4 million, the property was sold in 2005 for $2.9 million, following 6 years of 9% plus income returns. Cromwell recommended the sale of this property, following a successful expression of interest campaign.

Details of Property
The property adjoins the Garden City Shopping Centre, one of Brisbane's largest regional shopping centres. The property comprises a purpose-built restaurant and two levels of bitumen car parking on a large 2,600 sqm, landscaped block. The building incorporates a functional layout, which could easily be converted to an alternative use such as retail or office.

Notes

1. Average annual distribution per unit paid to investors from the first date units were issued up to stapling date.
2. Total average annual returns including average income and capital growth per unit from the first date units were issued up to stapling date, based on closing share price on stapling date.
3. Average annual distribution per unit paid to investors up to date of disposal of property.
4. Total average annual returns including income and capital growth per unit based on the amount returned to investors on completion of the investment.

Stapling

Investors who had previously invested in the following unlisted funds;

Cromwell Diversified Property Trust
Terrace Office Park Planned Investment
Cromwell Planned Investment No. 3
Mary Street Planned Investment
Goulburn Street Planned Investment
Northbourne Planned Investment

were involved in the 2006 transaction which saw these funds merged and stapled to Cromwell Corporation Limited to create Cromwell Group. This made unitholders in these funds securityholders in ASX listed Cromwell Group. Click here for details of the now listed investment vehicle, Cromwell Group.