Trust update

The property continues to perform well. It is fully leased to the Perth Medical Clinic on a long term lease with fixed annual rental increases in accordance with the rate of inflation (CPI).

Distributions and redemptions

The annualised distribution of the fund remains unchanged at 9.40 cents per unit. The distribution is funded from the rental income from the property. The trust is closed to redemptions.

Debt

The trust has a $12 million debt facility with Westpac Banking Corporation (formerly St George Bank) that expires in July 2012.

Asset values

There was no new asset valuation undertaken during the June or September quarters.

Sale of Funds Management business

On 6 October 2010, Becton announced the sale of its Funds Management business to 360 Capital Group. We are working on obtaining all the necessary approvals and settling the sale before the end of the calendar year. The sale is the culmination of more than two years’ work to achieve a longer term capital management solution for the funds. It will provide the funds with the backing of a debt-free specialist property funds manager which in turn will provide the funds with enhanced prospects of attracting capital where needed. For further information about the sale please refer to the CEO’s letter in this edition of Review and to the FAQs on the Becton Investment Management website: www.bim.com.au.