Trust update

During the June quarter, the trust sold its interest in the Southlands Boulevarde Shopping Centre (“the Property”) to Lend Lease Real Estate Partners. The settlement of this transaction took place on 9 July 2010.

The trust has distributed capital in three tranches totalling $0.513 per unit. The final return of capital return of approximately 0.3 cents per unit was paid in November. We are now in the process of winding up the trust. We expect to complete this process before the end of the year.

Distributions and redemptions

As the Property was the trust’s sole investment, the trust no longer pays a distribution.

Debt

All finance was repaid in July from the proceeds of sale of the Property.

Capital expenditure

No material capital expenditure was incurred or committed in the six months to 30 September 2010.