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Orchard Industrial Property Fund Annual Report 2008
23 September 2008
We are pleased to announce that the latest Orchard Industrial Property Fund Annual Report, for the year ended 30 June 2008, is now available online. To download a copy please click here.
The Orchard Industrial Property Fund (the Fund) is a publicly traded ASX listed property trust that specialises in investing in industrial property (ASX Code: OIF). The Fund aims to provide investors with stable cash returns with the potential for income and capital growth by investing in quality industrial real estate.
The Fund was listed on the Australian Stock Exchange (ASX) on 4 July 2007. The 12 months following have been a challenging time for listed financial stocks, particularly for Australian Real Estate Investment Trusts (A-REITs), including the Fund.
Events in the United States stemming from sub-prime mortgage losses have translated into a wider credit crunch, where the availability of funding has been reduced and cost of funding has risen which has taken its toll across all asset classes. Underlying drivers for property, however, remained sound in 2008 with a robust domestic economy and continuing rental growth, tenant demand, lower vacancy rates, leasing and construction activity.
Industrial property, in particular, enjoyed strong tenant demand and rising rental values in key markets, particularly within the mining-driven states of Queensland, Western Australia and South Australia, where the Fund has prime property assets. For the year to 30 June 2008, direct property investment in Australian industrial property returned 11.1%*. Read more.
* Source: IPD/PCA Property Investors Digest, June 2008.