CLIFFORD GARDENS FUND

The Clifford Gardens Fund has acquired the Clifford Gardens Shopping Centre, located in Toowoomba QLD. The dual supermarket and discount department store anchored shopping centre has been acquired for $145.0 million – a highly attractive yield of 7.9% p.a. and well below its $171.2 million replacement cost.

Clifford Gardens is well positioned to benefit from the substantial infrastructure investment that has recently been completed and that is planned in the Toowoomba region. This infrastructure investment underpins the long-term growth of Toowoomba and the Darling Downs economy.

Given the growth prospects for the region, the key value-add strategies for the asset include:

• Acquire and hold the Property to provide investors with a quality, high yielding investment
• Actively manage the Property via repositioning, leasing and marketing to optimise its income and value
• Establishment of a health, medical and essential services precinct, as well as remixing the Centre’s tenant profile
• Unlocking the underlying real estate value of the extensive 9 hectare site