1
Responsible Entity:
Commonwealth Managed Investments Limited
ABN 33 084 098 180
AFSL 235384
Registered Address:
Level 7 48 Martin Place
Sydney NSW 2000 Australia
Principal Office of the Manager:
Level 7 52 Martin Place
GPO Box 3892
Sydney NSW 2001 Australia
Telephone: 02 9303 3500
Facsimile: 02 9303 3622
Colonial First State Property Limited
ABN 20 085 313 926
Manager of Commonwealth Property Office Fund
24 November 2009
COMMONWEALTH PROPERTY OFFICE FUND (CPA)
Successful completion of $100 million institutional equity placement and raising of
$200 million in convertible notes
Colonial First State Property Limited, the Manager (the `Manager') of Commonwealth Property Office Fund
(`CPA' or the `Fund'), today announced the successful completion of a $100 million institutional equity
placement and that it had successfully raised $200 million in convertible notes (the `Notes') to fund the
acquisition of 145 Ann Street, Brisbane and a 50% interest in 58 Mounts Bay Road, Perth.
The $100 million placement of approximately 109.9 million ordinary units at a price of $0.91 per CPA unit was
completed on 23 November 2009. This reflects a 5.1%
1
discount to close on 20 November 2009 and a 6.3%
1
discount to the 5-day volume weighted average price. The placement was fully underwritten by Citigroup
Global Markets Australia Pty Limited and was jointly managed by Commonwealth Securities Limited. The
placement units will be allotted on 30 November 2009 and will rank equally with existing ordinary units except
that those units will not be entitled to the distribution for the six months ending 31 December 2009.
Charles Moore, CPA Fund Manager said: "It was very pleasing to see the strong support the placement
received from our existing investors in Australia and offshore and we also welcome a number of new investors
to the register."
All existing eligible unitholders in Australia and New Zealand will have the opportunity to acquire units under a
proposed Unit Purchase Plan (UPP), at the same price as the units offered under the institutional equity
placement. Details of the UPP, for which the Record Date is 27 November 2009, will be despatched to
unitholders on 2 December 2009.
The $200 million in Notes were sold overnight primarily into the European and Asian markets. The Notes have
been offered outside the United States in compliance with Regulation S of the US Securities Act of 1933, and
will not be registered under the US Securities Act. Citigroup Global Markets Australia Pty Limited acted as sole
book-runner to the issue.
The Notes will be issued by CPA with a fixed coupon rate of 5.25% per annum for a term of seven years. They
will rank as senior unsecured obligations of the Fund and are intended to be listed on the Singapore Stock
Exchange. Prior to maturity, the Notes are convertible into CPA units at a price of $1.1375 per unit (subject to
certain adjustments), which reflects a premium of 25% to the Reference Price of $0.91. Holders of the Notes
will also have a redemption option at the end of year five.
Mr Moore said: "The Notes are being issued on attractive terms diversifying the Fund's capital sources and
providing CPA with a highly competitive source of funding."
Darren Steinberg, Head of Property said: "The success of CPA's institutional equity placement, which was
heavily oversubscribed, demonstrates that investors support our strategy of investing in quality Australian
office property. It is also pleasing to be able to deliver on two acquisitions concurrently and introduce a new
form of financing to the Fund."
1. The pricing has been adjusted for the accrual of the estimated 2.65 cents per unit distribution for the six months ending 31 December
2009.
Not for distribution or release in the United States or to U.S. persons
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This release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to, or
for the account or benefit of, US persons (as defined in Regulation S under the US Securities Act of 1933 ("US Securities
Act")) ("US Persons"). The units and convertible notes to be issued in the transactions referred to above have not been
and will not be registered under the US Securities Act. Securities may not be offered or sold in the United States or to, or
for the account or benefit of, US persons, unless the securities have been registered under the US Securities Act, or in a
transaction exempt from, or not subject to, the registration requirements of the US Securities Act
.
ENDS
For further information please contact:
Charles
Moore
Darren
Steinberg
Fund
Manager
Head
of
Property
Commonwealth Property Office Fund
Colonial First State Global Asset Management
Phone: +612 9303 3438 or +61 414 457 011
Phone: +612 9303 2328 or +61 417 262 980
Email:
chmoore@colonialfirststate.com.au
Email:
dsteinberg@colonialfirststate.com.au
Investor
contact: Media
contact:
David
Yates
Malvina
Zayats
Head
of
Investor
Relations
Communications
Manager
Colonial First State Global Asset Management
Colonial First State Global Asset Management
Phone: +612 9303 3516 or 0418 861 047
Phone: +612 9303 6746 or 0416 229 056
Email:
dyates@colonialfirststate.com.au
Email:
mzayats@colonialfirststate.com.au
About Commonwealth Property Office Fund
Commonwealth Property Office Fund (CPA or the `Fund') is an office sector-specific Australian Real Estate Investment
Trust (A-REIT) which invests in prime quality office property located in central business districts and major suburban
markets across Australia. The Fund listed on the Australian Securities Exchange in April 1999 and its stock market trading
code is CPA.
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