deal with australand

WWM still kicking goals.

WENTWORTH STRIKES A DEAL WITH AUSTRALAND
Listed property management Company Wentworth Holdings Ltd (Wentworth) (ASX:WWM) has entered
into an agreement to purchase the residential property management portfolio of listed property developer,
Australand Holdings Ltd (Australand).
The Australand acquisition is particularly significant as it gives Wentworth immediate access to the prized
residential property managements in Sydney City and surrounding inner city suburbs including Rushcutters
Bay, Rozelle, Balmain, Wolli Creek and Chatswood. It also enhances the Group’s presence in Melbourne by
increasing Wentworth’s inner city presence via Australand’s significant residential property management
locations at Southbank and Abbotsford.
“We are absolutely delighted with the acquisition of the Australand residential property management
portfolio for a number of reasons,” said Mr Kingsley Lamont, Executive Director of Wentworth Holdings
Ltd.
“First and foremost, Australand has developed an outstanding reputation as a premier Australian property
developer. The seven buildings located throughout Sydney and Melbourne reflects their commitment to
quality and excellence. Secondly, the Australand staff, some of whom have been with the Group since the
inception of the property management division, are all very enthusiastic about joining Wentworth and we
are pleased that the continuity of client service and contact points will be retained. Further, we are in a
position to enhance our service offering by providing a real estate sales service to all existing property
owners of the units within the complexes as well as those that form part of the property management
portfolio.”
Lamont went on to state that, “the relationship we have already developed with Australand is likely to go
beyond the acquisition of this property management portfolio. We see a number of mutually beneficial
synergies which exist in the short and long term. We will continue to work with Australand’s management
team to develop those synergies over the coming years.”
The Australand residential property management acquisition provides Wentworth with over 1200 additional
units under management, is the third largest acquisition undertaken by the Group to date and will be a
significant profit contributor which has been included in Wentworth’s previously announced earnings before
interest, tax, depreciation and amortisation (EBITDA) projection of $9 million for the 2006-2007 financial
year.

The acquisition firmly stamps Wentworth as the leading listed residential sales and property management
Company in Australia.
Further information can be obtained by contacting Wentworth’s Media Liaison Officer, Mark Silveira on
telephone 03 98480777 or email [email protected]