We are pleased to report good progress across all areas of the business, as well as the achievement of some important milestones since the start of 2010.
Key Events
The Company has invested a total of 47 million in the development of its portfolio during the period to date, as well as approximately $25 million in the acquisition of a stake in EDT Retail Trust, which has been the Company's most significant transaction so far in 2010.
The strategic stake in EDT Retail Trust represented our first investment in the US, a market which we have been monitoring for some time now. The transaction offers us exposure to a high quality portfolio of retail assets, predominantly US community shopping centres. As at 30 June, 2010, it held interests in 75 retail assets covering approximately 13.0 million square feet (circa 1.2 million sqm). We will work closely with our joint venture partners, utilising our own, Elbit's and Eastgate Property's retail asset management experience, together with the local expertise of Developers Diversified Realty Corporation ("DDR"), an Ohio corporation specializing in real estate investments and assets management. -----------------------------------------------------------
The writing is on the wall!
EDT Price at posting:
5.7¢ Sentiment: Hold Disclosure: Held
