notification of substantial holding - on asx, page-2

Very interesting.

Lochinvar Pastoral Co, Pty Ltd

Recently sold shares in MacArthurCook Limited (another property group).

Director of Lochinvar Pastoral Co is Christopher Arthur Morton the founder and former managing director Property Funds Australia (later acquired by Mirvac).

Chris Morton is part of Mcap Pty Ltd:

http://www.mcap.com.au/our_people.html

Existing relationship with Trinity from 2007:

http://www.theaustralian.news.com.au/story/0,20867,21978983-25658,00.html?from=public_rss

Trinity and PFA in $68m swap deal

Maurice Dunlevy | June 28, 2007
Article from: The Australian

TRINITY Funds Management and Property Funds Australia have agreed to a property "swap" involving $68.5 million worth of buildings in Melbourne and Brisbane.

Under the arrangement, Trinity will sell its Foxtel national call centre in Melbourne to Property Funds Australia for $28.5 million, and in turn buy PFA's 388 Queen Street office building in Brisbane for $40 million.

The deal was one of two major transactions in Melbourne yesterday, with Mirvac selling an industrial property to the Aspen Group.

DTZ Queensland managing director Andrew King brokered the Foxtel-Queen Street deal. The sales of the two properties are expected to settle today.

Trinity Funds Management paid $24.6 million in mid-2004 for the Foxtel call centre at Moonee Ponds in the inner northwest.

The property is fully leased by Foxtel on a 10-year lease that will not expire until 2017.

The 7136sqm building was purpose-built by Foxtel in 2004.

The property has been bought for the PFA Diversified Property Trust.

PFA managing director Chris Morton said the $28.5 million purchase represented an initial yield of 7.2 per cent and a rate of $4008 a square metre.

Mr Morton said 338 Queen Street had been sold at an initial yield of 5.2 per cent, based on current rentals.

The Mirvac Industrial Fund sale to Aspen involved a property at 677 Springvale Road, Mulgrave.

Mirvac Funds management said yesterday it had exchanged contracts for $20 million, before rental guarantees and other costs.

According to Mirvac, the sale price was 33 per cent above last December's book value of $15 million and 97 per cent above the April 2002 purchase price of $10.1 million.