AUSTRALIAN FINANCIAL REVIEW – THURSDAY 2ND MARCH 2006

One of the worst kept secrets in the industry, the restructuring of the construction arm of superannuation fund Cbus, was formally announced yesterday.

Badged as Cbus Property, the body will largely take over the development work and assets of Australian Super Developments.

Cbus Property chief executive officer Kevin Fitzpatrick said the entity would be involved in broader direct property investment than its predecessor.
However Cbus Property would not be offering any vehicles to outside investors, or creating any of its own to offer to the market, he said.

Parent company Cbus has assets under management in excess of $8 billion.
The details of the new company's structure and strategy would be hammered out by June, Mr Fitzpatrick said.

Cbus Property will have a board of directors and incoming chairman Mark Ford said one of the first projects under the banner would be the new home of the Insurance Australia Group in the Melbourne central business district.

Other developments underway include the $1.2 billion Breakfast Point urban renewal project in Sydney, in a joint venture with Rosecorp, and a residential joint venture with Trafalgar Corporate in Darwin.
"Cbus Property will be a stronger, more dynamic developer and investment company," Mr Ford said. "And will be fundamentally focused on the long-term commercial return of all direct property investments."


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