This article is from the Australian Property Journal archive
ARENA REIT (ASX: ARF) the new $216 million listed childcare real estate investment trust, closed unchanged on its first day of trading.
Opening at $1.05, it dropped to $1.02 before working its way back to its initial offering.
It announced during the day a distribution to shareholders of 0.4 cents per unit for the period between yesterday and 30th June.
The final distribution payment for the 2013 financial year brings the full year distribution for Arena to 8.0 cpu, in accordance with the previous forecasts.
The group has previously outlined a distribution of 1.85 cpu for the period from April 1st to June 12th.
Arena REIT is managed by Arena Investment Management Limited, which prior to its takeover by Morgan Stanley was Orchard Funds Management.
Originally established as an unlisted fund in 2003 to acquire and develop a portfolio of childcare centres, it was launched yesterday with 172 childcare centres and five childcare development land sites located in Australia.
Although with a broadened mandate to establish a portfolio with tenants in sectors ranging from childcare, education, healthcare and government-tenanted facilities, its chief competitor will be the other listed childcare centre owner and operator G8 Education.
Property Review
