For personal use only - ASX · Valuation $77.8 million Valuation date 30 June 2008 Book value $75.8 million Occupancy 100% Major tenants AAP (3,642 sqm) Cardlink Services (2,216 sqm)

Investment Portfolio

Mirvac Real Estate Investment Trust December 2008

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Mirvac Real Estate Investment Trust

Direct Property Portfolio Analysis 1

MREIT Portfolio Overview 2

Portfolio Summary 3

Commercial Portfolio 4

Retail Portfolio 9

Industrial/Business Park Portfolio 16

Hotel Portfolio 21

Other Portfolios 29

Directory

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MIRVAC REAL ESTATE INVESTMENT TRUST INVESTMENT PORTFOLIO – DECEMBER 2008

Financial highlights

1

Top 10 tenants

Tenant % of MREIT’s total direct portfolio’s gross income

Travelodge 9.4

Woolworths 8.9

Government 8.7

Macquarie Bank 8.7

Coles 3.8

BOC Limited 3.7

GM Holden Limited 3.4

Exel Australia 2.2

Star Track Express 2.2

Pacifi c Brands 1.9

Total percentage of portfolio income 52.9

Direct Property Portfolio Analysis

Retail 38%

Commercial 31%

Industrial/ Business Park 17%

Hotels 14%

Asset diversifi cation

Direct Property Diversifi cation

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New South Wales 57%

Queensland 25%

Victoria 10%

Australian Capital Territory 6%

Western Australia 1%

New Zealand 1%

Geographic diversifi cation

Excludes Cooleman Court, Mt Sheridan and Woden. Excludes Cooleman Court, Mt Sheridan and Woden.

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Key drivers

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Key

Mirvac Real Estate Investment Trust is the largest externally managed, diversifi ed, ASX-listed property trust in Australia with $1.3 billion of assets predominantly located on the eastern seaboard.

Commercial

Retail

Industrial

Hotels

MREIT Portfolio Overview

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Financial highlights

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Portfolio SummaryProperty Location Ownership

(%)

Acquisition date

Independent valuation

date

Independent valuation

($m)

Book value($m)

Capitalisation rate (%)

Lettable area/rooms

(sqm)

Commercial

10–20 Bond Street, Sydney NSW 50 Jul 04 Jun 08 150.0 137.0 6.25 37,860

3 Rider Boulevard, Rhodes NSW 100 Jan 07 Jun 08 77.8 75.8 7.25 16,714

340 Adelaide Street, Brisbane QLD 100 Sep 98 Jun 08 77.0 77.0 7.75 13,290

12 Cribb Street, Milton QLD 100 Apr 99 Dec 08 18.5 18.5 8.25 3,311

191–197 Salmon Street, Port Melbourne VIC 50 Jul 03 Jun 07 56.8 55.0 6.75 21,763

591–609 Doncaster Road, Doncaster VIC 100 Jun 02 Dec 08 21.8 21.8 8.00 8,860

35–45 Furzer Street, Woden2 ACT 100 Feb 00 Jun 08 18.1 12.0 N/A 17,884

Total Commercial 420.0 397.1 7.011 119,682

Retail

Cherrybrook Village Shopping Centre, Cherrybrook

NSW 100 Jun 05 Jun 08 82.0 81.5 6.50 9,466

Taree City Centre, Taree NSW 100 Jul 01 (50%) Nov 04 (50%)

Jun 08 65.0 62.2 6.75 15,553

Moonee Beach Shopping Centre, Coffs Harbour

NSW 100 Feb 07 Dec 08 18.0 18.0 8.75 10,884

Chester Square Shopping Centre, Chester Hill NSW 100 Mar 07 Jun 08 33.0 30.8 7.50 8,298

Pender Place Shopping Centre, Maitland NSW 100 Sep 07 Dec 08 11.0 11.0 8.50 4,799

Orion Springfi eld Town Centre, Greater Springfi eld

QLD 33 Jun 03 Dec 08 46.8 46.8 6.50 32,531

City Centre Plaza, Rockhampton QLD 100 Mar 04 Jun 08 51.5 48.8 7.25 14,111

Morayfi eld Supa Centre, Morayfi eld QLD 100 Sep 07 Dec 08 36.5 36.5 8.75 22,037

Alexandra Hills Shopping Centre, Alexandra Hills3 QLD 100 Aug 00 Dec 08 41.0 41.0 8.00 12,344

Mt Sheridan Plaza, Cairns2 QLD 100 Sep 07 Jun 07 25.0 23.5 N/A 7,650

Orion, Greater Springfi eld (Vacant Land) QLD 33 Jun 03 Jun 03 13.34 11.1 N/A N/A

Morayfi eld SupaCentre, Morayfi eld (Vacant Land)

QLD 100 Sep 07 Dec 08 3.5 3.5 N/A N/A

Mt Sheridan, Cairns (Vacant Land)2 QLD 100 Sep 07 Jun 07 3.3 2.3 N/A N/A

Cooleman Court, Weston ACT 100 Jul 01 (50%) Nov 04 (50%)

Mar 06 39.0 50.8 N/A 9,9195

Lanyon Marketplace, Conder ACT 100 Sep 07 Dec 08 23.0 23.0 7.75 5,459

Total Retail 491.9 490.8 7.301 153,051

Industrial

10 Julius Avenue, North Ryde NSW 100 Dec 05 Jun 08 65.3 60.3 7.25 13,386

32 Sargents Road, Minchinbury NSW 100 Feb 04 Jun 08 30.3 28.5 7.50 22,378

12 Julius Avenue, North Ryde NSW 100 Nov 99 Jun 08 29.7 28.8 7.25 7,308

108–120 Silverwater Road, Silverwater NSW 100 Mar 00 Dec 08 27.2 27.2 8.25 17,830

52 Huntingwood Drive, Huntingwood NSW 100 Nov 04 Jun 08 27.3 26.2 7.75 19,286

90 Ashford Avenue, Milperra2 NSW 100 Sep 07 Oct 08 11.3 11.0 8.50 7,970

Network, Old Wallgrove Road, Eastern Creek NSW 50 Jun 04 Oct 08 7.0 7.0 N/A N/A

47–67 Westgate Drive, Altona North VIC 100 Sep 07 Dec 08 22.5 22.5 8.00 27,081

Total Industrial 220.6 211.5 7.631 115,239

Hotel

Travelodge (13 hotels) NSWQLDVICWANZ

49 Mar 05 – Dec 07

Jun 07– Dec 08

169.9 173.2 8.75 – 12.00 2,043 rooms

Total Hotels 169.9 173.2 9.141 2,043 rooms

TOTAL PROPERTY PORTFOLIO 1,302.4 1,272.6 7.541 387,972

1 Weighted average capitalisation rate. (Exludes all development and vacant land assets).2 Asset held for sale at 31 December 2008.3 Contracts exchanged for sale on 3 February 2009.4 Represents original site area.5 Lettable area pre-development.

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Commercial Portfolio

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Lease expiry profi le (by gross income)

Commercial Key Statistics

Vacancy1 1.9% of NLA 2.5% of NLA at December 2007

Average lease expiry (by area) 4.9 years1 4.2 years at December 2007

Area leased 6 months to December 2008 4,037 sqm 3.4% of commercial portfolio

1 Excludes Furzer Street, Woden.

Excludes Furzer Street, Woden. Excludes Furzer Street, Woden.

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MIRVAC REAL ESTATE INVESTMENT TRUST INVESTMENT PORTFOLIO – DECEMBER 2008 5

10–20 Bond StreetSydney, NSW

Located in the heart of the Sydney CBD, opposite Australia Square, 10–20 Bond Street is a landmark offi ce complex. It comprises a seven level building known as 10 Bond Street and a 30 level ’A Grade’ offi ce tower known as 20 Bond Street, together with a retail plaza at ground level, which provides a link between the two towers.

Property Details

Type Commercial

Site area 3,250 sqm

Lettable area 37,860 sqm

Car spaces 169

Title Freehold

Ownership 50%

Acquisition date July 2004

Valuation (50% interest) $150.0 million

Valuation date 30 June 2008

Book value $137.0 million

Occupancy 100%

Major tenants Macquarie Bank (27,015 sqm)GHD (3,667 sqm)

Fitness First Australia (3,203 sqm)

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Located in the heart of the commercial area of Rhodes, 3 Rider Boulevard is a modern, seven level offi ce building with three retail shops on the ground fl oor and 326 basement car spaces. Completed in late 2005, this asset features large and fl exible fl oor plates, a 4.5 star NABERS rating and quality fi nishes throughout. The area is well serviced by road, train and ferry.

Property Details

Type Commercial

Site area 3,678 sqm


Car spaces 326

Title Freehold

Ownership 100%

Acquisition date January 2007

Valuation $77.8 million



Occupancy 100%

Major tenants AAP (3,642 sqm)Cardlink Services (2,216 sqm)

Coffey Corp (1,265 sqm)

3 Rider BoulevardRhodes, NSW

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340 Adelaide Street is a modern 17 storey commercial offi ce building with two levels of basement car parking and is located in the heart of the Brisbane CBD.

Property Details

Type Commercial

Site area 1,637 sqm


Car spaces 100

Title Freehold

Ownership 100%

Acquisition date September 1998




Occupancy 98.9%

Major tenants Department of Health and Ageing (2,964 sqm)Australian Government Solicitors (1,724 sqm)

Health Services Australia Ltd (1,628 sqm)

340 Adelaide StreetBrisbane, QLD

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12 Cribb Street is a six level offi ce building comprising two levels of car parking, ground fl oor offi ce/retail and fi ve upper levels of offi ce accommodation. The property is conveniently located approximately 260 metres south east of Milton railway station and approximately two kilometres west of the Brisbane CBD.

The major tenant Maunsell Australia has a lease commitment until 31 January 2014.

Property Details

Type Commercial

Site area 1,194 sqm


Car spaces 51

Title Freehold

Ownership 100%

Acquisition date April 1999


Valuation date 31 December 2008


Occupancy 100%

Major tenant Maunsell Australia (3,227 sqm)

12 Cribb StreetMilton, QLD

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The headquarters for GM Holden Limited features a modern campus style complex featuring large effi cient fl oor plates, a 4.5 star Ecologically Sustainable Development (ESD) rating, high quality fi nishes and fi tout and state of the art security. The entire building is leased to GM Holden on a 15 year lease which expires on 20 April 2020. MREIT owns a 50 per cent interest in this property.

Property Details

Type Commercial

Site area 23,960 sqm


Car spaces 1,055

Title Freehold

Ownership 50%

Acquisition date July 2003




Occupancy 100%

Major tenant GM Holden (21,763 sqm)

191–197 Salmon StreetPort Melbourne, VIC

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Doncaster Corporate Centre consists of a purpose built complex for Silverstone Jaguar and three modern offi ce buildings, each of two storeys plus basement car parking. The properties are situated on Doncaster Road, a major thoroughfare in Melbourne’s eastern suburbs and located approximately 14 kilometres east of Melbourne’s CBD.

Silverstone Jaguar has exercised their lease option extending their term until August 2018.

Property Details

Type Commercial

Site area 7,630 sqm


Car spaces 202

Title Freehold

Ownership 100%

Acquisition date June 2002




Occupancy 86.5%

Major tenant Silverstone Jaguar (4,037 sqm)

591–609 Doncaster RoadDoncaster, VIC

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Leased to the Department of Health and Ageing (DOHA), 35–45 Furzer Street, Woden comprises two older-style nine storey buildings. MREIT has secured a development and purchase agreement for a new offi ce building of approximately 45,000 square metres to be constructed on an adjoining site with a pre-commitment to DOHA for a 15 year lease.

Property Details

Type Commercial

Site area 9,684 sqm


Car spaces Nil

Title Leasehold

Ownership 100%

Acquisition date February 2000




Occupancy 100%

Major tenant Department of Health and Ageing (17,884 sqm)

35–45 Furzer StreetWoden, ACT

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Retail Portfolio

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Retail Key Statistics

Vacancy1 6.4% of GLA 0.7% of GLA at December 2007

Speciality occupancy cost1 11.4% 10.7% at December 2007

Average lease expiry1 6.1 years 6.5 years at December 2007

Comparable MAT $524 million 7% from December 2007

Area leased 6 months to December 2008 7,076 sqm 4.6% of retail portfolio

1 Excludes development affected assets.

Excludes Cooleman Court and Mt Sheridan Plaza. Excludes Cooleman Court and Mt Sheridan Plaza.

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Cherrybrook Village Shopping Centre is situated within the growth precinct of north-west metropolitan Sydney. The predominantly enclosed, single level, neighbourhood shopping centre was originally constructed in 1989 and was extensively refurbished and expanded in 2004. The centre is anchored by a Woolworths supermarket, one mini-major (Martelli’s Fruit Market), plus 54 specialty tenancies, one kiosk, one ATM and one pad site (Kindalin Child care centre). Car parking on site comprises a mixture of on-grade and deck parking for 474 vehicles on a site of 2.95 hectares.

Taree City Centre is a single level, sub-regional shopping centre. Constructed in 1997, the centre comprises a Woolworths supermarket, Big W, 40 specialty tenancies and three kiosks. Car parking is provided for 930 vehicles on a site of 2.18 hectares. Taree City Centre is located in the mid north coast township of Taree 309 kilometres north of Sydney and 84 kilometres south of Port Macquarie.

Property Details

Type Retail



Car spaces 474

Title Freehold

Ownership 100%





Occupancy 100%

Major tenant Woolworths (3,832 sqm)

Property Details

Type Retail



Car spaces 930

Title Freehold

Ownership 100%

Acquisition date July 2001 (50%)November 2004 (50%




Occupancy 100%

Major tenants Big W (6,538 sqm)Woolworths (3,919 sqm

Cherrybrook Village Shopping Centre, Cherrybrook, NSW

Taree City CentreTaree, NSW

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Moonee Beach Shopping Centre is a neighbourhood shopping centre which opened in December 2005. The centre is located upon a site of approximately 2.71 hectares with excellent visibility to the Pacifi c Highway. The centre is anchored by a Coles supermarket, two mini-majors being Best and Less and Crazy Clark’s, 23 specialty shops, nine bulky goods tenancies and offers 376 car parking spaces. The centre is approximately 12 kilometres north of the New South Wales north coast township of Coffs Harbour.

Property Details

Type Retail



Car spaces 376

Title Freehold

Ownership 100%





Occupancy 53.6%

Major tenant Coles (3,500 sqm)

Moonee Beach Shopping CentreCoffs Harbour, NSW

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Chester Square Shopping Centre is located in the suburb of Chester Hill approximately 20 kilometres west of Sydney CBD. The centre comprises a partly enclosed single level, neighbourhood shopping centre which was originally constructed in 1978 and has undergone a major redevelopment during 2007–2008. The centre is anchored by a Woolworths supermarket, two mini-major tenancies (Go-Lo discount variety store and Chester Square Fruit Market) and 30 speciality shops. Car parking on site comprises a mixture of on-grade and basement parking for 350 vehicles on a site of 1.67 hectares.

Property Details

Type Retail



Car spaces 350

Title Freehold

Ownership 100%

Acquisition date March 2007




Occupancy 92.4%

Major tenants Woolworths (3,468 sqm)Go–Lo (1,280 sqm)

Chester Square Shopping CentreChester Hill, NSW

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Property Details

Type Retail



Car spaces 233

Title Freehold

Ownership 100%





Occupancy 97.6%

Major tenant Woolworths (3,375 sqm)

Pender Place Shopping CentreMaitland, NSW

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Pender Place Shopping Centre is a single level, neighbourhood shopping centre. Constructed in 1982, the centre comprises a Woolworths supermarket, 14 specialty tenancies and one kiosk. Car parking is provided for 233 vehicles on a site of 1.05 hectares. The property is located in Maitland in the Hunter Valley approximately 200 kilometres north by road from the Sydney CBD.

Property Details

Type Retail



Car spaces 2,200

Title Freehold

Ownership 33%




Book value $57.9 million1

Occupancy 99.7%2

Major tenants Woolworths (4,188 sqm)Big W (8,044 sqm)

1 Includes vacant land of $11.1 million.2 Current vacancies supported by a rental guarantee.

Orion Springfi eld Town CentreGreater Springfi eld, QLD

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Orion Springfi eld Town Centre is a regional shopping centre located approximately 25 kilometres south west of Brisbane’s CBD, which commenced trading in March 2007. The centre is anchored by a Woolworths supermarket, Big W discount department store and 133 specialty tenancies (including fi ve mini-majors and a free standing Petrol Plus outlet). Parking is provided for 2,200 vehicles. In February 2008 the Centre was awarded the fi rst six star rating by the Green Building Council Australia.

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City Centre Plaza, Rockhampton is situated on the fringe of Rockhampton’s CBD. The single level sub-regional shopping centre was modernised and upgraded during 2008. The centre is anchored by a Target department store and a Coles supermarket with 36 specialty shops. The centre incorporates both basement level and on grade car parking for 495 vehicles.

Property Details

Type Retail



Car spaces 495

Title Freehold

Ownership 100%





Occupancy 99.8%

Major tenants Target (6,910 sqm)Coles (3,670 sqm)

City Centre PlazaRockhampton, QLD

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Morayfi eld Supa Centre is a single level bulky goods centre located 43 kilometres from Brisbane. In its current confi guration the property consists of 17 units with a total GLA of 22,037 square metres with major tenants Spotlight and The Warehouse. The existing units represent stages one and two of a three stage development covering a total site area of 8.08 hectares. The property presently provides 300 car parking spaces onsite.

Property Details

Type Retail



Car spaces 300

Title Freehold

Ownership 100%


Valuation $40.0 million1



Occupancy 96.3%

Major tenants Spotlight (4,214 sqm) The Warehouse (3,333 sqm)

1 Includes vacant land of $3.5 million.

Morayfi eld Supa CentreMorayfi eld, QLD

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Mt Sheridan Plaza is a single level, neighbourhood centre located approximately 8.3 kilometres south west of the Cairns CBD. Constructed in 2001, the centre comprises a Coles supermarket, one mini-major tenancy, and 18 specialty tenancies. There are also three external tenancies which form part of the development. Car parking is provided for 360 vehicles on a site of 6.66 hectares. Adjoining the centre is additional vacant land of 33,560 square metres which is also owned by the Trust. New residential subdivisions are providing a steady increase in population in the centre’s primary trade area.

Property Details

Type Retail



Car spaces 360

Title Freehold

Ownership 100%



Valuation date June 2007

Book value $25.8 million1

Occupancy Under redevelopment

Major tenant Coles (3,503 sqm)

1 Includes land value of $2.3 million.

Mt Sheridan Plaza Cairns, QLD

Alexandra Hills Shopping Centre is a single level, sub-regional retail development approximately 20 kilometres south east of the Brisbane CBD. Constructed in 1970 with its most recent refurbishment in 2005, the centre comprises a Woolworths supermarket, Trade Secrets discount store, 37 specialty shops, 11 offi ce suites and four free standing pad sites. Car parking is provided for 650 vehicles on a site of 3.93 hectares.

Property Details

Type Retail



Car spaces 650

Title Freehold

Ownership 100%

Acquisition date August 2000




Occupancy 97.1%

Major tenants Woolworths (3,770 sqm)Trade Secrets (2,156 sqm)

Alexandra Hills Shopping CentreAlexandra Hills, QLD

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Cooleman Court Shopping Centre is a two level neighbourhood centre located in Weston a residential suburb located approximately 10 kilometres south-west of the Canberra CBD. The centre is anchored by a Woolworths supermarket and the mini-major, Target Country. The centre is located upon a site of 9,369 square metres and car parking adjacent to the centre is provided for 517 vehicles on government owned land. Cooleman Court is currently undergoing a redevelopment which will add in a new ALDI supermarket on the fi rst level and an increase in the retail component of the centre.

Property Details

Type Retail

Site area 9,369 sqm


Car spaces 517 (located on Government land)

Title Leasehold

Ownership 100%

Acquisition date July 2001 (50%)November 2004 (50%)


Valuation date 31 March 2006


Occupancy Under redevelopment

Major tenants Woolworths (3,102 sqm)Target Country (713 sqm)

Cooleman CourtWeston, ACT

Lanyon Marketplace is a single level, neighbourhood retail development. It is located approximately six kilometres south of Tuggeranong which is an outer lying Australian Capital Territory township located approximately 20 kilometres south of the Canberra CBD. Constructed in 1998, the centre comprises a Woolworths supermarket and 17 specialty tenancies. Car parking is provided for 301 vehicles on a site of 2.33 hectares.

Property Details

Type Retail



Car spaces 301

Title Leasehold

Ownership 100%





Occupancy 95.6%

Major tenants Woolworths (3,661 sqm)Conder Pharmacy (200 sqm)

Lanyon MarketplaceConder, ACT

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Industrial/Business Park Portfolio

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Industrial/Business Park Key Statistics

Vacancy 3.0% of GLA 1.1% of GLA at December 2007

Average lease expiry 4.3 years 5.1 years at December 2007

Area leased 12 months to December 2008 6,833 sqm 5.9% of industrial portfolio

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10 Julius Avenue comprises three separate buildings located adjacent to 12 Julius Avenue, also owned by MREIT. The major lessee, BOC Gases, has a lease until November 2015. The property is well located providing convenient access to the M2 Motorway approximately 200 metres to the south west and direct access to the Sydney CBD via Epping Road and the Gore Hill Freeway.

Property Details

Type Business Park



Car spaces 444

Title Freehold

Ownership 100%

Acquisition date December 2005




Occupancy 92.5%

Major tenants BOC Gases (8,992 sqm)Synthes Australia (2,355 sqm)

10 Julius AvenueNorth Ryde, NSW

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The property comprises two free standing distribution warehouses together with associated ground fl oor offi ces and an awning that allows under cover access between the two warehouses. The property was built in two stages with the fi rst warehouse completed in September 2004 and the second in December 2006. The property is conveniently located at the junction of the M4 and M7 Motorways which is approximately three kilometres to the east.

Property Details

Type Industrial



Car spaces 202

Title Freehold

Ownership 100%





Occupancy 100%

Major tenant Star Track Express (22,378 sqm)

32 Sargents RoadMinchinbury, NSW

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12 Julius Avenue is located in the Riverside Corporate Park, North Ryde considered the premier high-tech business park location in Sydney. The property comprises two multi level buildings with Revlon being the major occupant of the property. As with 10 Julius Avenue, 12 Julius Avenue has benefi ted from the recent completion of the Lane Cove Tunnel which links the M2 Motorway and the Gore Hill Freeway.

Property Details

Type Business Park

Site area 9,000 sqm


Car spaces 200

Title Freehold

Ownership 100%

Acquisition date November 1999




Occupancy 95.9%

Major tenant Revlon (2,674 sqm)

12 Julius AvenueNorth Ryde, NSW

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Centrewest Industrial Estate is situated in the established industrial precinct of Silverwater, with excellent access to the M4 Freeway and Victoria Road, major arteries that link Sydney’s west and north west with the CBD. The property comprises a modern 12 unit offi ce/warehouse industrial estate.

Property Details

Type Industrial



Car spaces 340

Title Freehold

Ownership 100%





Occupancy 87.8%

Major tenants Chubb (4,355 sqm)Christian City Church (3,594 sqm)

108—120 Silverwater RoadSilverwater, NSW

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The property comprises a high quality, modern, fl exible distribution warehouse which was specifi cally designed for Exel Australia in 2000 who has leased the property until October 2012. The property is located in the prime western industrial suburb of Huntingwood just off the M4 Motorway, adjacent to the intersection of the M7 Westlink.

Property Details

Type Industrial



Car spaces 106

Title Freehold

Ownership 100%

Acquisition date November 2004




Occupancy 100%

Major tenant Exel Australia (19,286 sqm)

52 Huntingwood DriveHuntingwood, NSW

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The property was constructed in 2002, with a gross lettable area of 7,970 square metres and comprises a specialised cross-docking industrial facility with adjoining offi ce premises and warehouse/workshop space. The anchor tenant, Cope Sensitive Transport, has a lease until October 2012 with an additional 10 year option. The property is well located in the south western industrial suburb of Milperra. The site has close proximity to the M5 motorway, Hume Highway and M7 Westlink Freeway.

Property Details

Type Industrial



Car spaces 55

Title Freehold

Ownership 100%



Valuation date 31 October 2008


Occupancy 100%

Major tenant Cope Sensitive Transport (7,970 sqm)

90 Ashford Avenue Milperra, NSW

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Artist’s impression

The property is an industrial warehouse facility which serves as a distribution centre for the sole tenant Pacifi c Brands. Completed in 1996 the facility is located in Melbourne’s western industrial precinct strategically serviced by major transport routes Westgate Freeway, Western Ring Road and the Princes Freeway.

Property Details

Type Industrial



Car spaces Nil

Title Freehold

Ownership 100%





Occupancy 100%

Major tenant Pacifi c Brands (27,081 sqm)

47—67 Westgate Drive Altona North, VIC

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This industrial development site comprises six hectares jointly owned by Mirvac Property Trust and MREIT. MREIT receive a land rent from Mirvac Projects on its equity contributed. A development application has been lodged for bulk earth works and infrastructure. Approval is expected in April 2009. Located adjacent to the intersection of the M4 and M7 Motorways, the development is ideally suited to attract major industrial users.

Property Details

Type Industrial

Site area 6 ha

Lettable area N/A

Car spaces Nil

Title Freehold

Ownership 50%



Valuation date 31 October 2008

Book value (50% interest) $7.0 million

Network, Old Wallgrove Road Eastern Creek, NSW

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Artist’s impression

Travelodge Hotel Portfolio Rooms Date acquired

Travelodge Sydney, NSW 406 March 2005

Travelodge Wynyard, NSW 277 June 2005

Travelodge Phillip Street, NSW 86 March 2005

Travelodge Macquarie North Ryde, NSW 120 March 2005

Travelodge Blacktown, NSW 120 March 2005

Travelodge Newcastle City, NSW 130 February 2006

Travelodge Bankstown, NSW 108 March 2005

Travelodge Manly-Warringah, NSW 120 March 2005

Travelodge Garden City, QLD 120 March 2005

Travelodge Rockhampton, QLD 74 June 2006

Travelodge Southbank, VIC 275 March 2005

Travelodge Perth, WA 122 April 2006

Travelodge Palmerston North, NZ 85 March 2008

Total 2,043

Hotel Portfolio

Travelodge Key Statistics 6 months to December 2008 6 months to December 2007

Average occupancy 83.3% 87.6%

EBITDA $8.6 million $7.9 million

Note: Refl ects 49% share.

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Travelodge Sydney is located on the edge of the Sydney CBD with great access to restaurants, theatres and a broad range of shops and night clubs. Major attractions such as Darling Harbour, Fox Studios, Sydney Cricket Ground and the Sydney Football Stadium are easily accessible. The hotel comprises 406 rooms, breakfast room for 102 diners and a bar and conference facility for up to 90 delegates.

Opened in 1968 and refurbished in late 1998, the hotel is located in the Sydney CBD on the western side of York Street. A further $9.6 million refurbishment was completed in February 2008, addressing services, rooms and public areas. NRMA Motoring and Services occupy offi ce space on the fi rst fl oor and adjoining the hotel.

Property Details

Type Hotel

Rooms 406

Date opened February 2000

Ownership 49%


Title Leasehold



Property Details

Type Hotel

Rooms 277

Date opened 1968

Ownership 49%


Title Freehold (Tenants in common)



TravelodgeWynyard, NSW

TravelodgeSydney, NSW

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The Travelodge Phillip Street is ideally located in the heart of the Sydney CBD, within walking distance of the Opera House, Harbour Bridge, Botanical Gardens, restaurants and the city’s vibrant night life. The hotel is situated above the NSW Leagues Club, giving guests full access to the Club’s restaurants, bars and health club. The hotel, which opened in April 2000, has 86 rooms, available function rooms and convenient parking located nearby.

Property Details

Type Hotel

Rooms 86

Date opened April 2000

Ownership 49%


Title Leasehold



TravelodgePhillip Street, NSW

Situated within the grounds of Macquarie University, 12 kilometres from the Sydney CBD with access to the M2 Motorway, Travelodge North Ryde is well positioned for business or leisure. Surrounding the hotel are major business parks and conference centres as well as the Macquarie Shopping Centre.

Property Details

Type Hotel

Rooms 120

Date opened July 2000

Ownership 49%


Title Leasehold



TravelodgeMacquarie, NSW

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Located between the Great Western Highway and the M4 Motorway, the hotel provides 120 rooms, breakfast room for 88 diners, theatre style meeting room for 16 people and on site parking for 76 cars. Major attractions including Eastern Creek Raceway and Featherdale Wildlife Park are just a short distance away.

Property Details

Type Hotel

Rooms 120

Date opened December 1998

Ownership 49%


Title Leasehold



TravelodgeBlacktown, NSW

The Travelodge Newcastle City is located in the Newcastle CBD adjacent to the major urban renewal project known as Honeysuckle Development. The hotel is located on a freehold site of 4,566 square metres and comprises a restaurant, bar, swimming pool and conference facilities. A $6.0 million refurbishment was completed in July 2007.

Property Details

Type Hotel

Rooms 130

Date opened 1983

Ownership 49%


Title Freehold



TravelodgeNewcastle City, NSW

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Opened in September 1999 and situated above Bankstown Sports Club in the southern fringe of Bankstown’s retail area close to the railway station, the hotel comprises 108 rooms that are approximately 23 to 34 square metres. Guests enjoy full access to Bankstown Sports Club’s restaurants, entertainment and conference facilities located directly below the hotel.

Property Details

Type Hotel

Rooms 108

Date opened September 1999

Ownership 49%


Title Leasehold



TravelodgeBankstown, NSW

Travelodge Manly-Warringah is ideally located opposite the Manly–Warringah Rugby League Club and near Sydney’s famous Northern beaches. Guests have access to all the League Club’s facilities. The hotel has 120 rooms, can seat 88 diners on site and has modern meeting facilities and car parking for 65 cars.

Property Details

Type Hotel

Rooms 120

Date opened March 2000

Ownership 49%


Title Leasehold



TravelodgeManly-Warringah, NSW

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The hotel is situated close to the South East Freeway, some 12 kilometres south east of the Brisbane CBD. Westfi eld Garden City Shopping Centre is immediately adjacent, as are a range of conference venues, restaurants, sporting and recreational facilities. Travelodge Garden City has 120 rooms, breakfast facilities for up to 60 diners, meeting room facilities and car parking for 75 cars.

Property Details

Type Hotel

Rooms 120

Date opened February 2000

Ownership 49%


Title Freehold



TravelodgeGarden City, QLD

The Travelodge Rockhampton is located in the centre of Rockhampton overlooking the Fitzroy River. The hotel facilities include restaurant, cocktail bar/lounge, extensive conference facilities and in-ground swimming pool. A $3.5 million refurbishment was completed in February 2008.

Property Details

Type Hotel

Rooms 74

Date opened 1986

Ownership 49%


Title Freehold


Valuation date 30 September 2008

TravelodgeRockhampton, QLD

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The Travelodge Perth is located in the eastern end of Perth’s CBD just minutes from major business, entertainment and shopping areas. The hotel offers extensive conference facilities, lounge bar, café and on site parking. A $5.5 million refurbishment is currently being undertaken on the hotel, to be completed by early 2009.

Property Details

Type Hotel

Rooms 122

Date opened 1971

Ownership 49%

Acquisition date April 2006

Title Freehold


Valuation date 30 September 2008

TravelodgePerth, WA

The hotel is located in the Southbank precinct of Melbourne within walking distance of restaurants, cafes, shops, art galleries and the Crown Casino. The MCG, Melbourne Aquarium, Rod Laver Arena, the Royal Botanic Gardens and the Melbourne Exhibition Centre are easily accessible. This 275-room hotel opened in May 2002 and has a breakfast area for 100 diners, conference facilities for up to 70 delegates, 24-hour reception assistance and other services unique to the Travelodge brand.

Property Details

Type Hotel

Rooms 275

Date opened May 2002

Ownership 49%


Title Freehold



TravelodgeSouthbank, VIC

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Palmerston North is a two hour drive north of Wellington in the north island of New Zealand. Travelodge Palmerston North is centrally located in the CBD with great access to the city’s popular George Street café precinct and Arena Convention Centre. The hotel comprises two towers with a total of 85 rooms, a restaurant to seat 80 offering breakfast and dinner, in house bar to seat 25, public bar and excellent conference facilities of four rooms covering 875 square metres.

Property Details

Type Hotel

Rooms 85

Date opened Tower 1 – 1997 (refurbished 2002)Tower 2 – 2005

Ownership 49%


Title Freehold

Valuation (49% interest) NZ $7.7 million

Valuation date 15 November 2007

TravelodgePalmerston North, NZ

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Other Portfolios

Other Assets 31/12/08($m)

31/12/07($m)

Listed property trusts (LPTs) 1 4.7 65.6

Equities — 42.2

Unlisted funds 21.8 24.4

Total 26.5 132.2

1 Includes MREIT’s 14.5% holding in Trafalgar Corporate Group.

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Disclaimer

The information made available through this property book, including any expression of opinion or forecast, has been obtained from or based on sources believed by Mirvac REIT Management Limited to be reliable. Mirvac REIT Management Limited does not warrant the accuracy, completeness or currency of the information. Mirvac REIT Management Limited will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information.

This document is printed on Australian made paper containing 50 per cent recycled fi bre and 50 per cent non-recycled fi bre sourced from sustainable plantations.

Directory

Responsible Entity

Mirvac REIT Management LimitedAFSL 233 787ABN 70 002 060 228as Responsible Entity ofMirvac Real Estate Investment Trust ARSN 089 535 526

Registered Offi ce and Postal Address

Level 26, 60 Margaret Street Sydney NSW 2000Telephone: 02 9080 8000Facsimile: 02 9080 8174Email: [email protected]: www.mirvac.com/mrz

Board of Directors

Paul Barker (Chairman)Nicholas CollishawGrant HodgettsRoss StrangRichard Turner

Company Secretaries

Juan RodriguezMichael Smith

Auditors

PricewaterhouseCoopers201 Sussex StreetSydney NSW 1171

Unit Registry

Computershare Investor Services Pty LtdLevel 3, 60 Carrington StreetSydney NSW 2000www.computershare.com

Australian Securities Exchange Listing

Mirvac Real Estate Investment Trust is listed on the Australian Securities Exchange

ASX Listing Code

MRZ

Investor Enquiries

CorrespondenceMirvac Real Estate Investment TrustC/- Computershare Investor ServicesGPO Box 2975Melbourne VIC 3001Telephone: 1300 139 012

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Documents

For personal use only - ASX · Valuation $77.8 million Valuation date 30 June 2008 Book value $75.8 million Occupancy 100% Major tenants AAP (3,642 sqm) Cardlink Services (2,216 sqm)