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The Board has a continuing commitment to investing in Tasmania and Tasmanian
business, wherever possible, and looks for new opportunities that would
provide good returns for members.
As at 30 June 2008, the Board's investments in Tasmania represented nearly 10% of total investments and included:
- the Myer Centre in Hobart;
- multi-level office building at 21 Kirksway Place Hobart;
- the Stoney Rise government office building in Devonport;
- over $160 million in first mortgages;
- shares in First Tasmania Investments Ltd, a company designed to assist and invest in
small business in Tasmania; and
- shares in Tasmanian Gateway Holding Limited, the company which owns Hobart Airport
Following the fire in September 2007 which destroyed approximately 50% of the Myer Centre, the Board is continuing to explore options with Myer regarding a replacement store.
RBF invests in Tasmania's future...
The Tasmanian Gateway Consortium purchased the Hobart International Airport for $350.5 million in January 2008.
RBF is a significant investor in the Consortium led by Macquarie Group and is proud to be associated with the leading global airport infrastructure investor and asset manager. This strategic investment aligns with RBF's investment philosophy of securing exposure to quality assets in the best interest of our members. As a co-investor in the Consortium, RBF has taken a non-controlling indirect interest in the asset.
This asset provides strong underlying cash flows and attractive long-term return potential. Hobart International Airport is considered a quality asset with attractive returns and low volatility due to the domestic passenger base.
RBF's investments in Tasmania have grown from 5.5% in June 2007 to nearly 10% of total funds under management. RBF's investment in the Tasmanian Gateway Consortium equates to approximately 3% of total funds under management. To manage RBF's $3.4 billion of members' retirement savings, the Board regularly undertakes investments decisions of this scale across a diverse range of asset classes.
The Hobart International Airport is Tasmania's principal airport and serves as a major gateway for tourist and business visitors to our State. The airport is located on a 570 hectare site and carries 1.7 million passengers a year.
The Consortium's vision is to grow and develop Hobart Airport's principal airport status and continue to maintain a safe and secure airport environment. The Hobart International Airport is a high-quality infrastructure asset with good growth prospects.
RBF is proud to support such a significant investment in Tasmania and has great confidence in Tasmania's economy and in future tourism growth. What better way to support investment in Tasmania than to invest in the gateway to Hobart!
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