WITHOUT RESERVE

Sydney Morning Herald

Saturday May 30, 2009

Carolyn Cummins

Looking for green shootsGDI Property Group has devised the Go-Green Program in response to global pollution issues and the impact commercial buildings can have on the environment. The program will help GDI identify green building buying opportunities, government grant eligibility and building energy and emission savings. The Sydney property group is working closely with Damien Moran from HFM Asset Management - a specialist utility management consultancy focused on utility and operational performance improvements in the commercial property sector - to implement the Go-Green program. Sun sets on B&B Japan officeBabcock & Brown Japan Trust has sold its interest in the Shinjuku Sanei office property for 11 billion ($150 million), an 18 per cent discount to its book value of 13.4 billion at December 31, 2008, but a 33 per cent premium to its acquisition price of 8.26 billion in 2005. The building is located in Shinjuku, one of the five main wards of Central Tokyo. Brokers said after repaying the debt associated with the asset and other sale-related costs (including withholding tax), it will have net proceeds of 6 billion in early August 2009. The brokers said while a profit was realised over the acquisition price, the discount to book value does raise the question about the carrying value of the balance of the trust's portfolio.Give or take a billionThe crash of the property sector has taken its toll on the country's wealthiest real estate players, according to the latest BRW Rich List 2009. Westfield's Frank Lowy is now worth $4.2 billion, down from last year's estimate of $6.3 billion. He was followed by Meriton's Harry Triguboff, who jumped three places to No.3 spot at $3.66 billion, while John Gandel, of the Gandel shopping centre empire, stayed at No.7 with $2.7 billion, down from $3.21 billion in 2008.