The Trust's property investment strategy focuses on assets that offer strong tenant covenants, or properties where tenancy profiles and earnings can be enhanced.

The Trust owns a diversified property portfolio in the retail, industrial and commercial sectors. These properties are located throughout Australia.

A number of the Trust's properties are currently under development. Development of properties has historically been outsourced to third party providers. As a result of the acquisition of Villa World Limited it is intended that the bulk of the Trust's property development activities in the future will be carried out by the Company.

Key strategies of the Trust include:

• Investment Criteria
  A focus on investment property that offers strong tenant covenants, or properties where tenancy profiles and earnings can be enhanced through active management;
• Active Management
  Management of properties with a view to enhancing performance. This may include the repositioning of an asset through re-letting, refurbishing and or redevelopment by the Company;
• Sector diversification
  Portfolio to encompass a range of asset classes including retail, industrial and commercial.
• Geographical diversification
  Focus on all mainland states of Australia. The Trust may invest in assets outside of Australia, however this is not anticipated to occur over the short to medium term.