The Ray White Invest Retail Property Trust No.1 (the Trust) was established in December 2007 to acquire, under a joint venture with CK Properties, two retail shopping centres that are anchored by Woolworths.

The Trust seeks to provide investors with income and capital returns through the acquisition, refurbishment, repositioning and or development and ownership of, the retail shopping centres.

The investment strategy of the joint venture is to:

• Complete the acquisition of the properties.
• Undertake development works to reposition the properties over a 18 to 28 month period.
• Actively manage the properties throughout and post completion of the development works.
• Regularly review the ongoing ownership of the properties, with the intention of holding them for the medium to longer term.

At Currambine, the joint venture plans to undertake a major expansion and refurbishment of the existing shopping centre and to develop the parcel of vacant land to maximise retail turnover and achievable rentals.  Upon completion of the development works, there will be an additional 9,000sqm of retail space, including a 1,400sqm Dan Murphy’s liquor outlet.

At Kelmscott, the joint venture has obtained approval from local council to refurbish the centre and “open up” the key entry points to the carpark.