Very conservative gearing policy and strong liquidity High-quality portfolio of shopping-center assets Favorable competitive position due to town-planning restrictions in Australia Portfolio diversification by geography, asset, tenant, and length of lease Ongoing capital-expenditure requirements for center expansions and development Exposure to discretionary consumer spending and tenant-demand cycles The ratings on Australian Prime Property Fund Retail (APPF Retail), an unlisted Australian-based wholesale property fund, reflect our view of the fund's very conservative gearing policy, strong liquidity, and high-quality and well-diversified portfolio of shopping-center assets. These strengths mitigate the risks associated with the fund's ongoing capital-expenditure requirements for center expansions and development, and exposure to cyclical consumer and tenant demand. Lend Lease Real Estate Investments Ltd. is the trustee responsible for the
