Small portfolio of good-quality, shopping center assets across Australia Favorable market position for the majority of the assets Modest portfolio diversity by geography and tenant base Access to Lendlease's integrated end-to-end business model and to experienced asset management team Exposure to discretionary consumer spending and tenant demand cycles Gearing is likely to move to the upper end of the fund's conservative gearing range Debt-funded developments over the next two to three years Stable earnings supported by long-term leases Adequate liquidity position to accommodate its capital needs The stable rating outlook reflects Australian Prime Property Fund Retail's (APPF Retail) solid portfolio of assets and stable cash flows. We also expect the fund's ongoing redevelopments to enhance the fund's asset quality and
