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Jacks Point

News releases

November 28, 2007 - BLP Invests in two residential project in New Zealand

November 27, 2007 - New course at Jacks puts Queenstown on golfing map

November 2007 - Golf course key part of $2b Jacks Point development

Friday 16 February 2007 - Leading resort company throws weight behind $2b Jacks Point development

Background information on Jacks Point

ASX Release
28 November 2007

BLP INVESTS IN TWO RESIDENTIAL PROJECTS
IN NEW ZEALAND

Babcock & Brown Residential Land Partners (ASX: BLP) today announced that it has invested in two master-planned residential projects located in Queenstown, New Zealand. Jacks Point and Henley Downs (the ‘Projects’) are adjoining sites and share an 18-hole championship golf course. BLP’s investment in the Projects was NZ$43.3 million (approximately A$37.4 million).

The developer on both Projects, Darby Partners Limited (‘Darby’), is based in Queenstown, and is one of New Zealand’s pre-eminent residential developers. Darby have successfully undertaken large-scale master-planned residential communities and resorts throughout New Zealand, Asia and the Pacific with an end value in excess of NZ$2 billion. Darby Partners will become BLP’s sixth development partner and to closely align interests Darby will be entitled to a profit-share component once pre•determined base hurdles have been achieved. BLP will also have a first right of refusal over Darby’s other New Zealand projects.

The Projects are located on Lake Wakatipu at the foot of The Remarkables mountain range in Queenstown, approximately 10 minutes drive from both the city centre and international airport. These integrated master-planned communities when complete will feature over 1,400 residential lots, a championship golf course including a clubhouse, and a village centre comprising both retail and commercial precincts, high density residential and a luxury hotel.

Mr Michael Balkin, Managing Director of BLP, said “These accretive investments take our total portfolio lot yield on acquisition to in excess of 8,800 residential lots. We believe these transactions represent a measured entry into the New Zealand residential market, with 85% of Jacks Point pre-sold. We are working with one of New Zealand’s leading private developers and acquiring two of the last remaining zoned residential land banks in the Queenstown Lakes District. In addition we expect that a number of further acquisition opportunities may evolve as Darby continues to expand its portfolio.”

Jacks Point is a master planned community with a high level of community infrastructure that will include walking and cycling tracks, tennis courts and large expanses of public open space. BLP’s investment in the residential component of Jacks Point will comprise 411 residential lots of which 349 lots have been pre-sold and are to be delivered over the next 18 months. The Jacks Point 18-hole championship golf course is complete, with the clubhouse and restaurant due for completion by the end of November 2007 and formal opening in early 2008.

Jacks Point includes a substantial village which will comprise an offering of high density residential, retail and resort facilities together with an exclusive lodge. BLP is not taking an interest in the village, rather it is being marketed and sold by Darby in joint venture with Intrawest, a world leader in the development and operation of experiential destination resorts.

Mr John Darby, Principal of Darby Partners Limited, said “Great communities are created by great teams. We are delighted to partner with BLP in the delivery of the residential component of Jacks Point. BLP complements our other principal partners, Intrawest, pioneers in creating destination resort villages such as the famous Whistler Blackcomb ski Resort in Canada. All partners are aligned in their vision to create an exceptional living environment that fully respects the nature of this very special place.”

The adjoining project, Henley Downs is a natural extension of Jacks Point and comprises 959 residential lots (both traditional and medium density). BLP will assume a 50% interest in Henley Downs which will be developed as part of the overall Jacks Point Master plan continuing the theme of substantial community infrastructure with significant open space.

Mr Michael Balkin said “We consider these investments to be very exciting additions to the portfolio, bringing further diversity by geography and development partner to BLP. The Queenstown region and local economy has and we believe, will continue to benefit from the high level of foreign investment, year-round tourism (peaking in the summer months), and direct international flights. Our development partner on these projects, Darby Partners, has a reputation for delivering superior lifestyle communities. This reputation, combined with their strong relationships with local suppliers and government authorities, fostered through their long-term commitment to the area, is expected to greatly benefit both projects.”

ENDS

For further information:
Michael Balkin - Managing Director
B&B Residential Land Partners B&B Residential Land Partners
+61 2 9229 1800

Sarah Hodge - Investor Relations
B&B Residential Land Partners B&B Residential Land Partners
+61 2 9229 1800

About Babcock & Brown Residential Land Partners

Babcock & Brown Residential Land Partners (BLP) is a listed vehicle managed by Babcock & Brown which invests in a diversified portfolio of quality residential land projects which are developed by a range of Australia’s leading private developers.
BLP offers securityholders liquidity, geographic, project and product diversity, access to quality private developers, long term potential for growth and, importantly, the benefit of access to Babcock & Brown’s considerable investment and structuring experience in the real estate sector. For further details please see our website: www.bbresidentiallandpartners.com

APPENDIX 1

Jacks Point and Henley Downs (the “Projects”) are set on more than 1,000 hecatres of land against a backdrop of Lake Wakatipu and The Remarkables mountain range in Queenstown, New Zealand. The location of the Projects within the Queenstown Lakes District, offers exposure to direct sunlight for a majority of the day. The Projects are adjoining sites and subject to their own zoning, known as the “Jacks Point Resort Zone”. The projects are private communities and therefore all of the internal infrastructure (roads, water, sewer etc.) are owned by a body corporate. The Projects will enjoy access to an 18-hole championship golf course soon to include a clubhouse and restaurant, and proposed Jacks Point Village including both retail and commercial precincts. The village will also comprise of some higher-density residential and a suite of hotel offerings.

Development timing Forecast completion - 2015
Residential Project mix Detached traditional and preserve sites together with a higher density village
Investment synopsis A longer term investment that will leverage off the substantial in-bedded infrastructure and critical mass created out of the maturity of Jack Point.

JACKS POINT, QUEENSTOWN
KEY PROJECT DATA

Location: Queenstown, New Zealand
Total land area: 400 hectares
Zoning & planning approval: Jacks Point Resort Zone, residential & other activities
Type of Project: Lifestyle
Number of lots at the date of acquisition: 411
Development completion: February 2010
Project staging: Over 4 stages
Residential Project mix: Detached traditional and preserve sites.
Investment synopsis: Based in Queenstown which continues to benefit from substantial and sustainable population growth with limited available land supply. This is a materially de-risked investment, due to a high level of presales with a short term realisation profile.

HENLEY DOWNS, QUEENSTOWN
KEY PROJECT DATA

Location: Queenstown, New Zealand
Total land area: 681 hectares
Zoning & planning approval: Jacks Point Resort Zone, residential & other activities
Type of Project: Lifestyle
Number of lots at the date of acquisition: 959

Development timing: Forecast completion - 2015
Residential Project mix: Detached traditional and preserve sites together with a higher density village
Investment synopsis: A longer term investment that will leverage off the substantial in-bedded infrastructure and critical mass created out of the maturity of Jack Point.

APPENDIX 2

DARBY PARTNERS

Darby Partners Limited is a multi-disciplinary development planning, design and project management practice. The New Zealand-based firm has extensive national and international experience with prestigious property development and resort projects.

John Darby, Darby Partners' principal, has been involved in property projects for over 20 years as both an investor and consultant. John is a registered landscape architect and Harvard University trained golf course architect and resort planner.

Darby Partners, based in Queenstown, has undertaken large-scale project work throughout New Zealand, Asia and the Pacific. Locally in Queenstown, Darby Partners has been active in a number of celebrated projects as a development planner and investor.

John Darby is assisted by a specialist team of landscape architects, planners and project managers, all highly experienced in project delivery from development concept, site selection, land acquisition and consent approvals, through to construction.

John Darby and Darby Partners have played a major role in a number of high profile, large-scale tourism projects. Development value of these projects now exceeds NZ$2 billion dollars. They include award-winning projects such as Millbrook Resort, Queenstown; Steamer Wharf Village, Queenstown; Denarau Island Resort, Fiji; Omaha Beach; Clearwater Resort, Christchurch; Jacks Point Resort, Queenstown; Wyuna Station and Blanket Bay Lodge, Glenorchy; and the Amisfield Winery.
For more information on Darby Partners visit: www.darbypartners.co.nz

News release
November 27, 2007

New course at Jacks puts Queenstown on golfing map

The international golf course at Jacks Point opening in the summer of 08/09 will cement Queenstown as a golfing destination says New Zealand’s leading course designer John Darby.

John Darby, of Queenstown-based Darby Partners Limited, designed the 18-hole par 72 golf course at Jacks and also designed the nearby The Hills Golf Club course which is this week hosting the New Zealand Open.

Part of the European Tour, the New Zealand Open has a prize pool of NZ$1.5 million and has attracted some of the world’s top golfers.

John Darby, who has also designed Millbrook and the NZ PGA Championship course, Clearwater, says his two latest courses are very different from each other.

“I wouldn’t rate one above the other. They’re both just totally different – like red wine and white wine. Both are great wines and we hope they will prove to be vintages one day but only time will tell.

“Jacks is founded much more on the wild landscape character of the site in the sense that it is in a raw, rugged and wild land setting whereas the Hills is in a more refined and gentrified landscape.’’

John Darby says the opening of the course at Jacks will be an important step towards turning Queenstown into a top golfing destination as it will provide another international-standard golf course for visitors to play.

“We’re well on the way to being the first true golf destination in New Zealand and one of only a very few in the Southern Hemisphere,’’ John Darby says.

- ENDS -

News Release
November 2007

Golf course key part of $2b Jacks Point development

The Darby Partners-designed golf course at Jacks Point is part of a $2 billion development that eclipses in size, scale and quality any other building project undertaken in New Zealand.

Sited on the elbow of Lake Wakatipu and at the foot of the Remarkables mountain range, Jacks Point is the largest parcel of land to be comprehensively developed by one entity in the history of this country.

“It’s pristine, never before settled land,’’ says John Darby, of Queenstown-based Darby Partners Limited, who have master-planned the settlement of Jack Point. “What we’re doing is developing it as a place for people while retaining the nature of the site and adding to it.’’

More than $200 million worth of real estate has already been sold at Jacks and in all some 1800 homes, 600 visitor apartments, and a 150-room luxury hotel are planned.

At the heart of the township will be a village centre set beside a 10-acre lake. The village centre will have a mix of retail, commercial and residential elements similar to central Queenstown but all designed to blend into the environment and to capitalise on the breath-taking beauty of the lakefront and majestic Remarkables mountain range.

Only about 5 per cent of the 3000 acres that make up Jacks Point is being built on; the rest remains protected so that future generations will be able to enjoy the area’s natural beauty. A network of walking, cycling and bridal trails will provide superb recreational activities for residents and visitors.

“Ours is a development based on nature and on open space,’’ John Darby says.

The emphasis at Jacks Point is on sustainable construction and design excellence. Local materials like stone and timber with strong natural character feature prominently.

The design for the village at Jacks is well adavanced and being finalized with input from strategic partner Canadian-based Intrawest ULC, which operates some of the world’s premier resorts. Intrawest is throwing its considerable resources into marketing Jacks Point internationally as well as to New Zealanders looking for healthy living in an idyllic location. It has teamed up with Colliers International to bring access to international buyers.

“We see huge potential in this development,’’ says Stuart Carson, Senior Vice President, Intrawest (Playground Division).

“Intrawest has been very successful in iconic locations such as Whistler/Blackcomb, Mammoth Mountain, Tremblant and more recently Maui, Napa Valley and Les Arcs. We choose destinations based on what we believe are irreplaceable locations. Truly Jacks Point is one of those locations.

“Jacks Point will become an ultimate place to play. It’s in the right place at the right time. Since the Lord of the Rings movies international audiences have grasped just what an amazing place New Zealand, and especially the South Island, is,’’ Stuart Carson says.

‘’The interest in this development internationally will be huge.’’

New Zealand’s largest general contracting company Fletcher Construction is to build the village at Jacks.

Jacks Point is owned by Equity Partners Land Group Limited, an affiliate of Equity Partners. Equity Partners is a New Zealand-based private equity firm focusing in land, infrastructure, industrial and financial assets.

For further information go to: www.jackspoint.com

- ENDS -

News Release
Friday 16 February 2007

Leading resort company throws weight behind $2b Jacks Point development

A world leader in destination resorts has leapt aboard a visionary project, already underway, to build an inclusive and environmentally sustainable $2 billion community on the shores of Lake Wakatipu.

Canadian-based Intrawest ULC has joined forces with private equity firm Equity Partners, master-planners Darby Partners Limited and New Zealand’s biggest construction company, Fletcher Construction to develop the village centre at Jacks Point, about 15 minutes from Queenstown.

The Jacks Point development has been five years in the planning and eclipses in size, scale and quality any other building project undertaken in this country. It is the largest parcel of land to be comprehensively developed by one entity in the history of New Zealand.

Some 1800 homes, 600 visitor apartments, and a 150-room luxury hotel are being built in the township.

Intrawest, which operates some of the world’s premier resorts, will use its considerable resources to market the development internationally as well as to New Zealanders looking for healthy living in this idyllic location. It has teamed up with Colliers International to bring access to international buyers.

“We see huge potential in this development,’’ Stuart Carson, Senior Vice President, Intrawest (Playground Division) said.

“Intrawest has been very successful in iconic locations such as Whistler/Blackcomb, Mammoth Mountain, Tremblant and more recently Maui, Napa Valley and Les Arcs. We choose destinations based on what we believe are irreplaceable locations. Truly Jacks Point is one of those locations.

“We are very excited to be part of a great team and believe Jacks Point is visionary in its planning and location. The interest in this development internationally will be huge,” Stuart Carson said.

The village centre, set beside a 10-acre lake, will be the heart of the township. It will have a mix of retail, commercial and residential elements similar to central Queenstown but all designed to blend into the environment and to capitalise on the breath-taking beauty of the lakefront and majestic Remarkables mountain range.

Work is well advanced on the first stage of 200 homes and building the roads, bridges and stonewalls and that will link the township together. Jacks Point 18-hole world-class championship golf course _ a key draw-card of the development – is already complete and will open in October this year.

Jacks Point is owned by Equity Partners Land Group Limited, an affiliate of Equity Partners. Equity Partners is a New Zealand-based private equity firm focusing in land, infrastructure, industrial and financial assets.

Director of Equity Partners Land Group, John Darby says with Intrawest’s involvement Jacks Point will become one of the most sought after places in the world to live.

While Jacks Point boasts some of the priciest real estate in the country, the town has been planned as an inclusive community offering a wide variety of home options.

“Jacks Point includes Queenstown’s most affordable and the area’s highest priced properties. The highest price per metre square for residential land in Queenstown Lakes District was recently achieved at The Preserve Jacks Point. However it is designed to be inclusive, offering affordable housing as well as multi-million dollar lakefront acreages,’’ John Darby said.

Only about 5 per cent of the 1200 hectares (3000 acres) that make up Jacks Point will be built on; the rest remains protected so that future generations will be able to enjoy the area’s natural beauty. A network of walking, cycling and bridal trails will provide superb recreational activities for residents and visitors.

Mr Darby says the undeveloped nature of the site _ Jacks Point has never before been inhabited _ allows it to be used as a model for sustainable development.

The emphasis at Jacks Point is on eco-friendly construction and design excellence. Local materials like stone and timber with strong natural character will feature prominently.

New Zealand’s largest general contracting company Fletcher Construction is to build the township.
Mark Binns, Chief Executive of Fletcher Building’s Infrastructure Division said Jacks Point represents an ideal partnership for Fletcher Construction.
“The time taken in developing the architectural themes of the development make this more than just another construction project to us. The willingness to look beyond architectural norms, while still preserving the matchless character of the area really speaks volumes as to the integrity of the developers,” Mark Binns said.

And with an international airport just 10 minutes away and the picturesque Remarkables mountain range and Lake Wakatipu on its doorstep, Jacks Point offers international buyers an unparalleled investment opportunity.

- ENDS -

Background information

Key facts about Jacks Point:

The high promontory at Jacks Point was named in memory of 19th century Maori local named Maori Jack. He was awarded a medal from the Royal Humane Society of Britain after saving the life of a man when they capsized in Lake Wakatipu in winter 1862. It was an extraordinary rescue, where he single-handedly flipped a boat half-full of water, dragged it back to shore in freezing cold waters and carried the man to safety before heading for help. A local dog, which had been missing for years since it was a puppy, appeared from the bush and lay on the man to keep him warm. Maori Jack was also reportedly the first person to discover gold in the Arrow River.

The entire zone covers 1200ha (3000 acres). It will encompass a community of 5000 residents in approximately 1800 homes, a village and a living environment centred on open space, natural values and recreation.

The Jacks Point zone was all originally part of Remarkables Station, farmed by the Jardine family for three generations. The area in and around Jacks Point is now comprised in three land holdings, Jacks Point, Henley Downs and Homestead Bay. Owners of these holdings share a common vision for the zone and are all committed to the zone’s high standards of development and environmental protection.

Jacks Point is the largest single development in the history of the Queenstown Lakes District and is designed to meet the needs of the area’s rapidly growing population, projected to reach 30,000 by 2021.

It is set below The Remarkables mountain range, on the shores of Lake Wakatipu, reached from SH 6, 10 minutes’ drive from Queenstown International Airport, 15 minutes from Queenstown, 20 minutes from Arrowtown, and adjacent to the entrance to The Remarkables ski field.

With its north-facing position, Jacks Point has been masterplanned and located to ensure maximum sun all year round, and offers enviable views of Queenstown’s iconic Lake Wakatipu and a 360 degree mountainscape including Coronet Peak and The Remarkables.

The Jacks Point 18-hole par 72 championship golf course and golf club is to open next year.

All residents of Jacks Point will be entitled to golf membership. Each owner is entitled to nominate two adults and two youth family members to join the club also. Members of the public can apply for golf membership, and they can also play at Jacks Point by paying daily green fees.

Building site coverage at Jacks Point is limited to only five per cent of total land. Almost all of the remaining area is retained as natural parkland, a championship golf course, and a network of walking, cycling and bridal trails, providing superb recreational activities.

Architectural design controls enhance the natural landscape, with building materials including local stone, timber, native local grasses and schale roofing, and colours chosen to reflect and assimilate with the environment. Restrictions limit building heights to 5.5m, or up to 8m in some zones.

The Jacks Point philosophy is to tread lightly, carefully integrating a new community and activities into the land, with no disturbance to its intrinsic values. The rugged, dramatic and open nature of the grassland and mountain landscape remains and views of it are forever protected. There is a strong emphasis on retaining and regenerating native vegetation.

Jacks Point will be developed over the next decade to ensure high quality development for years to come. Much landscaping and roading infrastructure has been completed, some new homes are complete and others are under construction.

The village is set beside a 10 acre lake. It will comprise a clubhouse facility, and a mixture of retail, commercial and residential elements similar to central Queenstown. The village centre design is intended to have a focus on pedestrian landscaping, public walkways and a relaxed waterfront atmosphere.

Public walking tracks span 35 km through Jacks Point and along the lakefront, and public will have access to the golf course through membership or green fees.

Jacks Point has its own new infrastructure to provide utilities, creating state-of-the-art assets for the township. A latest-technology wastewater disposal to land system is being installed, with individual wastewater STEP tanks on each residential lot. Latest internet connections and cable TV capabilities are in place.

There are no constraints on overseas purchasers wishing to buy at Jacks Point. Jacks Point has a blanket Overseas Investment Commission (OIC) exemption applicable for any overseas purchaser wishing to invest.

Firmly established as a year-round destination, with alpine sports in winter, and fishing, golfing, walking, Queenstown also boasts a recently upgraded international airport allowing easy access from Australia, only three hours’ flying time from the east coast.

The key players:

EQUITY PARTNERS LAND GROUP LIMITED
Jacks Point is owned by Equity Partners Land Group, an affiliate of Equity Partners.

Equity Partners is a New Zealand based private equity firm focusing on identifying and securing high quality assets in four sectors: land, infrastructure, industrials and financials.

Equity Partners invests in its own right and partners with financial investors and sector specialists in each investment.

Equity Partners Land Group is a principal vehicle within the land sector and focuses on New Zealand mountain and coastal land.

The directors and principals of Equity Partners and its various affiliates include John Darby, Principal of Darby Partners and George Kerr, previously Chairman of Brook Asset Management and Investment Director of Sterling Grace Portfolio Management.

DARBY PARTNERS LIMITED
Jacks Point has been designed and planned by internationally-recognised master-planning practice, Darby Partners Limited.

Based in Queenstown, Darby Partners employs leading-edge concept and best-practice master-planning and has been responsible for a number of celebrated and award-winning projects such as Millbrook Resort, Queenstown, Steamer Wharf Village, Queenstown, Denerau Island Resort, Fiji, and Clearwater Resort, Christchurch.

INTRAWEST
Intrawest is a world leader in destination resorts and leisure travel. With a network of premier resorts ranging from the tops of towering mountains to championship golf courses and pristine beaches, its resorts offer the allure and beauty of nature with the promise of experiences to last a lifetime.

The company has interests in nine resorts at North America’s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympics and Paralympic Games.

Intrawest owns Alpine Helicopters Ltd., the parent company of Canadian Mountain Holidays, the largest heli-skiing operation in the world, and owns a 67 per cent interest in Abercrombie & Kent, the world leader in adventure travel.

The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest - a private resort club with nine locations throughout North America and in Europe.

Headquartered in Vancouver, Canada, Intrawest is a privately held company and a wholly owned subsidiary of a corporation that is indirectly owned by the Fortress Funds.

Playground Destination Properties Inc.
Playground Destination Properties Inc, an Intrawest company, is the premium provider of sales and marketing services for destination real-estate worldwide. With corporate offices in Vancouver, BC Playground represents unique real estate in six countries on three continents, including world-renowned Whistler Blackcomb in British Columbia – North America’s most popular mountain resort.

Colliers International
Colliers International is a global affiliation of independently-owned real estate services firms with 9,327 employees in 241 offices in 54 countries.
Colliers was among the first commercial real estate organisations to recognize the importance of local knowledge on a global scale. As early as 1986, it joined together commercial firms in Asia, Canada, the United States, Europe, the Middle East and Africa to provide consistent, superior service in multiple locations.

FLETCHER CONSTRUCTION
The Fletcher Construction Company is the pre-eminent general contractor in New Zealand and the South Pacific. It has unrivalled depth and breadth of experience across all facets of the construction industry.

Fletcher Residential/Fletcher Living, also a division of Fletcher Building, began the first phase of building 230 architecturally designed homes at Jacks Point in March 2006. The houses have modern decors, contemporary fitting and a focus on outdoor living that capitalizes on the development’s superb views and long hours of sunshine. Thirty-seven Fletcher Living homes are presently underway, and two show homes are now open to the public seven days a week.

Since 1909 Fletcher Construction has established a track-record that underpins the goal of being the construction company of choice for customers, sub-contractors and employees. Ongoing loyalty is built and maintained.

Owner Fletcher Building Ltd is a major player in the Australasian building industry and the second largest company by market capitalization on the New Zealand Stock Exchange. Companies in the group have substantial market-share positions across all of the building materials manufacturing and distribution sectors.

Fletcher Building employs more than 11,000 people in a wide range of businesses located in New Zealand, the South Pacific, North America, South America and Australia.