Growthpoint Interactive Half Year Report 2019

Notes to the Financial Statements (cont.) Director transactions A number of directors, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. One of these entities transacted with the Group in the reporting period. The terms and conditions of the transaction were no more favourable than those available, or which might reasonably be expected to be available, on similar transactions with non-related parties on an arm’s length basis. The aggregate value of transactions and outstanding balances relating to directors and entities over which they have significant control or significant influence were as follows: Director Transaction Half year 2018 Half year 2017 $ $ G. Jackson (i) Investment property valuation $50,000 59,500 G. Jackson (i) Statutory valuation $15,100 – Aggregate amounts payable at the reporting date valuations $23,500 35,250 (i) The Group used the valuation services of m3property, a company that Mr Jackson is a director of, to independently value five properties (2018: 6).The Group has also used m3property for statutory valuations reviews during the six months to 31 December 2018. Amounts were billed based on normal market rates for such services and were due and payable under normal payment terms and Mr Jackson was not directly involved in the Group’s engagement of m3property. 4.2 Subsequent events On 4 January 2019, the Group announced an expansion to its Woolworths distribution centre at 599 Main North Road, Gepps Cross, SA with a cost of approximately $57 million. The Group will fund the expansion and earn a coupon on the project costs as they are expended of 6.75% per annum. On completion, the total project cost will be rentalised via a new 15-year lease over the entire property. This cost has not been provided for in the interim consolidated financial statements. On 15 January 2019, the Group executed a new 5-year interest rate swap with a face value of $150 million at a fixed rate of 2.063% per annum. Other than noted above there has not arisen a transaction or event of an unusual nature likely to effect significantly the operations of the business, the results of these operations, or the state of affairs of the entity in future financial years from the end of the interim period to the date of this report. 4.3 Cash and cash equivalents Cash and cash equivalents includes a balance of $1,731,000 (30 June 2018: $ 1,854,000) in restricted cash which is being held by the Group as the custodian of the Charles Street Property Trust. These funds are not available for general use by the Group. 4.1 Related party transactions (cont.) 46 Growthpoint Properties Australia | 2019 Half Year Report