Lowy calls time on retail empire

Original article by Ben Wilmot, Bridget Carter
The Australian – Page: 17 & 22 : 17-Oct-19

The Lowy family has sold more than 206 million shares in Scentre Group via a block trade. The $815m transaction comprised some 3.9 per cent of the real estate investment trust’s shares, and it marks the family’s exit from the owner of Westfield shopping centres in Australia and New Zealand. Steven Lowy, the son of Westfield’s co-founder Sir Frank Lowy, resigned from Scentre’s board in April. Peter Lowy also stepped down from the board of Unibail-Rodamco-Westfield earlier in 2019.

CORPORATES
SCENTRE GROUP – ASX SCG, UNIBAIL-RODAMCO-WESTFIELD – ASX URW

Billionaire Briton woos super funds in $600m cattle buyout

Original article by Damon Kitney
The Australian – Page: 17 & 20 : 15-Oct-19

A management buyout of Consolidated Pastoral Company, has been revealed. Guy Hands, the founder of Terra Firma Capital Partners, which bought CPC from billionaire James Packer and his family in 2009, will have a significant stake in CPC under the management buyout. The value of the buyout is expected to be worth between $600 million and $700 million. It is understood private family companies, high net worth investors and superannuation funds will be invited to buy into CPC. It is Australia’s largest private cattle company.

CORPORATES
CONSOLIDATED PASTORAL COMPANY PTY LTD, TERRA FIRMA CAPITAL PARTNERS LIMITED

Price rises set housing up for new boom

Original article by Sarah Turner
The Australian Financial Review – Page: 22 : 30-Sep-19

Data to be released by CoreLogic on 1 October is expected to show that house prices in Sydney and Melbourne have increased by 3.2 per cent and 3.4 per cent over the last four months. Prices rose by 1.6 per cent in Sydney and 1.4 per cent in Melbourne during August. Yarra Capital’s Tim Toohey has flagged the potential for a housing bubble in the medium-term, particularly if the Reserve Bank further eases monetary policy, while the ANZ Bank’s David Plank says regulatory intervention may be necessary if prices keep rising and there is an upturn in mortgage lending.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, YARRA CAPITAL PARTNERS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, MORGANS FINANCIAL LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, BIS OXFORD ECONOMICS PTY LTD, AMP CAPITAL INVESTORS LIMITED, GOLDMAN SACHS AUSTRALIA PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Sector in race to zero emissions by 2050

Original article by Liz Main
The Australian Financial Review – Page: 40 : 25-Sep-19

New research has examined how committed Australian property groups are to becoming carbon neutral. The report, which was produced by Monash University and ClimateWorks Australia, shows that 47.5 per cent of property groups are taking measures to achieve the 2050 target of net zero emissions. However, the report notes that some companies are excluding indirect emissions, such as those generated by tenants of their buildings. Meanwhile, several listed groups have set a net zero emissions target of 2030.

CORPORATES
MONASH UNIVERSITY, CLIMATEWORKS PTY LTD, DEXUS – ASX DXS, MIRVAC GROUP – ASX MGR, GPT GROUP – ASX GPT, VIVA ENERGY REIT – ASX VVR, TOGA PTY LTD

Amazon slated for western Sydney estate

Original article by Ben Wilmot
The Australian – Page: 23 : 20-Sep-19

Goodman Group and Brickworks received approval on 19 September to proceed with development of the Oakdale ­West estate in western Sydney. The estate, which will be completed over five stages, is located close to under-construction Western Sydney Airport and a number of freeways. Coles has already signed an agreement to move into the Oakdale ­West estate, and is due to do so in 2023. There is also expectation e-commerce company Amazon will establish a distribution centre there.

CORPORATES
GOODMAN GROUP – ASX GMG, BRICKWORKS LIMITED – ASX BKW, COLES GROUP LIMITED – ASX COL, AMAZON.COM INCORPORATED

Sydney median house price rises in June quarter

Original article by Michael Bleby
The Australian Financial Review – Page: Online : 18-Sep-19

The median price for Sydney homes rose $5,000 to $875,000 in the June quarter, according to the Australian Bureau of Statistics, while Melbourne’s median house price held at $680,000. Prices for prices for detached dwellings fell nationally by 0.6 per cent, compared to a 3.1 per cent decline in the March quarter, while prices for attached dwellings fell by 0.8 per cent, compared to a three per cent decline in the March quarter.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Auction clearances hit a ceiling

Original article by Michael Bleby
The Australian Financial Review – Page: 2 : 16-Sep-19

Data from Corelogic reveals that Sydney recorded a preliminary auction clearance rate of 80.3 per cent on 14 September, while Melbourne recorded a preliminary clearance rate of 75.7 per cent. Nationally, the preliminary auction clearance rate came in at 75.7 per cent, down from the previous weekend’s preliminary clearance rate of 77 per cent. Industry observers note that general fears about a weak economy are prompting potential vendors to hold back on listing their property.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD

Rundle Place deal ditched by Cromwell

Original article by Su-Lin Tan
The Australian Financial Review – Page: 34 : 13-Sep-19

Property group Cromwell has pulled out of a possible $250 million transaction to acquire Rundle Place in Adelaide from private equity company Blackstone. AMP Capital had previously passed up on the chance to purchase Rundle Place, which consists of a shopping centre and an 11-storey office tower, in June. Blackstone purchased Rundle Place for over $400 million dollars in early 2016.

CORPORATES
CROMWELL PROPERTY GROUP – ASX CMW, THE BLACKSTONE GROUP LP, AMP CAPITAL INVESTORS LIMITED

Mirvac, Stockland and Frasers eye Maribyrnong defence site

Original article by Su-Lin Tan
The Australian Financial Review – Page: 39 : 10-Sep-19

The federal government launched a campaign in October 2018 aimed at selling off the 127-hectare Maribyrnong Defence Site, located around 10 kilometres from the Melbourne CBD. Industry observers have stated the site could sell for as much as $500 million if there are no contamination issues with it. A masterplan for the site’s development is due to be released in October, while Stockland, Mirvac and Frasers Property Australia are understood to be three of the eight groups that have been shortlisted as possible purchasers of the site.

CORPORATES
MIRVAC GROUP – ASX MGR STOCKLAND – ASX SGP FRASERS PROPERTY AUSTRALIA PTY LTD

Clearance rates show a market in turnaround

Original article by Su-Lin Tan
The Australian Financial Review – Page: 6 : 9-Sep-19

Data from Corelogic reveals that Sydney recorded a preliminary auction clearance rate of 83.1 per cent on 7 September, while Melbourne recorded a preliminary clearance rate of 76.6 per cent. As in previous weeks, the number of homes listed for sale was over 20 per cent down in both cities when compared to the same time in 2018. Meanwhile, QBE’s latest Housing Outlook indicates that Sydney house prices will rise around 1.2 per cent in the year to June 2020, while Melbourne’s prices will be generally flat.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, QBE INSURANCE GROUP LIMITED – ASX QBE