L67 Property Operators and Real Estate Services

A-REITs have a good year but a tough month

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Original article by Robert Harley
The Australian Financial Review – Page: 38 : 2-Jul-15

Australian real estate investment trusts generally performed well during 2014-15, although support for the sector turned bearish in the final month of the fiscal year. DEXUS Property Group, Mirvac Group and GPT Group in particular were heavily sold down in June 2015. BT Investment Management’s Julia Forrest expects mergers and acquisition activity to be a key driver for the sector in 2015-16.

CORPORATES
DEXUS PROPERTY GROUP – ASX DXS, MIRVAC GROUP – ASX MGR, GPT GROUP – ASX GPT, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, INVESTA PROPERTY GROUP, DOW JONES EQUITY ALL REIT TOTAL RETURN INDEX, MANULIFE FINANCIAL CORPORATION, BLOOMBERG LP, OMAN INVESTMENT FUND, FORTRESS CAPITAL ASSET MANAGEMENT, NIKKO ASSET MANAGEMENT GROUP, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COLES GROUP LIMITED, GIC REAL ESTATE PTE LTD

Housing data shows peak is over

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Original article by Robert Harley
The Australian Financial Review – Page: 38 : 1-Jul-15

Data from Domain Group shows that Sydney’s residential auction clearance rate eased from 83.3 per cent in May 2015 to 82.9 per cent in June. There was also a downturn in the median auction price. Meanwhile, the auction clearance rate in Melbourne rose from 78 per cent to 79.2 per cent in June, although the median dwelling price was 4.9 per cent lower than in May.

CORPORATES
DOMAIN.COM.AU, FAIRFAX MEDIA LIMITED – ASX FXJ, HOUSING INDUSTRY ASSOCIATION LIMITED, RESERVE BANK OF AUSTRALIA, HSBC AUSTRALIA HOLDINGS PTY LTD

TripAdvisor for property agents raises $6 million

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Original article by Paul Smith
The Australian Financial Review – Page: 22 : 30-Jun-15

South Africa-based Hollard Investments will provide some $A6m of funding to real estate website OpenAgent.com.au and gain a seat on the start-up’s board. The website allows consumers to rate the performance of real estate agents and compare statistics on property sales. OpenAgent.com.au has previously raised $A2m from a number of angel investors.

CORPORATES
OPENAGENT.COM.AU, HOLLARD INVESTMENTS BV, TRIPADVISOR LLC, TRULIA INCORPORATED, McKINSEY AND COMPANY, HOLLARD FINANCIAL SERVICES PTY LTD, GREENSTONE LIMITED

Stokes jumps Chinese buyers to get Kangaroo Island farm

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Original article by Simon Evans
The Australian Financial Review – Page: 31 : 29-Jun-15

Kerry Stokes and his business partner Peter Murray have paid $A4.7m for the 2,823-hectare Woodlana Station on Kangaroo Island in South Australia. Stokes now owns more than 10,000 hectares of farmland on Kangaroo Island and the Fleurieu Peninsula. Woodlana boasts 68 dams, 6,000 sheep and 500 cattle, and had been placed in receivership in mid-2014.

CORPORATES
COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED, HEARD PHILLIPS

Garda float subscribers scaled back

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Original article by Matthew Cranston
The Australian Financial Review – Page: 46 : 25-Jun-15

The IPO of Garda Diversified Property Group has attracted strong interest from investors, with the offer being oversubscribed. CEO Matthew Madsen says the property trust is likely to debut on the Australian sharemarket about a week earlier than anticipated. Investors will pay $A1 per unit, with the IPO raising $A70m.

CORPORATES
GARDA DIVERSIFIED PROPERTY FUND – ASX GDF, OPUS INCOME AND CAPITAL FUND NUMBER 21, MORGANS FINANCIAL LIMITED, METRO PROPERTY DEVELOPMENT PTY LTD, GRANT THORNTON AUSTRALIA, BDO AUSTRALIA LIMITED

Gerry follows Gina into dairy

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Original article by Matthew Cranston
The Australian Financial Review – Page: 31 : 22-Jun-15

Harvey Norman co-founder Gerry Harvey has invested in Coomboona Holsteins, a 2,000-hectare dairy farm in regional Victoria. He is understood to be initially investing about $A20m in the farm, but this could potentially rise to around $A80m. Mining magnate Gina Rinehart is also actively investing in the dairy sector.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, COOMBOONA HOLSTEINS PTY LTD, HOPE DAIRIES PTY LTD, CHINA NATIONAL MACHINERY INDUSTRY CORPORATION, BANNISTER DOWNS DAIRY COMPANY

Federation hands over red ribbon to Vicinity Centres

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 37 : 18-Jun-15

Federation Centres shareholders will be asked to approve a change of name at its annual meeting in October 2015. The group, which recently merged with Novion Property Group, proposes to adopt the name Vicinity Centres, although its current logo will be retained. Meanwhile, Federation has advised that investors will receive a final distribution of $A0.085 per security for 2014-15.

CORPORATES
FEDERATION CENTRES – ASX FDC. NOVION PROPERTY GROUP. CHADSTONE SHOPPING CENTRE. EMPORIUM MELBOURNE

Sydney ignores RBA as auction sales hit 87pc

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 7 : 15-Jun-15

Preliminary figures from CoreLogic RP Data show that Sydney’s residential property market achieved an auction clearance rate of 87 per cent on the weekend of 13-14 June 2015. This compares with a clearance rate of 89 per cent on the previous weekend, and almost 70 per cent for the corresponding period in 2014. Melbourne’s preliminary clearance rate was 78 per cent, compared with 69 per cent for the same period in 2014.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, DOMAIN.COM.AU, AUSTRALIAN PROPERTY MONITORS PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BELLE PROPERTY PTY LTD, MARSHALL WHITE AND COMPANY PTY LTD, SHANGHAI GREENLAND GROUP COMPANY LIMITED, McGRATH REAL ESTATE PTY LTD, FRASERS PROPERTY AUSTRALIA PTY LTD, BAYENO

‘Crazy’ house prices won’t halt rate cut

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Original article by Jacob Greber, Matthew Cranston
The Australian Financial Review – Page: 1 & 6 : 11-Jun-15

There has been a 39 per cent increase in residential property prices in Sydney over the last three years. HSBC’s Paul Bloxham estimates that the cost of buying a house in Sydney has risen to around 5.5 times annual income over the last 10 years. In contrast, the cost of home ownership across Australia has remained steady at about 4.1 times income. Reserve Bank governor Glenn Stevens has not ruled out further interest rates, despite the fact that doing so could put further upward pressure on house prices, particularly in Sydney.

CORPORATES
HSBC AUSTRALIA HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, HOUSING INDUSTRY ASSOCIATION LIMITED, MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN LABOR PARTY

Profit from ageing and property booms

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Original article by Rose Powell
The Australian Financial Review – Page: 28 : 9-Jun-15

Gateway Lifestyle is scheduled to debut on the Australian sharemarket on 11 June 2015, following a $A381m IPO. The group specialises in developing housing estates that feature manufactured homes, with retirees as its primary target market. Residents buy their home outright but rent the land on which the property sits.

CORPORATES
GATEWAY LIFESTYLE – ASX GTY, MACQUARIE CAPITAL PTY LTD, UBS HOLDINGS PTY LTD, TASMAN LIFESTYLE