L67 Property Operators and Real Estate Services

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

Bubble call splits politics

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Original article by Sally Patten, Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 3-Jun-15

Prime Minister Tony Abbott does not believe that Australia is experiencing a housing bubble, and has claimed that the Opposition wants house prices to fall. Meanwhile, financial system inquiry chairman David Murray has warned of the economic impact of a residential property market correction in Melbourne and Sydney. He expects the Australian Prudential Regulation Authority to pursue additional measures aimed at reining in lending to property investors.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, WESTPAC BANKING CORPORATION – ASX WBC, DELOITTE ACCESS ECONOMICS PTY LTD, MIRVAC GROUP – ASX MGR, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIA. DEPT OF THE TREASURY, VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIAN BUREAU OF STATISTICS

You call that a house price boom?

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Original article by Robert Harley
The Australian Financial Review – Page: 3 : 29-May-15

Data from Corelogic shows that there has been a 38.8 per cent increase in Sydney house prices since May 2012. However, the firm notes that residential property values in the harbour city rose by 60.2 per cent during the property boom of 2001 to 2004. Likewise, house prices in Melbourne have risen by 23.6 per cent during the current boom, well shy of the 58 per cent growth between 2001 and 2004.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD

Merger resets retail landscape

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Original article by Nick Lenaghan, Su-Lin Tan
The Australian Financial Review – Page: 33 : 28-May-15

The combined Federation Centres and Novion Property Group will be the second-largest retail property trust in Australia, with some $A22bn worth of shopping centres. Novion shareholders voted in favour of the deal on 27 May 2015. The combined group will be headed by Federation CEO Steven Sewell, who is tipped to undertake a strategic review after the merger is finalised. The deal is still subject to court approval.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, SCENTRE GROUP – ASX SCG, CHADSTONE SHOPPING CENTRE, EMPORIUM MELBOURNE, THE GLEN SHOPPING CENTRE, DIRECT FACTORY OUTLETS PTY LTD

ACCC clears Federation-Novion merger

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 22-May-15

The Australian Competition & Consumer Commission has approved a $A12bn merger between Federation Centres and Novion Property Group. However, the merged entity will be required to divest either the Karingal Hub or Bayside shopping centre, which are both located in the Melbourne suburb of Frankston. Novion investors are scheduled to vote on the merger in late May 2015.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, KARINGAL HUB, BAYSIDE SHOPPING CENTRE, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, SHAYHER GROUP, CAPALABA CENTRAL