REAL ESTATE INVESTMENT TRUSTS – AUSTRALIA

Lendlease sells Adelaide mall stake for $670m

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Original article by Nick Lenaghan
The Australian Financial Review – Page: Online : 8-Nov-19

Lendlease has sold its 50 per cent stake in Adelaide’s Westfield Marion to Singapore-listed SPH REIT for $670 million. Westfield Marion is one of the largest shopping centres in Australia and has the 13th highest turnover, while Scentre Group is the centre’s co-owner. SPH REIT is sponsored by media conglomerate Singapore Press Holdings, while the purchase was brokered by Colliers International and CBRE.

CORPORATES
LENDLEASE GROUP – ASX LLC, SPH REIT, SCENTRE GROUP – ASX SCG, SINGAPORE PRESS HOLDINGS LIMITED, COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED, CBRE PTY LTD

Lowy calls time on retail empire

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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

Sector in race to zero emissions by 2050

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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

The end of an era for Lowy family

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Original article by Turi Condon
The Australian – Page: 17 & 27 : 30-Apr-19

Peter Lowy will step down from the board of Unibail-Rodamco-Westfield at its AGM in May, having flagged his intention to retire from the board in March. Steven Lowy retired as a director of Scentre Group, which owns and operates Westfield shopping centres in Australia, in April. Peter Lowy’s decision means an end to the presence of the Lowy family on Westfield boards after more than 50 years. Meanwhile, Unibail-Rodamco-Westfield CFO Jaap Tonckens says Unibail-Rodamco has "zero regrets" concerning the $32 billion Westfield takeover.

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

Lendlease and Vicinity both takeover targets, says JPM

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 31 : 23-Apr-19

JP Morgan’s Global REIT Radar report suggests that a sharp fall in the share prices of Lendlease and Vicinity Centres could make them potential takeover targets. Ben Brayshaw of JP Morgan says both stocks are currently trading well below the firm’s estimate of their net asset value. The report also notes that real estate investment trusts have delivered a total return of 18.5 per cent over the last year, while global equities have returned just 7.6 per cent.

CORPORATES
LEND LEASE GROUP LIMITED – ASX LLC, VICINITY CENTRES – ASX VCX, JP MORGAN AUSTRALIA LIMITED, CROWN ESTATE, MAURICE BLACKBURN PTY LTD, SUPREME COURT OF NEW SOUTH WALES

Vicinity write-down hints at retail cycle’s turn: Citi

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 32 : 29-Jan-19

Shopping centre landlord Vicinity Centres advised in the week ending 25 January that it had reduced the value of its portfolio by $37 million. Although the write-down represented only a 0.2 per cent reduction in the value of Vicinity’s portfolio, Citi analysts have heralded it as being "symbolically significant" in a research note. Citi has stated that retail is its least preferred property option, and that recent news regarding the retail property sector suggests that conditions are declining more quickly than had previously been thought.

CORPORATES
VICINITY CENTRES – ASX VCX, CITIGROUP PTY LTD, SCENTRE GROUP – ASX SCG, GOODMAN GROUP – ASX GMG

Investors eye modest REIT return in 2019: Citi

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 32 : 24-Jan-19

Citigroup has forecast a total return of five per cent for Australian real estate investment trusts in 2019. The sector delivered an overall return of 2.9 per cent in 2018, although Citi analysts note that the spread between the best and worst performers was the widest since the global financial crisis. Citi is bearish about the outlook for retail REITs, although the firm has upgraded its rating on several residential REITs to a ‘buy’.

CORPORATES
CITIGROUP PTY LTD, DEXUS – ASX DXS, STOCKLAND – ASX SGP, LEND LEASE GROUP LIMITED – ASX LLC, ABACUS PROPERTY GROUP – ASX ABP, GOODMAN GROUP – ASX GMG, CHARTER HALL GROUP – ASX CHC, WESTFIELD CORPORATION, UNIBAIL-RODAMCO

End of an era as Lowy flags Scentre board departure

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Original article by Ben Wilmot
The Australian – Page: 23 : 16-Nov-18

Steven Lowy has advised the board of Scentre Group that he will not seek re-election as a director at its AGM in April. Scentre is the owner and operator of Westfield shopping centres in Australia and New Zealand, with Lowy’s father Sir Frank having co-founded Westfield in 1960. Sir Frank struck a deal in December 2017 to sell Westfield Corporation, the owner of its international malls, to Unibail-Rodamco for $US24.7 billion ($32 billion). Steven Lowy was the last member of the Lowy family to remain on the Scentre board.

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

Blackstone bets big on Australia with $3.1b takeover bid for Investa

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Original article by Nick Lenaghan, Matthew Cranston
The Australian Financial Review – Page: 31 : 29-May-18

US fund manager Blackstone has announced a $A3.1 billion takeover bid for Investa Office Fund, with Investa directors having indicated their support for the offer. Investa’s property portfolio is valued at $A4 billion, with its assets including Barrack Place and Deutsche Bank Place in Sydney. Investa was the subject of an unsuccessful bid by Cromwell Property Group in 2017, while a bid for it by Dexus in 2016 also failed to succeed.

CORPORATES
INVESTA OFFICE FUND – ASX IOF, THE BLACKSTONE GROUP LP, DEUTSCHE BANK AG, CROMWELL PROPERTY GROUP – ASX CMW, DEXUS – ASX DXS, TELSTRA CORPORATION LIMITED – ASX TLS, UBS HOLDINGS PTY LTD, JP MORGAN AUSTRALIA LIMITED, WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO

Westfield done deal for Unibail

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Original article by Turi Condon, Ben Wilmot
The Australian – Page: 23 : 24-May-18

Westfield Corporation’s shareholders are widely tipped to vote in favour of its acquisition by Unibail-Rodamco on 24 May. Winston Sammut of Folkestone Maxim Asset Management says factors such as the support of proxy advisers and the absence of a rival bid suggests that the $A30bn deal will be approved. He attributes the recent fall in Westfield’s share price to investors replacing the stock in their portfolios in expectation of the deal proceeding.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED, CGI GLASS LEWIS PTY LTD, CLSA AUSTRALIA PTY LTD, GOODMAN GROUP – ASX GMG, DEXUS – ASX DXS, GPT GROUP – ASX GPT