REAL ESTATE INVESTMENT TRUSTS – AUSTRALIA

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

Westfield rejig paves way to ‘exciting future’

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Original article by Robert Harley, Su-Lin Tan
The Australian Financial Review – Page: 37 : 15-May-15

Westfield Corporation’s remuneration report was approved by more than 91 per cent of votes cast at the annual meeting on 14 May 2015. However, a shareholder questioned whether the company requires two CEOs. Meanwhile, co-CEO Peter Lowy said the board will consider alternatives to the group’s current Australian sharemarket listing and make a recommendation within the next year.’

CORPORATES
WESTFIELD CORPORATION – ASX WFD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Lowy to stay on at top of Westfield

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Original article by Robert Harley
The Australian Financial Review – Page: 39 : 26-Feb-15

Westfield Corporation says its funds from operations will be $A0.377 per security for calendar 2015. The listed property group’s shareholders will receive a distribution of $A0.123 per security for the second half of 2014, and it will pay a distribution of $A0.251 in 2015. Meanwhile, joint CEO Peter Lowy has advised that he intends to remain in the role "indefinitely", having previously planned to step down and become a non-executive director

CORPORATES
WESTFIELD CORPORATION – ASX WFD, SCENTRE GROUP – ASX SCG, O’CONNOR CAPITAL PARTNERS

Woolies’ supermarket growth revised

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Original article by Sue Mitchell, Matthew Cranston
The Australian Financial Review – Page: 17 : 11-Feb-15

Shares in Shopping Centres Australasia Property Group have risen by 15 per cent so far in 2015. However, the listed property trust has reported that growth in sales at supermarkets in its shopping centres slowed to 4.2 per cent in the December 2014 quarter. Some analysts believe that this may have implications for the sales growth of grocery giants Coles and Woolworths, which will report their results later in February

CORPORATES
SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP – ASX SCP, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, UBS HOLDINGS PTY LTD, ALDI STORES SUPERMARKETS PTY LTD

Novion, Federation seal $22bn mall merger

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Original article by Sarah Danckert
The Australian – Page: 19 : 4-Feb-15

Australian-listed real estate investment trusts (A-REITs) Novion and Federation Centres, active in the retail malls segment, will be merged in a deal worth $A22bn. The combined entity will be ranked third in the A-REITs category behind rival shopping centre owners Westfield Corporation and Scentre Group. Novion is the former CFS Retail, and along with Federation has 100-plus mall assets. Speculation is growing that a merger agreement may also soon be struck that could involve Dexus, GPT and Stockland

CORPORATES
NOVION PROPERTY GROUP – ASX NVN, FEDERATION CENTRES – ASX FDC, WESTFIELD CORPORATION – ASX WFD, SCENTRE GROUP – ASX SCG, DEXUS PROPERTY GROUP – ASX DXS, GPT GROUP – ASX GPT, STOCKLAND – ASX SGP, CHADSTONE SHOPPING CENTRE, CHATSWOOD CHASE, ASX LIMITED – ASX ASX, COMMONWEALTH PROPERTY OFFICE FUND, FRASERS CENTREPOINT LIMITED, AUSTRALAND PROPERTY GROUP, CANADA PENSION PLAN INVESTMENT BOARD, UBS HOLDINGS PTY LTD, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE BANK LIMITED – ASX MBL, CREDIT SUISSE (AUSTRALIA) LIMITED

360 Capital grabs 7.7pc stake in rival REIT

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Original article by Ben Wilmot
The Australian – Page: 21 : 8-Dec-14

Stockholders in smaller industrial real estate investment trust (REIT) vehicles in Australia are calling on their managers to seek consolidation deals, in order to better compete with major rivals such as Goodman Group, Dexus Property Group and Stockland. In response, 360 Capital Group has bought a holding of 7.7% in competitor Australian Industrial REIT. The portfolio of assets owned by the target is worth $A308m, while the 360 Capital Industrial Fund has properties valued at $A501m

CORPORATES
AUSTRALIAN INDUSTRIAL REIT – ASX ANI, 360 CAPITAL INDUSTRIAL FUND – ASX TIX, 360 CAPITAL GROUP LIMITED – ASX TGP, GOODMAN GROUP – ASX GMG, DEXUS PROPERTY GROUP – ASX DXS, STOCKLAND – ASX SGP, MIRVAC GROUP – ASX MGR, APN PROPERTY GROUP LIMITED – ASX APD, FIFE CAPITAL PTY LTD, COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED

Prime Trust directors banned

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Original article by Sarah Danckert
The Australian – Page: 21 : 3-Dec-14

Federal Court of Australia judge Bernard Murphy has handed down the penalties for the board members of the failed Prime Retirement & Aged Care Property Trust, following a successful civil case by the Australian Securities & Investments Commission. The breaches of the Corporations Act have resulted in bans from acting as a company director of two years and three months for chair Michael Wooldridge, 15 years for Bill Lewski, and four years each for Kim Jaques and Mark Butler. Fines of between $A20,000 and $A230,000 per individual have also been imposed

CORPORATES
PRIME RETIREMENT AND AGED CARE PROPERTY TRUST, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, ASX LIMITED – ASX ASX, FEDERAL COURT OF AUSTRALIA, VISION EYE INSTITUTE LIMITED – ASX VEI, PLACES VICTORIA, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, MONASH UNIVERSITY, UNIVERSITY OF MELBOURNE

A-REITs outperform

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 12-Nov-14

Australia’s S&P/ASX 200 A-REIT Index gained 6.8 per cent in October 2014, recovering from a sharp sell-off early in the month. Morgan Stanley has an overweight position on a number of listed property trusts, while Goldman Sachs has a "buy" rating on Mirvac Group, DEXUS Property Group, GPT Group, Hotel Properties Investments and Goodman Group

CORPORATES
STANDARD AND POOR’S ASX 200 A-REIT INDEX, MORGAN STANLEY AUSTRALIA LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, GPT GROUP – ASX GPT, MIRVAC GROUP – ASX MGR, DEXUS PROPERTY GROUP – ASX DXS, GOODMAN GROUP – ASX GMG, HOTEL PROPERTIES INVESTMENTS – ASX HPI, BWP TRUST – ASX BWP, SCENTRE GROUP – ASX SCG, NOVION PROPERTY GROUP – ASX NVN, FEDERATION CENTRES – ASX FDC, LEND LEASE GROUP LIMITED – ASX LLC, STOCKLAND – ASX SGP, NATIONAL STORAGE REIT – ASX NSR, ARENA REIT – ASX ARF, STANDARD AND POOR’S (AUSTRALIA) PTY LTD, INVESTA OFFICE FUND – ASX IOF, WESTFIELD CORPORATION – ASX WFD, CHARTER HALL RETAIL REIT – ASX CQR, UNITED STATES. FEDERAL RESERVE BOARD

REITs in major sell-off

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Original article by Mercedes Ruehl
The Australian Financial Review – Page: 35 : 1-Oct-14

Australia’s listed real estate investment trusts index shed more than five per cent in September 2014. However, Freehold Investment Management’s Andrew Smith notes that a pullback was likely given the sector’s strong gains in the year to date. Stocks that were hard hit include Charter Hall Group, BWP Trust, Mirvac and Scentre Group. Lend Lease and GDI Property Group are among the stocks that posted gains

CORPORATES
STANDARD AND POOR’S ASX 200 A-REIT INDEX, CHARTER HALL GROUP – ASX CHC, BWP TRUST – ASX BWP, MIRVAC GROUP – ASX MGR, SCENTRE GROUP – ASX SCG, LEND LEASE GROUP LIMITED – ASX LLC, GDI PROPERTY GROUP – ASX GDI, GROWTHPOINT PROPERTIES AUSTRALIA – ASX GOZ, WESTFIELD CORPORATION – ASX WFD, DEXUS PROPERTY GROUP – ASX DXS, INVESTA OFFICE FUND – ASX IOF, FREEHOLD INVESTMENT MANAGEMENT LIMITED, CLSA AUSTRALIA PTY LTD, STOCKLAND – ASX SGP, CREDIT SUISSE (AUSTRALIA) LIMITED, RESERVE BANK OF AUSTRALIA, GPT GROUP – ASX GPT, INGENIA COMMUNITIES GROUP – ASX INA