Posts Tagged ‘Property Investment’
Thursday, November 1st, 2012
FKP Property Group (FKP) managed ‘FKP Core Plus Fund Two’, a closed end investment fund, has sold Industroplex Rocklea in Queensland for $14.0 million against a book valuation of $14.5 million. Industroplex Rocklea was acquired in 2008 and fully leased to Iveco. Settlement of the transaction will occur in November 2012. The industrial property has been sold as part of the Fund’s strategy to return capital to investors. FKP holds a 27.7% stake in the Fund. FKP is in the process of winding up its non-retirement related funds management platform (Core Plus Fund One and Core Plus Fund Two) as part of the Group’s broader strategy to streamline its business lines to focus on FKP’s market-leading retirement portfolio and substantial property development pipeline.
With more than 30 years’ experience in the Australian property industry, FKP Property Group (FKP) is one of Australia’s leading diversified property and investment companies. FKP successfully operates an integrated business model which includes retirement, property investment and funds management, land development, property development (incorporating residential, retail, industrial and commercial) and construction across Australia and New Zealand. FKP is an ASX top 200 company.
www.fkp.com.au
Tags: Asset Sale, Construction, FKP, FKP Property, Property Investment
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Friday, September 28th, 2012
Centuria Property Funds, a wholly-owned subsidiary of the ASX listed Centuria Capital Limited (CNI), has announced the $23.3 million purchase of 19 Corporate Drive, Cannon Hill, QLD from Mirvac. The property will be held in Centuria’s latest single asset, unlisted property fund the Centuria 19 Corporate Drive Fund which will return 9.75% p.a. in its first year growing to 10.00% p.a. in year two. Equity raising for the fund is currently underway.
Centuria Capital’s CEO, John McBain commented that the offering is being well received by investors and Centuria’s property group is currently finalising the acquisition of a second commercial office investment which should see property acquisitions totalling circa $80 million in the first half.
Centuria Capital “CNI” is an ASX-listed diversified funds manager with $2 billion in funds under management. It offer a diverse range of investment opportunities – from tax-effective investment bonds to unlisted property funds.
www.centuria.com.au
Tags: acquisition, Centuria Capital, CNI, Property Investment
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Thursday, September 20th, 2012
The directors of BWP Management Limited, the responsible entity for the BWP Trust (BWP), announced the acquisition of a bulky goods centre anchored by a Bunnings Warehouse and Harvey Norman in Gladstone, Queensland for a purchase price of $27.0 million (plus acquisition costs of approximately $1.6 million). The purchase price is supported by an independent valuation of the property and reflects an initial yield of 8.84 per cent. The Gladstone Home centre is situated on the south-eastern side of the Dawson Highway in Clinton, approximately six kilometres south-west of Gladstone’s business centre.
Gladstone is a major regional industrial centre, approximately 533 kilometres north of Brisbane, Queensland. Gladstone’s economy is supported by a variety of refining, chemical and mining industries and it has one of the world’s top five coal export ports, handling in excess of 50 million tonnes of coal per annum. The estimated current trade area population is approximately 70,000 residents, including over 55,000 residents in the primary catchment. Development surrounding the Gladstone Home centre comprises a mixture of residential and recreational properties. Dawson Highway is one of the main arterial roads linking Gladstone and Biloela in the west, also providing access to the Bruce Highway, Queensland’s major north-south arterial road.
www.bwptrust.com.au
Tags: acquisition, BUnnings Warehouse Property Trust, BWP Trust, Property Investment
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Friday, August 31st, 2012
Stockland (SGP) has agreed to sell 45 St Georges Terrace in Perth to a private offshore investor for $55.3 million, in line with 30 June 2012 book value.
John Schroder Group Executive and CEO Commercial Property said the sale reflected Stockland’s strategic portfolio and capital management objectives. “The sale further demonstrates our continuing focus on increasing returns through active capital management. “In FY12 we achieved total asset sales of $964 million, and have already achieved sales of $247 million this financial year. This capital will be used to fund the share buyback, grow our core businesses and maintain low debt,” Mr Schroder said.
Stockland is one of Australia’s leading property groups, owning, developing and managing a large portfolio of residential communities, retirement living villages, retail, office and industrial assets.
www.stockland.com.au
Tags: Asset Sale, Property Development, Property Investment, SGP, Stockland
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Tuesday, August 28th, 2012
Charter Hall Retail REIT (CQR) announced it has entered into an unconditional contract for the sale of Mile End Homemaker Centre, South Australia for $43.8 million. The gross sale price is in line with the June 2012 book value and represents a passing yield of approximately 9.6%.
Scott Dundas, Fund Manager for the REIT, said: “We regularly review our domestic portfolio composition and the sale of Mile End is in line with our strategy of recycling assets and reinvesting this capital into accretive grocery anchored shopping centre acquisitions or redevelopment opportunities. As announced at our full year results, we will continue to look at acquisition opportunities within the Australian market in line with our investment criteria.”
Charter Hall Retail REIT is a leading listed real estate investment trust with a portfolio of predominantly Australian high quality supermarket anchored neighbourhood and sub-regional shopping centres, with a smaller portfolio of quality shopping centres in Poland and Germany in Europe. Charter Hall Retail REIT is managed by Charter Hall Group (CHC), one of Australia’s leading fully integrated property groups with over 20 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has circa $9 billion of funds under management across the office, retail, industrial and residential sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.
www.charterhall.com.au
Tags: Asset Sale, Charter Hall Retail, CQR, Property Investment
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Monday, August 27th, 2012
Australian Infrastructure Fund Limited (AIFL) and Hastings Funds Management Limited (HFML), as responsible entity of the Australian Infrastructure Fund (together, AIX), advised that AIX has entered into a memorandum of understanding in relation to a proposal received from the Future Fund Board of Guardians to acquire all of AIX’s assets, being AIX’s interests in Perth Airport, Australian Pacific Airports Corporation (Melbourne Airport), Queensland Airports, HTAC, NT Airports and Statewide Roads. The price proposed by Future Fund for the assets is $2.0 billion. AIX will continue to receive all amounts distributed from its assets in the usual course having regard to past practice, up to the completion of any sale of these assets.
AIFL Chairman, Paul Espie, said: “The proposal from Future Fund was sufficiently compelling for the Boards to enter into the memorandum of understanding and to facilitate the due diligence inquiries of the Future Fund. The indicative purchase price represents a significant premium to recent trading in AIX securities.” HFML Chairman, Alan Cameron, said: “Since we announced the decision to proceed with the proposal to internalise the management of AIX, HFML has operated within a rigorous corporate governance framework, including appropriate conflict management procedures. This will continue to be the case.” AIX will keep the market and AIX securityholders informed of developments in respect of this proposal. AIX is being advised by Credit Suisse as financial adviser and Freehills as legal adviser.
www.hfm.com.au/aix
Tags: AIX, Asset Sale, Australian Future Fund, Future Fund, Property Investment
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Monday, August 27th, 2012
Investa Office Fund (IOF) announces it has exchanged contracts to acquire 66 St George’s Terrace, Perth for $82.375 million. The 11,447 square metre A-grade office building is centrally located in the core of the Perth CBD. The price paid reflects an initial yield of 8.1% after acquisition costs, and is forecast to generate additional earnings of 0.4 cents per unit in FY13. The acquisition will be funded from existing debt facilities and gearing post acquisition will be 25.5%, the bottom of the Fund’s 25% – 35% target range. The building is currently let at a low average rent of $550 per square metre, and has a 1.8 year weighted average lease expiry. The short lease expiry profile will allow the Fund to capture value uplift through crystallising the estimated rental reversion of 15%.
Toby Phelps, Fund Manager of IOF said: “Due to the strength of our balance sheet and low gearing levels the Fund is well placed to acquire assets at what is an opportune time in the cycle. IOF is underweight in Perth, which is currently the strongest office market in Australia. This asset will improve portfolio diversification and allow the Fund to capture short-term rental growth potential from the current low vacancy levels and strong tenant demand in this market.” In addition to the accretion to earnings, the acquisition is in line with our strategy of investing in investment grade CBD office properties and leveraging Investa’s management platform to improve the Fund’s risk-adjusted returns.”
Investa Office Fund (IOF) is an ASX-listed real estate investment trust (A-REIT) and is included in the S&P/ASX100 index. The Fund is a leading owner of investment grade office buildings and receives rental income from a tenant register comprised predominately of Government and blue chip tenants. IOF has total assets under management of AU$2.5billion with investments located in core CBD markets throughout Australia and select offshore markets in Europe. IOF’ strategy is to reposition the portfolio to an Australian only focus. Investa Property Group is a fully integrated real estate company and one of the largest unlisted owners of commercial real estate in Australia. Since its inception in 2000, Investa has grown to control real estate assets of approximately AU$8.4 billion.
www.investa.com.au
Tags: acquisition, Investa Office Fund, IOF, Property Investment, Property Trust
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Wednesday, August 15th, 2012
Decmil Group Limited (DCG) announces that it has entered into an agreement to acquire the remaining 50% interest that it did not own in the MGA Gladstone Unit Trust, owner of the Calliope Accommodation Village in Gladstone, Queensland from Maroon Group Holdings Pty Ltd and associated parties. The acquisition will result in Decmil owning 100% of MGA and the Calliope Accommodation Village. As announced on 29 November 2011, DGL invested $40 million and agreed to provide further funding to MGA by way of a secured mezzanine finance facility. As part of the overall transaction DGL also provided a secured working capital facility to Maroon, which was drawn to approximately $3 million. Through the structure of these agreements DGL has negotiated an outcome to acquire the 50% of MGA that it does not currently own, for the following consideration $12 million to be paid immediately; $3 million to be paid on 21 December 2012; and Decmil releasing Maroon from advances made under the working capital facility.
Managing Director of Decmil, Scott Criddle, said: “The Calliope Accommodation Village is a key asset in Decmil’s strategy to develop long term revenue streams and we are extremely pleased to move to 100% ownership. Decmil now has full control and ownership of the Calliope village, with the price negotiated to acquire the remaining 50% providing an excellent investment for Decmil that will deliver even stronger returns to our shareholders. “Decmil is on track to complete the 2,265 room village by the middle of 2013 and we continue to see strong demand for accommodation solutions in Gladstone. This further investment in the Calliope Village enables DGL to capture the full benefits of a first-mover advantage in the Gladstone region where we are establishing the benchmark for accommodation quality and developments.”
Decmil Group Limited (DGL) is a leading design, civil engineering and construction company, focussed on delivering integrated solutions to blue-chip clients in Australia’s oil and gas, resources and infrastructure sectors.
www.decmilgroup.com.au
Tags: acquisition, DCG, Decmil Group, Property Investment
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Friday, July 6th, 2012
APN Property Group (APN) is pleased to announce GPT Wholesale Office Fund (GWOF) has acquired 150 Collins Street, Melbourne’s next landmark office development. GWOF will fund the completion of the project on a cost to complete basis. APN and Grocon will continue to deliver the project as joint project developers. Grocon will carry out the construction of the project. Located between two heritage landmarks; Scots Church and The Assembly Hall, 150 Collins Street represents a new generation of building, blending the old and the new. The building will be anchored by Westpac under a 12 year lease agreement. Westpac will lease nine levels of office space, equating to more than 70 per cent of Net Lettable Area (NLA). Approximately 5,000 sqm of office space and 700 sqm of retail remain available. The building is expected to have an end value of approximately $180 million.
APN Property Group’s Managing Director, Mr David Blight said “We are delighted to announce this outcome. Since 1998 APN had a vision to create a unique landmark development. Over the years we’ve worked with the Scots Church Trust and more recently with Grocon as our development partner as well as extensively consulted with the community. We are excited to deliver this project which will integrate with the historical site and create a vibrant new public precinct. The GWOF transaction is the culmination of several years’ work from the APN team and the tremendous support of our institutional investors via one of APN’s Development funds.”
APN Property Group (APD) is a specialist real estate investment manager. Since 1996, APN has been actively investing in, developing and managing real estate and real estate securities on behalf of institutions, superannuation funds, high net worth and individual investors. As a boutique asset manager, the Group’s focus is on delivering superior investment performance and outstanding service. Performance is underpinned by a highly disciplined investment approach and a deep understanding of commercial real estate.
www.apngroup.com.au
Tags: APN, APN Property Group, Asset Sale, GPT Wholesale Office Fund, Property Development, Property Investment
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