Dexus buys big in office markets, but revaluations hit profit

Dexus buys big in office markets, but revaluations hit profit

Dexus (ASX: DXS) secured a $3.1 billion pipeline of acquisition opportunities over the past financial year, however lacklustre revaluations hit the property group's profit margin. Net profits dropped 25.9 per cent to hit $1.28 billion which was primarily due to lowered net revaluation gains on Dexus' investments. In FY19 the c...

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Vicinity axes plans for property fund on 72 per cent profit drop

Vicinity axes plans for property fund on 72 per cent profit drop

Impacted by a year of heavy divestments and a "challenging retail environment", Vicinity Group's (ASX: VCD) profit has dropped almost 72 per cent. The shopping centre giant reported a net profit after tax of $346.1 million, down from an FY18 result of $1.218 billion. Managing director and CEO Grant Kelley admits the weak...

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Acquisitions lift Centuria real estate asset values by 33%

Acquisitions lift Centuria real estate asset values by 33%

Centuria Capital Group (ASX: CNI) expects to qualify for the S&P ASX 300 index this quarter after an acquisition drive helped lift its market capitalisation in FY19. The Sydney-based company's share price has risen 62 per cent since the start of the year with leadership holding a bullish outlook for the office, industrial and heal...

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Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman (ASX: HVN) and its founder Gerry Harvey have sold their stake in The Byron at Byron Resort for $41.7 million. The luxury hotel has been acquired by Syrian entrepreneur and billionaire Ghassan Aboud. Harvey established the hotel in 2005 in partnership with his listed retail business Harvey Norman. The resort is highly...

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Charter Hall and Abacus buy $630 million Sydney office tower

Charter Hall and Abacus buy $630 million Sydney office tower

Fund manager Charter Hall (ASX: CHC) has partnered with property group Abacus (ASX: ABP) to acquire a major Sydney CBD office tower. The expected purchase price for 201 Elizabeth Street is $630 million. Charter Hall will acquire 68 per cent of the building, with Abacus acquiring the remaining 32 per cent of tenants in common. The ...

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Mirvac stacks up $1 billion profit for fourth straight year

Mirvac stacks up $1 billion profit for fourth straight year

Mirvac (ASX: MGR) has topped a ten-figure statutory profit margin for its fourth year in a row, buoyed by a string of leasing deals and high-performing CBD office markets. While the $1.019 billion statutory profit result is a $70 million drop from last year, Mirvac managed to deliver at the top end of its guidance. Revaluation uplifts...

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Charter Hall acquires Chifley Tower

Charter Hall acquires Chifley Tower

Two Charter Hall (ASX: CHC) managed wholesale funds have partnered with Singapore sovereign wealth fund GIC to acquire the iconic Chifley Tower. Charter Hall will assume the asset and property management of 2 Chifley Square, Sydney, increasing the group's funds under management (FUM) by approximately $1.8 billion to over $33 billion. ...

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Profit takes a hit at SCA Property Group

Profit takes a hit at SCA Property Group

Despite raising $1.3 billion in capital during the past financial year, SCA Property Group (ASX: SCP) has come up short on profit. The company reported a statutory net profit of $109.6 million representing a 37.4 per cent drop on FY18. SCA largely blames acquisition transaction costs and a weak property valuation uplift for the inferi...

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South Bank commercial building sells for $44 million

South Bank commercial building sells for $44 million

One of seven major commercial buildings on Grey Street in South Bank has sold for $44 million. VennCap acquired the property on 164 Grey Street, South Bank for $44,650,000, representing a market yield of 5.4 per cent. Marquette Properties recently executed a new 10-year lease to Queensland X-Ray for the majority of the building, follo...

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Property developer Ralan falls into administration

Property developer Ralan falls into administration

Major NSW-based property developer Ralan Group has fallen into administration, leaving key builds in the lurch alongside its creditors. Administrators Grant Thorton were appointed on Wednesday to determine what is to happen with the collapsed company. The Ralan group specialises in the development and management of commercial and resi...

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Why an Australian building industry downturn is inevitable

Why an Australian building industry downturn is inevitable

According to BIS Oxford Economics a downturn in Australia's residential building industry is "already baked in". But fear not, it is only expected to last for about a year, and things will start looking up from mid-2020. While the dip in the building market is on its way, the market analyst and economic forecaster says t...

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NSW Planning knocks back "incongruous" Star luxury tower

NSW Planning knocks back "incongruous" Star luxury tower

Planning authorities in New South Wales have rejected Star Entertainment Group's (ASX: SRG) plans to build a 61-story Ritz-Carlton hotel in Sydney, describing it as "contextually inappropriate" with an unacceptable height. In a report, the NSW Department of Planning concluded the proposed $500 million development was in...

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CBD property market demand spiking nationally

CBD property market demand spiking nationally

Following this year's Federal election, demand for CBD office space of all types has spiked across the country. According to Colliers International's latest research demand for office space increased 8 per cent nationally fromQ1 2019 to Q2 2019. Demand has increased for most markets around Australia except for Adelaide and Mel...

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Woolworths sells Perth shopping centre to overseas investor

Woolworths sells Perth shopping centre to overseas investor

Woolworths Group (ASX: WOW) has divested its self-anchored Banskia Grove shopping centre in Perth for $27.3 million, but will continue to rent its space under a 12-year lease. The centre in the city's northeast has a net lettable area of 5,721sqm and was sold to an undisclosed Singapore-based private investor. Woolies wi...

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Harry Triguboff opens 19th Meriton Suites hotel

Harry Triguboff opens 19th Meriton Suites hotel

Meriton Suites has launched its latest Sydney-based hotel on Sussex Street in Darling Harbour. This is yet another milestone for Australia's second richest person and owner of Meriton Suites, Harry Triguboff, who now operates five hotels in the Sydney CBD and 19 around Australia. The Sussex Street hotel is located in the historic ...

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Landmark White offers up shares to pull out of strife

Landmark White offers up shares to pull out of strife

Embattled property valuer Landmark White (ASX: LMW) is making all efforts to wrench itself free from the mire of a cybersecurity disaster that slashed earnings by at least $6 million in FY19. Following two trading suspensions and the temporary withdrawal of major bank customers, the company has posted a $15.1 million loss that was heavily...

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Centuria acquires Adelaide CBD property for $127 million

Centuria acquires Adelaide CBD property for $127 million

Centuria's (ASX: CNI) property fund has acquired an Adelaide CBD office building for $127 million. The property, located on 80 Flinders Street, is expected to generate capital for the investment manager's unlisted property fund. The fund is expected to launch in August 2019, delivering FY20 and FY21 distribution yields of 6.50...

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Lendlease signs historic $20 billion development deal with Google

Lendlease signs historic $20 billion development deal with Google

Sydney-based property giant Lendlease (ASX: LLC) has teamed up with Google to undertake the biggest construction deal in its 61-year history. Through its United States division, Lendlease has entered a maximum 15-year agreement with Google to jointly tackle the master planning, entitlement and development of three major hubs in the San Fr...

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Wyndham to build new boutique hotel in Adelaide

Wyndham to build new boutique hotel in Adelaide

Wyndham Hotels & Resorts has selected Adelaide as the location for a new TRYP by Wyndham hotel. The TRYP brand of Wyndham hotels sees the accommodation giant exploring the local vibe of a city and reflecting it in the design and fit out of each specific hotel. These branded hotels can be found in Barcelona, Madrid, New York City, ...

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GDI to buy Perth CBD property for $12.6M

GDI to buy Perth CBD property for $12.6M

GDI Property Group (ASX: GDI) is optimistic about the improving Perth office market and has exchanged a conditional contract at 180 Hay Street in the city's CBD for $12.59 million. Built in 1999, the property has 4,925sqm of well-presented office space over four floors and a mezzanine level. The company expects that on s...

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