Lendlease to divest underperforming engineering business for $180 million

Lendlease to divest underperforming engineering business for $180 million

Through FY19 property project developer Lendlease's (ASX: LLC) engineering business has been causing some significant headaches for the company. The segment was one of the main reasons the company posted a 40 per cent dive in profits, down to $467 million from $793 million. It is also currently privy to a class action brought by P...

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Dexus secures $2.1 billion redevelopment of Brisbane's Eagle Street pier

Dexus secures $2.1 billion redevelopment of Brisbane's Eagle Street pier

Two sparkly new office towers, a variety of restaurants and shops, a green open space, and enhanced riverbank facilities are on the cards for a $2.1 billion Brisbane waterfront master plan. Announced this morning by the Queensland Government the development will be helmed by property group Dexus who will transform the city's Eagle Str...

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Mirvac and John Holland selected to deliver Waterloo metro station development

Mirvac and John Holland selected to deliver Waterloo metro station development

A consortium comprised of Mirvac (ASX: MGR) and John Holland have been selected to deliver Sydney Metro's station development at Waterloo. The anticipated end value of the development is $800 million and should be completed over the next five to six years. John Holland will deliver the Waterloo metro station component of the devel...

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Ralan creditors vote in favour of O'Dwyer's mystery Gold Coast development

Ralan creditors vote in favour of O'Dwyer's mystery Gold Coast development

William O'Dwyer, the sole director of collapsed property developer Ralan Group appears to have mostly got his way at a creditor meeting this afternoon. This afternoon's gathering of irate creditors was O'Dwyer's (pictured right) last opportunity to help claw back cash for unsecured creditors, who were otherwise unlike...

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Westlawn Property Trust buys two QLD retail centres for $45m

Westlawn Property Trust buys two QLD retail centres for $45m

Westlawn Property Trust has lifted its portfolio value to $400 million after buying two South East Queensland retail centres in Ormeau and Logan. The flagship trust of Gold Coast-based Clarence Property has spent $45 million on the two centres, including Woolworths Ormeau Centre for $29 million and Logan Village Shopping Ce...

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$1.25 billion property spending spree for Charter Hall

$1.25 billion property spending spree for Charter Hall

Charter Hall (ASX: CHC) has proven to be one of the most acquisitive property funds on the ASX this year and is finishing 2019 with a bang. The company today announced $1.25 billion of acquisitions have been secured, of which two thirds involves a new partnership to partially own 225 convenience properties leased to BP. CHC is no...

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Centuria acquires two Arnott's factories

Centuria acquires two Arnott's factories

Property investor Centuria is betting big on Tim Tams and Shapes biscuits with the acquisition of two Arnott's factories in Queensland and South Australia for $236 million. Centuria Industrial REIT (ASX: CIP) will raise $154 million through a $3.41 per unit placement to partially fund the acquisitions, which will be leased b...

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Centuria buys Canberra office property for $256m

Centuria buys Canberra office property for $256m

Centuria Capital Group (ASX: CNI) now spent more than $700 million on office property acquisitions in the space of three months following the purchase of Canberra's NewActon Nishi Building. Centuria Capital Group (ASX: CNI) has today announced a subsidiary has acquired the Canberra property for $265 million, with funding support ...

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Primewest sells historic Chambers building to UQ

Primewest sells historic Chambers building to UQ

The University of Queensland (UQ) is set to occupy a heritage Queen Street property for its Brisbane CBD campus after buying the "Chambers" building and an adjoining office building for $47.4 million. Built between 1881 and 1924, the iconic Chambers building on 308 Queen Street was originally the head office for the Queensl...

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City of Adelaide announces $400 million Central Market Arcade facelift

City of Adelaide announces $400 million Central Market Arcade facelift

The iconic Central Market Arcade is set to receive a $400 million redevelopment to improve one of Adelaide's most beloved retail precincts. The Central Markets are a veritable hub in the South Australian capital, attracting local foodies, tourists, and everyone in between to the centre of the city every week. The redevelopment of ...

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Scentre Group shells out $570m to bolster Westfield presence in Perth

Scentre Group shells out $570m to bolster Westfield presence in Perth

A significant change in Scentre Group's Perth portfolio means it will defer the expansion of Westfield Stirling. Garden City Booragoon in Perth will soon be rebranded as a Westfield shopping centre after Scentre Group (ASX: SCG) purchased a 50 per cent interest in the property for $570 million from the AMP Capital Diversified Pro...

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The Iconic unveils Sydney fulfilment centre upgrade

The Iconic unveils Sydney fulfilment centre upgrade

One of Australia's leading fashion e-retailers The Iconic has completed an 8,000sqm fulfilment centre expansion that will lift its inventory capacity by 1.55 million units. The retailer's Yennora 2 upgrade in South West Sydney now gives it an overall capacity of more than 3.75 million units, with an additional 20km of shelvin...

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Castle Towers reveals $180 million transformation

Castle Towers reveals $180 million transformation

A $180 million retail and lifestyle destination in Sydney's Hills District has been unveiled, promising to transform the local area. The development is part of a $1 billion masterplan in the heart of The Hills. The project aims to bring together Sydney's best providores, mini majors and globally relevant brands across fashion ...

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"Very little left for creditors": administrator hands down scathing Ralan Group report

"Very little left for creditors": administrator hands down scathing Ralan Group report

Grant Thornton has completed its review into the now in-administration Ralan Group, and thing's aren't looking very promising for the property group's creditors. Among other startling revelations, Grant Thornton has found the Sydney-based property group had been insolvent since at least June 2014. But what creditors are li...

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Frasers Property to transform Brisbane quarry into masterplanned community

Frasers Property to transform Brisbane quarry into masterplanned community

A new masterplanned residential community in Brisbane is one step closer to fruition following the acquisition of a quarry by Frasers Property. The site, nine kilometres north west of the Brisbane CBD in Keperra, was bought by Frasers for $31 million, and has an estimated gross domestic value of $234 million. Following a community eng...

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Sunland to sell northern Gold Coast development land to GemLife

Sunland to sell northern Gold Coast development land to GemLife

Property developer Sunland Group (ASX: SDG) has entered a conditional contract to sell the balance of development land at a northern Gold Coast project to GemLife for $29.7 million. The remaining land forms part of Sunland's The Heights master planned development that spans 105 hectares in Pimpama, close to the Pacific Motorway and 20...

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Promising signs McGrath might be out of the doldrums

Promising signs McGrath might be out of the doldrums

Real estate group McGrath (ASX: MEA) expects to be back in the black in FY20 with sales up year-on-year so far despite challenging market conditions. The company recorded a negative EBITDA of $10.1 million in FY20 including the exacerbation wrought by $3.7 million in onerous contracts, but AGM presentations yesterday painted a bright...

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First site announced for Gold Coast's The Spit master plan

First site announced for Gold Coast's The Spit master plan

The Queensland state government has today announced the first commercial development site to be released under The Spit Master Plan on the Gold Coast. Minister for State Development Cameron Dick said a 9,858sqm site with a marina allotment adjacent to Sunland's Mariner's Cove would be the first of several state-owned sites to...

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Dual acquisitions grow Primewest portfolio by $45 million

Dual acquisitions grow Primewest portfolio by $45 million

A Coffs Harbour shopping centre and a South Australian industrial property will grow recently-listed national property fund manager Primewest's portfolio by $45 million. As announced this morning Primewest has acquired the Moonee Market Shopping Centre in Coffs Harbour for just over $30 million. The centre, anchored by Coles, was ...

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Caltex to launch convenience retail property IPO

Caltex to launch convenience retail property IPO

Caltex Australia (ASX: CTX) has today proposed an initial public offering (IPO) for a property trust with an interest of up to 49 per cent in 250 convenience retail freehold sites. With all the appropriate approvals, the transaction is due for completion in the first half of the 2020 calendar year, with expectations the trust will receive...

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