The Agency defies real estate gloom with revenue boost

The Agency defies real estate gloom with revenue boost

If the results of real estate giant McGrath and industry e-rag Domain are anything to go by, the sector is going through some major turbulence. But that certainly hasn't impacted The Agency (ASX: AU1) which defied the odds in FY19. In spite of the doom and gloom real estate sector that resulted in McGrath posting a $15.6 million l...

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Property market slams McGrath with $15.6 million loss

Property market slams McGrath with $15.6 million loss

A difficult property market has put a strain on real estate group McGrath, posting a net loss after tax of $15.6 million at the end of FY19. Company revenue was down 17 per cent to $82.7 million, and underlying EBITDA came in within guidance at negative $6.4 million. McGrath has blamed its results on "difficult market conditions&...

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How to invest in properties to maintain your wealth

How to invest in properties to maintain your wealth

With the housing market and current tax laws creating attractive investment opportunities across most Australian capital cities, conditions may be perfect to look at increasing your portfolio or investing for the first time. Australian banks and lenders have curated a swathe of investment mortgages that can help you increase your asset ba...

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Cromwell to pay $525m for Brisbane CBD property

Cromwell to pay $525m for Brisbane CBD property

After announcing plans to spend $1 billion on new assets in June, real estate investor and manager Cromwell Property Group (ASX:CMW) has today slated more than half that amount for buying 400 George Street in Brisbane. The company has exchanged contracts to buy the property for $524.75 million, with funds to be used from the recent $...

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Stockland profits smashed by devaluations

Stockland profits smashed by devaluations

While developer Stockland (ASX: SGP) may have added $505 million to its cash balance from retail town centre divestments in FY19, the company suffered devaluations to its current portfolio that were approaching that figure. The Sydney-headquartered group recorded a 4 per cent increase in funds from operations (FFO) for FY19 to $897 millio...

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Lendlease profit dives 40 per cent during "difficult" trading year

Lendlease profit dives 40 per cent during "difficult" trading year

Property project developer Lendlease (ASX: LLC) has capped off a tough FY19 with a 40 per cent dive in profits, down to $467 million from $793 million. The financial year was a rough one for the developer, with class actions being thrown at it by Phi Finney McDonald and Maurice Blackburn, and an ailing engineering and services business dr...

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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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