Sale or IPO on the cards for refurbishment specialist Shape

Sale or IPO on the cards for refurbishment specialist Shape

Australian fit-out and refurbishment specialist Shape (formerly known as ISIS) is looking for a buyer or an ASX listing to strengthen its market position, 30 years after launching. Announced today, the company says it is exploring several liquidity options including an IPO or a sale to a strategic or financial buyer. The move comes af...

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Eviction moratorium in VIC extended until March 2021

Eviction moratorium in VIC extended until March 2021

A moratorium on evictions in Victoria will be extended until 28 March 2021 to give both residential tenants and landlords more certainty as the state emerges from Stage 4 lockdowns. In addition, eligible residential tenants will now be able to apply for rental relief of up to $3,000, an increase of $1,000 to what was previously announced. ...

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Cromwell hits back at "misleading" claims from suitor ARA

Cromwell hits back at "misleading" claims from suitor ARA

A leadership struggle at Cromwell Property Group (ASX: CMW) is heating up today after management berated Singapore-based suitor ARA Group over what they claim to be a "patently incorrect understanding" of the Brisbane-based company's earnings. ARA is in the midst of a proportional takeover attempt which, if successful, would gi...

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The Agency bounces back with earnings milestone

The Agency bounces back with earnings milestone

Acquisitive real estate group The Agency (ASX: AU1) has today announced its first full-year EBITDA profit since listing at $2.66 million, backed by strong revenue growth as it looks to boost agent numbers further in the quarters ahead. Facing challenges in response to COVID-19 and the pressures of a $12 million debt it needs to pay back by 3...

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NAB House in Adelaide sold for $47.2m

NAB House in Adelaide sold for $47.2m

A building that is home to National Australia Bank (ASX: NAB) on 22-28 King William Street in Adelaide has been sold by Southern Cross Equity Group for $47.2 million, representing the city's first major CBD office transaction since COVID-19 hit the SA capital. The property, known as NAB House, was purchased by Sydney-based Inte...

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McGrath pulls off turnaround, CEO Geoff Lucas resigns

McGrath pulls off turnaround, CEO Geoff Lucas resigns

The CEO of listed real estate group McGrath (ASX: MEA) has resigned today, just after the company turned things around and posted a full year profit of $700,000. Geoff Lucas' (pictured) resignation from the top role of McGrath is effective today, and he will be replaced by former ANZ (ASX: ANZ) executive Edward Law. McGrath chair Peter...

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Charter Hall, GIC take $682m stake in Ampol property trust

Charter Hall, GIC take $682m stake in Ampol property trust

The petrol station and fuel supplier formerly listed as Caltex will put 203 freehold convenience retail sites into an unlisted property trust, and has brought two major investors on board to own a 49 per cent interest. Charter Hall Group (ASX:CHC) and Singapore's sovereign wealth fund GIC will acquire their stake in Ampol's (ASX...

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Lendlease reports $310m loss as COVID-19 strangles market conditions

Lendlease reports $310m loss as COVID-19 strangles market conditions

The divestment of its underperforming engineering business and the impact of COVID-19 resulted in property developer Lendlease (ASX: LLC) recording a $310 million loss in FY20. This marks two years in a row of "disappointing" results from Lendlease, with the major loss representing a 166.4 per cent dive year-on-year following a $46...

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Logistics property powerhouse Goodman Group beats earnings guidance

Logistics property powerhouse Goodman Group beats earnings guidance

At a time when many retail and commercial property owners are up against the wall, a logistics property portfolio leveraging convenience and e-commerce trends is paying off for founder-led Goodman Group (ASX: GMG). With strategic assets overseas and an Australian portfolio linked to the likes of Amazon, Coles, Woolworths and Kogan to na...

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CBD office vacancy rates remain stable during pandemic

CBD office vacancy rates remain stable during pandemic

Australian CBD office vacancy rates have risen modestly in response to the COVID-19 pandemic, thanks to historicially high levels of occupancy in the months leading into the crisis. According to research from the Property Council of Australia, Australian CBD office vacancy rates increased from 8 per cent to 9.2 per cent over the six months t...

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Homecorp teams up with Morgan Stanley on $200m Gold Coast project

Homecorp teams up with Morgan Stanley on $200m Gold Coast project

Queensland developer Homecorp Property Group has secured backing from Morgan Stanley to create the $200 million Capital Court residential precinct in the heart of the Gold Coast's education and technology hub at Varsity Lakes. Homecorp reached a partnership deal with the global funds manager to develop the a build-to-...

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SCA Property profits fall as specialty retailers struggle to pay rent

SCA Property profits fall as specialty retailers struggle to pay rent

Supermarkets have benefited from consumers flooding small suburban shopping centres during the pandemic, but the rising tide did not lift all boats. Results released today by Shopping Centres Australasia Property Group (ASX: SCP) show even a 5.1 per cent sales increase for anchor supermarket tenants in its community malls was not enough t...

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Sigma Healthcare offloads two DCs for $172m

Sigma Healthcare offloads two DCs for $172m

One of Australia's largest pharmaceutical suppliers and retailers, Sigma Healthcare (ASX: SIG), is set to cut its debt substantially after executing final contracts to sell two distribution centres (DCs) in Kemps Creek, NSW and Berrinbal, QLD. Through a sale process led by PWC's real estate advisory team, the origin...

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Gary Weiss-backed ARA lifts bid for Cromwell

Gary Weiss-backed ARA lifts bid for Cromwell

ARA Group has today purchased around $61.6 million worth of Cromwell Property Group (ASX: CMW) shares on-market after raising its offer for greater ownership in the Brisbane-headquartered company. Led by corporate raider Dr Gary Weiss (pictured), Singapore-based ARA already had a 24.07 per cent share in Cromwell before its new offer annou...

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Coca-Cola Amatil to offload Brisbane logistics facility

Coca-Cola Amatil to offload Brisbane logistics facility

Coca-Cola Amatil (ASX: CCL) is looking to sell an industrial property in Brisbane's south on lease-back terms as part of an ongoing strategic review into its assets.  With Savills Australia appointed as the exclusive agency for the sale that will start accepting first round bids in mid-September, Coca-Cola aims to offload it...

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Cromwell seeks link to Chinese billionaire Gordon Tang in ARA's $518m takeover bid

Cromwell seeks link to Chinese billionaire Gordon Tang in ARA's $518m takeover bid

Cromwell Property Group (ASX: CMW) is taking its defence against a hostile takeover bid to a new level as it seeks documents from Singaporean suitor ARA Asset Manager in a bid to nullify the offer. Through its latest manouevre Cromwell aims to establish a link between the group and Chinese billionaire Gordon Tang, which ARA has ...

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Primewest acquires Adelaide industrial property for $22m

Primewest acquires Adelaide industrial property for $22m

Property fund manager Primewest (ASX:PWG) has now lifted the value of its Industrial Income Trust No.3 to $80 million following the purchase of a South Australian distribution centre for $22 million. The high-profile Border Express property in the Northern Adelaide industrial Precinct represents the fifth acquisition for the tru...

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Cromwell grabs suite of DHL logistics assets for $86m

Cromwell grabs suite of DHL logistics assets for $86m

Cromwell Property Group (ASX: CMW) have partnered with a Korean investment manager to acquire seven DHL logistics properties in Italy for $85.7 million. The acquisition will form the seed portfolio for a new Cromwell European Logistics Fund, targeting core logistics assets in France, Germany and Italy with a gross asset value of $650 to $...

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David Jones to sell Bourke Street Mall property for $121m

David Jones to sell Bourke Street Mall property for $121m

Retailer David Jones has entered a contract to divest its menswear store at 299 Bourke Street Mall in Melbourne to Newmark Capital for $121 million. The deal includes a short-term leaseback while South African-owned David Jones redevelops its flagship store on the opposite side of the mall on 310 Bourke Street, to be transformed...

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NSW cuts stamp duty on new homes worth up to $800,000

NSW cuts stamp duty on new homes worth up to $800,000

The New South Wales Government will eliminate stamp duty on newly-built homes worth less than $800,000 for new home buyers under new measures aimed at boosting the construction industry, lifting the threshold from its previous level of $650,000. According to a report from Realestate.com.au, the median dwelling price in Sydney in...

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