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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Hold your horses: recovery for Australia's residential property market a while off

Hold your horses: recovery for Australia's residential property market a while off

It might seem like Australia's residential market downturn is never ending. And while we appear to be nearing the bottom of the market, experts don't want you to get your hopes up. According to BIS Oxford Economics meaningful recovery for Australia's residential property market remains a while off. While there are signs of...

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Charter Hall buys Telstra HQ for $830 million

Charter Hall buys Telstra HQ for $830 million

The global headquarters of telco Telstra (ASX: TLS) in Melbourne has been sold for $830 million to property group Charter Hall (ASX: CHC). The building was purchased off market by a partnership involving Charter Hall, the Charter Hall Prime Office Fund (CPOF) and the Public Sector Investment Board. Telstra's global HQ stands at 24...

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Villa World enters deal for takeover from AVID

Villa World enters deal for takeover from AVID

Property company Villa World (ASX: VLW) is now one step closer to handing over the keys to new owners, after suitor AVID Property Group completed due diligence for its proposed $293.5 million takeover of the Gold Coast group. Villa World's board slated its intention in May to unanimously recommend the proposal to shareholders, and now...

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Australian Unity Office Fund receives improved takeover offer

Australian Unity Office Fund receives improved takeover offer

A consortium of two major Sydney-based property companies has put some icing on the cake in its bid for Australian Unity Office Fund (ASX: AOF), a holder of nine metropolitan and CBD office properties with a market cap of close to $487 million. On 4 June, a group associated with Abacus Property Group (ASX: ABP) and Charter Hall Group...

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Cromwell pours $300M from sale of Sydney tower into acquisition cash pool

Cromwell pours $300M from sale of Sydney tower into acquisition cash pool

Cromwell Property Group (ASX: CMW) has exchanged contracts to sell its 50 per cent stake in Sydney's Northpoint Tower to a Hong Kong-based company for $300 million. The real estate manager will offload its remaining interest in Northpoint to Early Light International, which initially acquired 50 per cent of the asset from Redefine Pro...

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Receivers called in for property group Steller

Receivers called in for property group Steller

A high-profile Melbourne property developer that once had a $4.2 billion pipeline of projects has been called into receivership, with assets likely to be divested for offshore investors to recoup funds. McGrathNicol Restructuring announced today three of its partners had been appointed as receivers for Development Steller Pty Ltd, a ...

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Gold Coast shopping centre sold for $20 million

Gold Coast shopping centre sold for $20 million

A shopping centre owned by Sunland Group (ASX: SDG) in Mermaid Waters, Gold Coast, has sold for $20 million. The Lakeview Retail Centre has been acquired by Bao Li Investments, with settlement to occur in August 2019 so long as certain legal requirements are fulfilled. The sale of the property, which is located on Bermuda Street ...

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AP Eagers sells Brisbane property for $61m

AP Eagers sells Brisbane property for $61m

AP Eagers (ASX: APE) is busily gearing up for its proposed merger with Automotive Holdings Group (ASX: AHG) with the sale of one of its properties near the Brisbane River. The car dealer sold its property at 99 Breakfast Creek Road, Newstead to the Seymour Group for $61 million. AP Eagers will continue to operate its business from the...

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Cromwell bulks up for a $1 billion spending spree

Cromwell bulks up for a $1 billion spending spree

Cromwell Property Group (ASX: CMW) has announced a master plan to pursue more than $1 billion worth of acquisitions across Australia and Europe in the near future. The property and development giant says it has identified several acquisition opportunities across Australian and Europe as a part of its 'Invest to Manage' strategy. ...

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Mirvac to transform Boral quarry into major Melbourne housing estate

Mirvac to transform Boral quarry into major Melbourne housing estate

Boral has tapped Mirvac to transform its Melbourne quarry into a $1 billion suburb. Mirvac will manage the urban development of the Boral-owned 171-hectare site in Wantirna South, Victoria, over a multi-decade period, including a proposed new housing community and substantial new parklands. If Mirvac receives the necessary approvals t...

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GPT successfully raises $800M for Sydney purchases

GPT successfully raises $800M for Sydney purchases

Investors are showing bullish signs on property in the Sydney CBD, with GPT Group (ASX: GPT) raising $800 million in 24 hours to acquire stakes in commercial and retail sites in the city centre. Yesterday the company announced it would issue approximately 131.8 million stapled securities at the placement price of $6.07, representing a 3.9...

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GPT to fund Sydney CBD buyout through $800M capital raising

GPT to fund Sydney CBD buyout through $800M capital raising

GPT Group (ASX: GPT) is poised to acquire more than 100,000sqm of prime Sydney office space after it completes a sizeable $800 million institutional placement. GPT aims to take a 25 per cent stake in the Darling Park 1 and 2 office complexes plus Cockle Bay Wharf dining and retail precinct in the CBD. Total consideration for the CBD a...

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Losses deepen for McGrath but can new CFO turn the tide?

Losses deepen for McGrath but can new CFO turn the tide?

A new CFO will soon fill the void left by the departure of Glynn Wright at listed property company McGrath (ASX: MEA) in March, with Howard Herman set to start in the role on 24 June. But Herman, who was recently CFO at NASDAQ-listed Australian apparel business Naked Brand Group, will have a tough job on this hands as the c...

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Australian Property Institute backs LandMark White

Australian Property Institute backs LandMark White

The property industry's professional organisation has come out in support of LandMark White (ASX: LMW) following the property valuer's back-to-back data breaches. The Australian Property Institute (API) is providing support to LMW and other members of the organisation affected by cybercrimes. API CEO Amelia Hodge (pictured) sa...

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Construction entrepreneur thinks outside the box

Construction entrepreneur thinks outside the box

On the back of projects ranging from office fit-outs to schools to nightclubs, Chapcon Design & Construct is growing at a swift pace as revenue doubles each year. Founded by carpenter Nick Chapman in 2011, the group's portfolio of projects has been buoyed by word-of-mouth and strengthened by its track record and willingness to tak...

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