ASX Wrap: Happy Financial New Year

• Vale Larry Mahaffy, CFO for AV Jennings
• IAP security holders voted in favour of Charter Hall PGGM acquisition
• CSR to commence share buy-back of up to $100M

Happy New (financial) Year, or as you may prefer: Bonne Année, Felix Año Nuevo, Gleðilegt nýtt ár, or perhaps even Blwyddyn Newydd Dda – which is quite clearly Welsh… and what a whale of a time the ASX has had lately – dipping and diving, hit by conflicts, interest rates and all manner of other things.

This week in A-REIT, it’s smooth sailing with a quiet start to the week and finishing up with the Irongate (ASX: IAP) acquisition by Charter Hall and PGGM voted through by IAP security holders.

The broader market

The ASX200 closed today at 6,563.30 points, down 4.80 points or 0.07%.

Top-performing ASX listed real estate company shares: [DD Month] 2022

Source: ASX

The movement

The week kicked off to valuations news from three Charter Hall‘s: CQE, CLW, and CQR. Charter Hall Social Infrastructure REIT (ASX: CQE) saw valuations move up $101.5 million or 5.6%, Charter Hall Long WALE REIT (ASX CLW) had its portfolio values go up $137.7 million or 2.0%, and Charter Hall Retail REIT (ASX: CQR) saw valuations uplifts of $185 million or 4.5%.

Also on Monday, developer AV Jennings (ASX: AVJ) announced CFO Larry Mahaffy passed away on 24 June 2022 after a long illness.

On Wednesday, Domain (ASX: DHG) announced the resignation of non-executive director Lizzie Young, effective from 30 June 2022. The company said Ms Young’s resignation from the board of Domain follows her resignation as MD, Group Marketing and Local Markets of Nine Entertainment also effective 30 June 2022.

Raptis Group (ASX: RPG) held a general meeting to pass the resolution to enter into a development management agreement for three residential towers. The resolution passed with no objections.

Finally for Wednesday, Irongate (ASX: IAP) held meetings regarding the Charter Hall PGGM acquisition of IAP. Allmotions were carried with over 99% majorities. The second court date is expected on 5 July 2022, with the last day for trading in IAP securities also expected on the same date. Implementation date is expected on 15 July 2022.

Additionally, 360 Capital REIT (ASX: TOT) announced on Thursday that it has sufficient financial resources to complete the acquisitions of 38 Sydney Avenue, ACT, 34 Southgate Avenue, QLD, and 510 Church Street, VIC, without undertaking any capital raising. The move is part of the MoU with the Charter Hall led partnership where 360 Capital entered into put and call arrangements to acquire the three properties for aggregate consideration of $256.7 million.

TOT will acquire a 100% interest in the Canberran property for $81.7 million, 100% interest in the Queensland property for $40 million, and 50% interest in the Victorian property for $135 million.

On Thursday, CSR (ASX: CSR) it will commence an on-market share buy-back of up to $100 million.

CSR Chair John Gillam confirmed that CSR is well positioned to invest in the company’s long-term growth strategy and improve shareholder returns: “CSR has a strong balance sheet, which supports continued investment in the growth and performance strategy for our Building Products business. We are also progressing major property development projects that will deliver short and long-term earnings, alongside the hedged Aluminium position. This highlights CSR’s strength and prospects for the coming years.”

CSR CEO and Managing Director Julie Coates stated “The Building Products business continues to perform well, with improved operational and customer outcomes across diversified market positions. Our investment plans will lift capacity, improve performance and drive growth. Given our robust balance sheet and strong operational performance, CSR is able to invest in growth while also increasing returns to our shareholders via implementing an on-market share buyback.”

CSR also held its AGM on Thursday, with the all motions carried.

AMP Limited (ASX: AMP) released a statement regarding the sale of Collimate Capital domestic infrastructure equity and real estate business to Dexus Funds Management (ASX: DXS) and the sale of international infrastructure equity business to DigitalBridge Group.

AMP anticipates the completion of the sale to Dexus for the end of September this year.

Finally for yesterday, United Overseas Australia (ASX: UOS) announced its registered office and principal place of business in Australia has changed to Suite 51, 11 Tanunda Drive, Rivervale WA 6103. The company’s main office and headquarters for operations remains unchanged in Malaysia.

Today, Ingenue (ASX: INA) provided an update, with the company settling 409 new homes in FY22, up 8% on the previous financial year. The company also said, subject to finalisation of the Group’s financial statements and audit, the FY22 results are anticipated to be at the lower end of the Group’s guidance range, underpinned by achievement of the Group’s settlements target and strong performance across the operating business.

Australian Unity Office Fund (ASX: AOF) provided an update on the non-binding indicative proposal from Aliro Group. AOF said after market [sic] on 30 June 2022, Australian Unity received correspondence from Aliro requesting a two week extension to the Exclusivity Period. Aliro also advised AUIREL that within this extended two week period Aliro intends to revert to AUIREL with an updated proposal.

The AOF statement said the independent board committee has considered Alito’s request and determined to extend the exclusivity period to 15 July 2022.

AV Jennings (ASSX: AVJ) announced that the company expects profit before tax for the year ended 30 June 2022 to fall within the range $16 million to $18 million. This compares with profit before tax of $26.7 million for FY21, and $13.2 million for FY20.

Kingsland Global (ASX: KLO) provided an update regarding suspension from official quotation, noting global issues. The company said the Cambodian government recently implemented new reporting regimes for financial accounting and ta which has lead to a significant increase in demand for accounting services and a shortage of qualified personnel at accounting firms which has resulted in delays in the completion of the company’s 2022 audited financial accounts.

That’s the latest in ASX listed real estate companies, with some having bases and operations in South Africa, Cambodia, and China. As such: Gelukkige Nuwe Jaar, បុណ្យចូលឆ្នាំខ្មែរ, or 新年快乐.

Meetings and distributions

Distributions/Dividends announced: