- Market closed at 7,452.20 points,
- Market is up 126 points for the week or 1.7%,
- Openn Negotiation raises $3.65 million.
This week remained fairly quiet, with a couple of senior leadership roles appointed, an announcement by Openn Negotiation of a $3.65 million capital raising, and an office leasing update provided for GDI’s WS2 development.
The broader market
The ASX200 closed today at 7,452.20 points, up 16.90 points or 0.23 per cent. For the week, the market is up 1.7 per cent.
The movement
The first half of the week saw several appointments made.
The first was Charter Hall Group (ASX: CHC), which welcomed Stephen Conry AM as an independent non-executive director.
Until 2022, Conroy was the CEO of Jones Lang LaSalle Australia for 13 years, also holding numerous roles with business and community boards, including the Property Council of Australia.
CHC Chair, David Clarke, said he was delighted to welcome Mr Conry to the Board:
“Stephen has a made a very significant contribution to the property industry over many decades both as an executive and through his involvement with the Property Council. He brings a deep understanding of all aspects of the sector and the needs of our investor and tenant customers. On behalf of my fellow Directors, I am very pleased to welcome Stephen to the Board and look forward to his contribution as we continue to seek to grow and create sustainable returns for our security holders and capital partners.”
James Hardie (ASX: JHX) made two appointments. Tim Beastrom was appointed chief legal counsel, and Joel Wasserman as vice president, corporate communications and global brand management.
The first half of the week also saw updates from DomaCom (ASX: DCL) and GDI Property (ASX: GDI). DCL announced funds under management of $182 million, and cash at hand totalled $1.936 million; for full details, see DCL’s original ASX release. GDI signed a second heads of agreement for its WS2 development for circa 2,600 square meters across three floors.
The mid-week wrap can be found here.
The second half of the week saw Auckland Real Estate Trust (ASX: AKL) announce it had successfully refinanced NZ$188.79 million at the end of November.
The company also noted the sale of the Harbour Collection for approximately NZ$52.50 million, before costs, is due to complete in March 2023.
Following consultations with the major investors, the AKL Board will be presenting to unitholders a proposal to delist the Trust.
Openn Negotiation (ASX:OPN) to expand
Openn Negotiation (ASX:OPN) announced it has received firm commitments to raise $3.65 million (before costs) via a placement supported by sophisticated and professional investors.
The company said it will use the capital raised to progress the expansion into North America, refine the company’s product offering with key strategic partners, and continue discussions with strategic investment and M&A opportunities.
Openn’s Managing Director, Peter Gibbons says: “This funding round will allow Openn to convert the successful pilots with key US and Canadian industry stakeholders into meaningful commercial outcomes. The Openn team is progressing relationships with new potential strategic partners whilst preparing to launch a transformational product roll-out collaboration with the Canadian Real Estate Association.
“Over the next few months, shareholders can expect the Openn North America business to deliver a pipeline of rewarding news flow which validates the company’s investment in the region.
“In the Australia/New Zealand market, we’re transitioning to a subscription-based monetisation model while continuing to progress integrations with strategic partners that should set us up for rapid scale growth.”
That’s the latest in ASX-listed real estate companies.
