asx-wrap-feature
Image: Canva.
  • Market closed at 6,892.50 points today
  • Market is up 1.6% for the week or 107 points
  • Several acquisitions were made across the week

The week kicked off with news PTG is set to be acquired by MRI software. Throughout the week, Ingenia announced the acquisition of development projects, and Cedar Woods announced it intends to market the Williams Landing Shopping Centre for sale in an open market process.

The broader market

The ASX200 closed today at 6,892.50 points, up 34.60 points or 0.50%. The market is also up for the week, up 107 points since Monday or 1.6%.

Image: Google.

The movement

Monday’s wrap can be found here.

On Tuesday, Cedar Woods (ASX: CWP) said in a statement it intends to market the Williams Landing Shopping Centre for sale in an open market process. The move follows a number of off-market approaches for the asset.

Cedar Woods said it will seek expressions of interest for the sale of Stage 1 of the shopping centre, together with an opportunity to acquire a portion of the adjacent land for future expansion.

In its 2022 annual report, the Williams Landing Shopping Centre was last externally valued in 2021 at $63 million and the adjacent land at $20.6 million. Cedar Woods said the carrying value of the shopping centre and the adjacent land, recorded at cost in accordance with the accounting standards, was $38.6 million at 30 June 2022.

On Wednesday, Boral (ASX: BLD) announced the formal appointment of Vik Bansal as an Executive Director to the Board, effective immediately.

Elanor Retail Property Fund (ASX: ERF) was suspended from official quotation at the end of trading on Wednesday, and removed from the official list at the close of trading today.

Growthpoint Properties Australia (ASX: GOZ) announced that it has exchanged contracts to sell its 100% freehold interest in 333 Ann Street, Brisbane, Queensland for $141.1 million. Net proceeds from the sale will be used to repay debt.

Yesterday, Ingenia (ASX: INA) announced the acquisition of a development project in Melbourne and the exchange of contracts for a development project in Cairns, providing the potential to build over 420 land lease homes across the two sites.

The acquisition in Melbourne is located in Sunbury and has the potential for 150 land lease homes. The $9 million acquisition comprises three separate land lots totalling 6.2 hectares. Sunbury sits within the northwestern growth corridor in Greater Melbourne.

The pending $19.5 million acquisition in Cairns is located at Gordonvale, comprising a 16.9 hectare site at Gordonvale.

Today, James Hardie (ASX: JHX) announced the appointment of Christian Claus as President Europe. The company also announced the official appointment of Anne Lloyd as chairperson effective 3 November 2022 Dublin time.

CSR Limited (ASX: CSR) announced net profit after tax for the half year ended 30 September 2022 of $110 million, up 27% from the previous half year.

Statutory net profit after tax of $104 million included significant items (after tax) of $6 million relating to software as a service.  This result compares to $157 million in the previous half year which included the recognition of a $71 million benefit in carry forward tax losses.

Trading revenue of $1.3 billion was up 14% with earnings before interest and tax (EBIT before significant items) of $171 million, up 29%.

GPT Group (ASX: GPT) announced its September 2022 quarter operational update, with CEO Bob Johnston saying in an ASX announcement: “GPT is well placed to deliver on earnings and distribution guidance for 2022.

“We have seen ongoing momentum across GPT’s Retail portfolio this year, with Specialty sales now exceeding $11,500 per square metre and portfolio leasing metrics continuing to strengthen. While rising interest rates and inflationary pressures are expected to begin to impact consumer spending, GPT’s high quality portfolio is well positioned with strong sales productivity and high occupancy.

“Office lease enquiry improved over the quarter, although leasing conditions remain subdued with elevated market vacancy and larger occupiers continuing to evaluate future space requirements. High quality, sustainable buildings with distinctive spaces continue to be sought out by customers and the rollout of GPT’s turnkey Premium Suite offering has been well supported by smaller tenants.

“Our Logistics portfolio is delivering strong results with robust levels of tenant enquiry and market vacancy rates at historic lows. We are making excellent progress in developing out our pipeline, with five Logistics projects scheduled to complete over the next 12 months.

“We continue to grow our Funds Management platform with the transition of management of the $2.8 billion UniSuper direct real estate mandate completed on 1 September.

“We are currently progressing the transition of management of the $2.6 billion AMP Capital Retail Trust (ACRT) portfolio to GPT, including the property management of Pacific Fair Shopping Centre, which is expected to complete by the end of the calendar year. Collectively this will see GPT’s total assets under management grow to $33 billion.”



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