Image: Canva.
  • Centuria set up a $210M joint venutre in the healthcare sector
  • ABP successfully completed a $200M placement
  • URW sold a 34 acre site in San Fernando Valley of Los Angeles

It was a week of quietude for ASX listed real estate companies, with only the most delicate peppering of news throughout the week, beyond admin.

We wrap up the week seeing two listed real estate companies in the bottom five performers (for Friday) and one in the 90 day average volume outliers.

The broader market

The ASX200 closed today at 7,294.40 points, down 43.60 or 0.60%.

It’s also up for the week, 203.8 points or 2.9% since markets opened on Monday.

Image: Google.

Today’s top five performers saw multiple resources and mining companies in the list, the five largest declines recorded included Abacus Property Group (ASX: ABP) and Unibail-Rodamco-Westfield (ASX: URW), losing $0.21 (5.899%) and $0.20 (4.116%) respectively.

As for the outliers mentioned in the opening paragraph, the top five were

  • Qube Holdings (ASX: QUB); +720%,
  • Skycity Entertainment (ASX: SKC); +569%,
  • Unibail-Rodamco-Westfield (ASX: URW); +500%,
  • Super Retail Group (ASX: SUL); +412%
  • Mesoblast Limited (ASX: MSB); +290%

Top-performing ASX listed real estate company shares: 18 March 2022

Company Code Price ($) Change (%)
HMC Capital (HomeCo) HMC 6.89 +7.82
Acumentis ACU 0.14 +7.69
Cedar Woods CWP 5.28 +5.60
US Masters Residential Property Fund URF 0.345 +2.99
HomeCo Daily Needs REIT HDN 1.43 +2.88

Source: ASX

The movement

Monday saw Aventus Group (ASX: AVN) removed from the official list, following its acquisition by HomeCo.

US Masters Residential Property Fund (ASX: URF) updated the market on its unaudited NAV before tax, estimated to be 70 cents per unit. The company said, “if estimated tax on unrealised portfolio gains or losses were recognised, the unaudited post-tax NAV … is estimated to be $0.61.”

For the month of February URF also closed on the sale of two assets worth a combined US $3,625,000, with the book value totalling US$3,633,520; closing costs were US$165,793.

On Tuesday, Unibail-Rodamco-Westfield (ASX: URW) announced the streamlining of its US regional portfolio, selling off a 34-acre site. Formerly the Promenade Mall in the San Fernando Valley of Los Angeles, the site was sold to a group of private investors for $150 million (being the total price, URW had a 55% interest). The price reflects a 60% premium to the latest appraisal, said URW.

On Wednesday, Centuria (ASX: CNI) announced the Centuria Prime Partnership (CPP), a $210M healthcare joint venture with an investment vehicle sponsored by Morgan Stanley Real Estate Investing.

90% of CPP will consist of an investment from Morgan Stanley, with the balance Centuria. The JV will include three hospitals, with a 12 year WALE and 99% occupancy.

The full story here.

Closing out Wednesday, Dexus Convenience Retail REIT (ASX: DXC) announced the settlement of its Glass House Mountains Dual Service Centre acquisition in Queensland.

The asset was acquired for $21.25 million, excluding transaction costs.

Yesterday, Centuria (ASX: CNI) announced the successful pricing of $70 million three year Senior Secured Medium Term Notes.

The launch was made on Wednesday, and “upsized due to strong support from new and existing investors that allowed the issue to price [minimum $40 million] intra-day.”

The transaction priced at 335 basis points over the benchmark three-year swap rate, giving a fixed coupon of 5.46%per annum.

Joint CEO John McBain said, “We are very pleased to see the Group’s continued support in the Australian debt markets and to generate further diversification of investors in our debt product.”

Goodman Group (ASX: GMG) announced the appointment of Hilary Spann as an independent director to the boards of Goodman Limited and Goodman Funds Management Limited, effective 4 April 2022.

Finally, for yesterday, Abacus (ASX: ABP) announced a $200 million institutional placement, which today was announced as successful. The company also expects $15 million in a non-underwritten security purchase plan.

The full story here.

That’s all for this week in ASX listed real estate companies, and you read rightly – barring ABP’s successful raise, nothing of note occurred today, rounding out an ironically titled “The sounds of silence” that still managed to be summed up in over 500 words.

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