End of week ASX wrap up: 8 July 2022

• Newmark Property acquired a $57M Underwood large format retail asset
• Eureka acquired 55 of the 72 units for Oxford Crest Eagleby in South-East Queensland for $7.3M
• Giselle Collins was unanimously appointed to the position of chairman by the HPI Board

It’s a busy and mixed week for A-REIT, with news of large format retail acquisitions, alongside retirement village acquisitions, and entire companies acquired.

Newmark acquired a Brisbane LFR property, and Irongate securities ceased trading on Wednesday following the Charter Hall PGGM acquisition.

The broader market

The ASX200 closed today at 6,678.60 points, moving up 0.46% or 30.60 points.

Top-performing ASX listed real estate company shares: 8 July 2022

Source: ASX

The movement

This week began with news from Home Consortium, also known as HMC Capital (ASX: HMC). The company launched the HMC Capital Partners Fund I, targeting public and private companies in Australia and New Zealand.

Read on here.

Openn Negotiation (ASX: OPN) announced a $5 million capital raise to fund its multiple pilot programmes across the North American continent. The move follows the several pilots announced over the past few weeks.

Read on here.

Waypoint REIT (ASX: WPR) announced the settlement of several properties which it sold to Fawkner Property as announced in April this year, for $141.8 million. Out of 29 properties sold, 21 have settled with the gross proceeds $105.7 million. The remaining eight properties come in at $36.1 million, and an additional two properties (total $11.2 million) are expected to settle in July 2022.

WPR valuations also recorded a $139.5 million uplift for the six months to 30 June 2022.

On Tuesday, WPR announced the appointment of Aditya Asawa as Chief Financial Officer.

Sunland Group (ASX: SDG) announced that the company was on target to achieve net profit after tax in the range of $92 to $98 million, in line with its February announcement this year.

On Wednesday, Irongate (ASX: IAP) announced the Charter Hall and PGGM acquisition by way of inter-conditional trust schemes became effective, with securities in the company suspended from quotation by the close of trading on 6 July 2022.

Qualitas (ASX: QRI) announced that the record date will be changed from the last business day of the distribution month to the fourth business day of the following month. QRI said the move will reduce the gap between the estimated and actual distribution calculation point.

Finbar (ASX: FRI) announced it anticipates a net profit of $11 million for the 12 months to 30 June 2022, representing a 15% increase over the previous financial year. The company recorded its strongest sales period since FY15, the company said it sold 443 lots to the value of $293.7 million.

Eureka (ASX: EGH) announced it has a revised underlying EBITDA guidance range of $10.2 million – $10.4 million.

On Thursday, Eureka announced it entered into conditional contracts to acquire management and letting rights together with acquiring 55 of the 72 units for Oxford Crest Eagleby in South-East Queensland. The consideration for the acquisition is $7.3 million.

Hotel Property Investments (ASX: HPI) announced Giselle Collins was unanimously appointed to the position of chairman by the HPI Board, effective immediately. Ms Collins will step down as chairman of the audit and risk committee immediately and Lachlan Edwards, a member of the committee, will assume the role.

HPI said it will commence a search for an additional non-executive director for the HPI Board in due course.

HPI said the board and committee changes are due to the sad passing of Chairman Ray Gunston on 5 July 2022.

AIMS Fund Management as the responsible entity of AIMS Property Securities Fund (ASX: APW) announced it received a request on 7 July 2022 to call and arrange a meeting of unitholders to consider and vote on a proposed extraordinary resolution that in accordance with Section 601NB of the Corporations Act 2001 (Cth), the responsible entity is directed to wind up APW.

APW said the request was received from Baauer Pty Ltd ATF the Baauer Family Trust; Mr Simon Evans and Mrs Kathryn Evans ATF the Kamiyacho Super Fund; and Mr Benjamin Graham ATF Graham Family Trust, pursuant to section 252B of the Act.

The responsible entity said it will consider the validity of the notice, and if appropriate, call the meeting in accordance with the Act. More details to come.

Today, Newmark Property REIT (ASX: NPR) announced it acquired a large format retail property in Brisbane. for $57 million. The property is located at 1-17 Compton Road in Underwood, and spans 2.8 hectares.

Read more here.

That’s the latest in A-REIT this week, with a diverse mix of news, or as our Singaporean and Malaysian neighbours might say: rojak!