Image: Canva.
  • DHG to acquire Realbase
  • CHC and PGGM to acquire IAP
  • Aware super to bring LLC LRLT ownership to 49.9%

The silence ended with quite the roar: this week companies broadened their horizons with several acquisitions, mostly of other companies.

One particular ASX listed real estate company didn’t broaden its horizons, instead, it broadened its Domain (ASX: DHG), the company to soon increase its share of Australian property transactions from 35% to 50% through its Realbase acquisition.

This week also saw the Federal Budget announced, The Property Tribune delved into that here.

The broader market

The ASX200 closed today at 7,504.3 points, up 4.70 points or 0.06%. The market is up 102 points since Monday or 1.4%, the ASX said the market “… is virtually unchanged over the last year to date.”

Image: Google.

Top-performing ASX listed real estate company shares: April 1st 2022

Company Code Price (US$) Change (%)
Acumentis ACU 0.10 +7.69
Openn Negotiation OPN 0.16 +5.00
AVJennings AVJ 0.42 +4.67
US Masters Residential Property Fund URF 0.17 +4.65
Victory Offices VOL 0.086 +4.55

Source: ASX, conversions based on A$1=US$0.75.

The movement

Monday was host to two major announcements: one from CIMIC (ASX: CIM) and one from US Masters Residential Property Fund (ASX: URF).

Back in February, HOCHTIEF made a bid to takeover CIMIC. The offer was made at $22 per share for interest that the company did not yet have in the company. On Monday, CIMIC announced that the independent board committee unanimously recommended shareholders accept the HOCHTIEF offer.

More details here.

Also on Monday, URF announced that it will be selling the 1-4 family property portfolio. The move follows a review of capital market options and will be sold to a joint venture of Brooksville and Rockpoint for just under $507 million.

More details here.

On Tuesday, Raptis Group (ASX RPG) announced to the market a recent vote had been revised, but the result remained unchanged.

The vote was regarding the acquisition of management rights and development management agreements on the Gold Coast.

The original media release on 24 March said more than 99% of non-associated shareholders voted in favour of both resolutions.

The revised numbers saw 76% vote in favour.

On Wednesday, Charter Hall (ASX: CHC) in partnership with Dutch pension fund PGGM announced that they will acquire Irongate Group (ASX: IAP).

Under the terms of the scheme implementation deed, Irongate Group securityholders will receive $1.90 cash per IAP stapled security.

More details here.

On Thursday, Openn Negotiation (ASX: OPN) announced that the United States Patent and Trademark Office issued the patent for Patent Application No. 16/311989.

The accepted Patent Application relates to a system for conducting real estate sales over the internet where the sale is administrated by a sales facilitator. It covers the type of real estate sales processes enabled by the Openn platform where agents facilitate the sale process between seller and buyer.

Qualitas (ASX: QRI) announced the resignation of Virginia Malley as an external member of the Responsible Entity’s (The Trust Company (RE Services) Limited) compliance committee, and the appointment of Penni James as an external member of the Repsonsible Entity’s compliance committee.

Lendlease (ASX: LLC) announced Aware Super acquired an additional 24.9% interest in the Lendlease Retirement Living Trust.

Acquired for $490 million, this will bring the Aware Super interest in the Lendlease Retirement Living Trust to 49.9%. Lendlease will hold a 25.1% interest and Dutch pension asset manager APG Asset Management will hold the remaining 25%.

Recently listed US Student Housing REIT (ASX: USQ) announced the settlement of Lofts on 8th at Arizona State University. The acquisition was originally made for US$17.25 million or circa A$23.3 million with Student Quarters providing co-investment capital in the asset.

Dexus (ASX: DXS) announced that it has settled on the sale of 12 Creek Street, Brisbane, in which it owned a 50% interest, with Dexus Wholesale Property Fund (DWPF) having owned the remaining 50% interest.

The asset was sold for $391 million.

Finally for Thursday, Eureka (ASX: EGH) announced that it has completed the acquisition of management and letting rights for three villages in South East Queensland, located in Beachmere, Bundamba, and Toowoomba.

Contracts to acquire a further three villages operated by Oxford Crest are still conditional on certain body corporate approvals, including the change in caretaker and manager to Eureka. Settlement of these villages, which comprise approximately 188 units, is expected to occur in April 2022.

EGH also completed the disposal of two properties in Townsville, Queensland for gross proceeds of $3 million.

Finally, on Friday the first of the fourth month of the year, Dexus (ASX: DXS) announced that Cbus Super’s investment in the Jandakot joint venture alongside the final settlement of the remaining Jandakot interest has now occurred, following the receipt of the required regulatory approvals.

Abacus Property Group (ASX: ABP) announced that it has simultaneously exchanged and settled contracts to dispose of a 50% interest in 464 St Kilda Road, Melbourne VIC to co-owner Wing Tai.

Total consideration for the transaction was $49.4 million which represents a small premium to the current book valuation.

Finally today, Domain (ASX: DHG) has announced the $180 million acquisition of Realbase.

The acquisition will see the company’s market coverage move from circa 35 per cent to some 50 per cent of all Australian property transactions, according to Domain.

More details here.

That’s the latest in ASX-listed real estate companies.

Alas, no April fooling here, but have you considered buying a Sydney golf course in the heart of Kings Cross?

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