asx-wrap-feature
Image: Canva.
  • Market closed at 6,647.50 points today
  • Market is down for the week so far, it opened on Monday at 6,762.80
  • Several acquisitions and sales were made so far this week

The wraps have been quiet for quite a while, but activity has picked up again for the week commencing 10 October 2022.

From SA to USA, and a handful of acquisitions in places with names that are quite the mouthful, the movement comes from companies including Openn Negotiation, Dexus Convenience Retail, Axiom, Mirvac, and Charter Hall.

Those linguistically tantalising suburbs and street names: Enoggera and Jerrabomberra Avenue.

The broader market

The ASX200 closed today at 6,647.50 points, up 2.50 points from yesterday but down over 100 points for the week so far.

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Image: asx.com.au.

The movement

On Monday, Openn Negotiation (ASX: OPN) announced its software is now live in the United States of America, with the first pilot listings occurring in Massachusetts.

The first pilot properties entered onto the Openn platform were sold within a week of listing to the first offer.

“While impressive, we do not consider this a robust test of the platform. The limited scope of these transactions does not allow for feedback to confirm platform value to all stakeholders. However, the launch and transaction flow in the live environment is a significant milestone. Importantly, this event triggers a series of steps that de-risk and prepare the path for commercial launch,” said President of Openn North America, Duncan Anderson.

Separately, the company also announced the successful integration of its products and systems with CREA, including the ability for Openn software to become offered within the REALTOR.ca property sales website.

Dexus Convenience Retail REIT (ASX: DXC) announced that it has exchanged contracts to sell 4545 Flinders Highway, Reid River, and 282 Wardell Street, Enoggera for a combined price of $5.4 million, in line with 30 June 2022 book values.

DXC has also settled on the sale of 2215 David Low Way, Peregian Beach, originally announced to ASX on 8 August 2022, for $4.2 million.

On Tuesday, Mirvac (ASX: MGR) announced the retirement plans for Chair, John Mulcahy, and CEO & Managing Director, Susan Lloyd-Hurwitz.

Dr Mulcahy has confirmed he will leave the Group on 31 December 2022. Mirvac’s non-executive director, Rob Sindel, has been appointed as the new Chair, effective 1 January 2023.

Susan Lloyd-Hurwitz announced her plan to retire from Mirvac on 30 June 2023. Mirvac has commenced a process for her replacement.

Today, Axiom (ASX: AXI) announced that it has entered into a subscription agreement to purchase a cornerstone investment in PointData. Axiom has agreed to invest up to $4 million.

Finally, for today, Charter Hall Long WALE REIT (ASX: CLW) announced that it has acquired a 25% interest in the Geoscience Australia property located at 101 Jerrabomberra Avenue, Symonston, ACT, approximately seven kilometres from the Canberra CBD.

CLW partnered with two other Charter Hall managed funds to acquire the asset.

The property has been purchased for $90.9 million (CLW 25% share) on a 7.4% initial yield, a 9.6 year WALE, 3% fixed annual rent increases and a net lease structure where the tenant is responsible for all property outgoings.

CLW said the acquisition will be predominantly funded from the sale proceeds of the industrial and logistics facility at 365-426 Old Geelong Road, Hoppers Crossing, Victoria. The property was sold for $74 million.

Charter Hall Social Infrastructure REIT (ASX: CQE) also announced the acquisition of an interest in the Geoscience Australia property, with CQE’s share also coming in at 25%.

The total property is $363.5 million.

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



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