sydney cbd city business towers skyscrapers
Image – Henry Thai. Big movements in commercial property on the east coast, as hospitals and whole funds change hands.
  • Acumentis takes over Tasmanian valuations firm for $550,000
  • Centuria Capital acquires $64M Melbourne private hospital with Medibank
  • Dexus takes over AMP's property fund worth around $5B

The week started with property valuations company Acumentis (ASX: ACU) acquiring Tasmanian locals Saunders & Pitt. The acquisition is set to save Acumentis six figures, $100,000 is the number they put on it, as the company moves away from sub-contractors in the state. Totaling $550,000, the acquisition provides Saunders & Pitt with $150,000 in cash and $450,000 in shares in Acumentis.

Acumentis also announced that the previous sub-leasing deal that would bring in some $0.3M per annum in rent will not proceed. The deal fell through after the original announcement in the company’s half-yearly results on 12 February this year. Acumentis is now looking for someone else to fill the gap.

Eureka Group Holdings (ASX: EGH) announced on Monday the “completion of on-market share buy back”. The affordable housing company said that the buyback announced earlier this month (2 March 2021) has now come to a close, the company acquiring “1,375,950 shares for total consideration of $523,020.13 under the buyback in 2017.” The highest price of shares was $0.39, the lowest $0.36.

Fuel station and convenience retail REIT, Waypoint (ASX: WPR), confirmed the annual general meeting date for Thursday 13 May 2021. The company stated that nominations for directorship close soon on Tuesday 23 March 2021.

Centuria Capital Group (ASX: CNI) announced its joint venture project with Medibank, a $64M private hospital in Melbournes east. The “short-stay” hospital is said to become home to 42 specialist doctors to provide no-gap healthcare.

The facility is planned to “accommodate four operating theatres and a procedure room, 30 beds, radiology, an infusion (chemo) clinic and 90 basement car parking spaces. The facility proposes to provide services such as orthopaedics, Ear, Nose and Throat (ENT), vascular, plastics, general surgery, urology, gastroenterology, anaesthetics, oncology, and radiology.”

Centuria’s Industrial REIT (ASX: CIP) announced the completion of the divestment of 136 Zillmere Road, Boondall Queensland. The property left the hands of CIP for $39.6M, up from the “book value” of $32.5M as of the end of the financial year in 2020.

Dexus also made a splash, announcing that after six months of discussion, they will be taking over AMP’s capital diversified property fund (ADPF), worth around $5B. Pending unitholder voting, the take over will see the ADPF merged into Dexus own fund, Dexus Wholesale Property Fund (DWPF). Assets included are multiple Sydney locations including Quay Quarter Tower, 309-321 Kent Street, Westfield Warringah Mall and Perth’s Westfield Booragoon.

Apsen Group (ASX: APZ) announced their change of registered address, now Upper Ground Floor, 285A Crown Street, Surry Hills NSW 2010.

Finally, GDI Property Group (ASX: GDI) extended the on-market buy-back for the company, the extension of 12 months recently approved by the Board.

UPDATE: Cromwell Property Group (ASX: CMW) elected Dr Gary Weiss as chair, with Mr Ooi Eng Peng as Deputy Chair and senior independent director.

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