The Thursday REIT Market Wrap: 9 December

Openn Negotiation had its patent approved by the US Patent and Trademark Office
The ACCC has not opposed Sydney Aviation Alliance's acquisition of Sydney Airport
Irongate made acquisitions in WA and VIC

The ASX

The ASX200 closed today at 7,384.50 points, 20.90 points lower than yesterday.

Today’s news

Openn Negotiation (ASX: OPN) announced that the US Patent and Trademark Office issued a notice of allowance for the company’s patent Application No. 16/311989. The patent relates to the OPN system for conducting real estate sales over the internet.

Duncan Anderson, Director and President of its US subsidiary, Openn North America Inc, said: “The hurdles to obtain patent approval for software are high. This is a significant milestone that rewards Openn’s pioneering work to develop transparent online offer management solutions for the real estate industry.”

Irongate (ASX: INA) today issued another market update, with several more acquisitions. INA announced the acquisition of 16 Aspiration Circuit in Bibra Lake, WA, from Desmar Holdings, for $26 million, and a 50% interest in 510 Church Street in Cremorne, Victoria for $130 million, from Alfasi Group.

INA also announced a fully underwritten institutional placement to raise circa $50 million at an issue price of $1.55 per stapled security to partly fund the Cremorne acquisition. The company also upgraded its guidance: FY22 FFO per security is expected to be 6% to 7%, and FY22 DPS growth increased to 3%.

Aspen Group (ASX: APZ) announced David Dixon, Joint CEO of APZ, acquired 39,885 stapled securities at the issue price of $1.31 as a result of the short-term incentive payment, as approved by the shareholders in the FY21 Annual General Meeting.

SCA Property Group (ASX: SCP) has appointed Angus James as a non-executive director effective today. Mr James previously was previously the CEO of ABN AMRO Australia New Zealand.

US Masters Residential Property Fund (ASX: URF) director Mike Adams has retired as a Director of E&P Investments Limited, the responsible entity for URF. In a URF press release, the company said he will focus on other activities within the E&P Financial Group (ASX:EP1). No replacement director has been appointed.

Finally, the Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose Sydney Aviation Alliance’s acquisition of Sydney Airport (ASX: SYD).

“Throughout our investigation, we heard that there is very little, if any, competition between Australian airports,” ACCC Chair Rod Sims said.

“This is no surprise, as we’ve been saying for a long time that Australian airports such as Sydney Airport are natural monopolies, with significant market power and no price regulation,” added Mr Sims.