timber harvest agriculture
Agricultural Land Trust expects to harvest timber assets in June this year. Image – Canva.
  • Vitalharvest has determined Roc superior at $1.18, matching period commenced
  • Charter Hall Group's Anne Brennan retires from her role as non-executive director
  • Agricultural Land Trust firms up lease at Linkletter's Place

Once again we arrive at the end of the week, and though a largely quiet week for ASX listed real estate companies, Vitalharvest remains a weekly news item.

The ASX reached a 14 month high yesterday off the back of strong job figures. The market closed at 7058.6, reaching 7071.5 at one point, the highest since February 20 last year.

Today, however, the market saw downward movement at lunchtime, real estate one of three sectors to not see that drop.

So far today, the top performers for real estate companies are:

Top-performing ASX listed real estate companies

Company Code Price Change (%)
Victory Offices VOL 0.25 4.17
Cedar Woods Properties CWP 7.34 3.09
Peet Limited PPC 1.23 2.93
Centuria Industrial REIT CIP 3.495 2.79
US Masters Residential Property URF 0.245 2.08

Source: ASX

Our mid-week wrap can be found here.

Since Wednesday, we saw Vitalharvest (ASX: VTH) back in the headlines, with Roc Private Equity raising its offer again on Thursday. The new offer adds only a two cent premium to the unit price, now $1.18. The previous two revisions included four cent premiums per revision.

Today, Vitalharvest announced to the market it had “determined that the binding proposal received from Roc… to acquire all the units in VTH for $1.18 per unit or the assets for $333.3m is a Superior Proposal to the Fourth MAFM Proposal”. Macquarie Agricultural Funds Management (MAFM) now has five business days to respond if they wish to.

In Charter Hall news, the Charter Hall Group (ASX: CHC) announced the pricing of $250 million in medium-term notes. It’s not the first time this year the Charter Hall name has made the move, Charter Hall Long WALE REIT (ASX: CLW) put up $500 million in notes back in February. The move had been on the cards, Russell Proutt, Group CFO, said:

“This bond issuance is consistent with our strategy to increase liquidity, extend our weighted average debt maturity, which is now 6.9 years, and diversify our sources of debt capital.”

Russell Proutt, Group CFO, Charter Hall Group

In other Charter Hall Group news, Anne Brennan has retired as a non-executive director of the Charter Hall Group. Her ten year tenure was served with distinction, CHC Chair, David Clarke said:

“Anne has overseen growth in Charter Hall’s funds under management of nearly 5 times to $46 billion and the positioning of Charter Hall as one of Australia’s leading integrated property groups.”

David Clarke, CHC Chair

In other news, Agricultural Land Trust (ASX: AGJ) issued an update on Linkletter’s Place, “[entering] a lease over the existing cleared areas of the property”, the company also reached a settlement agreement on a lease which the company and prospective tenant previously did not agree on. The settlement agreement, the company said, facilitated the entry into the Linkletter’s Place lease. Harvesting for timber assets is also expected in June.

That’s it for a quiet week in ASX listed real estate companies, weekend wishes and adieu.

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