top-down-empty-street-in-city
Image – Henry Thai.
  • Two deals finalised: ACU, PTG. ACU reduced cash offer due to transferred liabilities
  • Investors confident in URW, AU $310 million in shares purchased
  • Vitalharvest receives binding offer from Roc Private Equity

The end of the week couldn’t come early enough, and despite the midweek wrap up only going out yesterday, much has happened since.

The ASX edged higher thanks to mining and technology stocks today CommSec noting the Aussie market “remains firmer for a 2nd day” with a rise in 23 points. CommSec also noted that the ASX is also about 1.7% away from an 11 month high, and 5.5% away from pre-COVID levels.

UPDATE: At the close of today’s, indeed the week’s market, the top five performing real estate companies were:

Top performing ASX listed real estate companies

Company Code Price Change (%)
The Agency AU1 0.065 +10.17
Primewest PWG 1.42 +4.41
Australian Unity Office Fund AOF 2.37 +3.04
US Masters Residential Property Fund URF 0.205 +2.50
Centuria Capital Group CNI 2.54 +2.42

Source: ASX

Our mid-week wrap can be found here.

Acumentis (ASX: ACU) completed the acquisition of Tasmanian property valuations company Saunders & Pitt. Not much changed to the deal barring a reduction of the cash consideration. The $150,000 in cash was “reduced by $42,968 relating to employee leave liabilities transferred to Acumentis,”. ACU also announced the proposal of a securities issue as following from the second part of the deal with Saunders & Pitt for around $400,000 in ACU shares, the market likely to see more than 3.3 million ordinary fully paid securities in the Acumentis today.

Proptech Group (ASX: PTG) announced the signing of Harcourts International product H1 back in mid-March, the deal announced today as finalised. The total consideration for the purchase of H1 is up to $600,000 payable in shares; the company announced the official proposition of share issues accordingly, today stating the market will see 1,225,004 ordinary fully paid securities worth the aforementioned $600,000. The company expects to see the issue of shares by open of market next week (6 April 2021).

We’ve entered into this partnership as we believe VaultRE is a truly exceptional product that will support us as we continue to enhance the client experience; cementing Harcourts position as number one in New Zealand and a leading Australian franchise.

Steve Caradoc-Davies, CEO of Harcourts International Ltd

Sadly no property companies were in the top five performers today but yesterdays top ASX performer Unibail-Rodamco-Westfield (ASX: URW) saw Rock Investment SAS acquire 2,980560 stapled securities in the company at €67.10 per stapled security. The deal sees almost €200 million change hands, in Australian currency that’s just under $310 million.

That trickle of annual reports continues, CAQ Holdings Limited (ASX: CAQ) released its report, seeing $2.18 million in losses and a share price of only 2.6 cents. This follows a downward trend over the past few years of losses and dropping share prices, in 2015 CAQ traded at 19 cents.

In other reports, Gold Coast developer Raptis Group Limited (ASX: RPG) saw positives numbers across the board with $866,772 in revenue for the half-year and profits of $553,843 after tax.

Boyuan Holdings Limited (ASX: BHL) was suspended from official quotation, the ASX stating that this was due to “their failure to lodge the relevant periodic report by the due date.”

Finally, Vitalharvest (ASX: VTH) continues to see movement, today the company announced Roc Private Equity has made a binding offer on the same terms as the non-binding offer made on 18 March of $1.12 per unit in VTH or $322.2 million in assets.

That’s all for the week in ASX listed real estate companies, The Property Tribune wishes everyone a safe and well earned Easter break.

UPDATE: Earlier in the week (Tuesday), Qualitas Real Estate Income Fund (ASX: QRI) went into a trading halt prior to a capital raise. Net tangible asset estimates were $1.6076 per unit yesterday, today down to $1.6008. The capital raise is now complete, at $54 million, 33,750,000 securities will be issued as part of the raise.

UPDATE: Centuria Capital Group (ASX: CNI) announced the resignation of non-executive director Mr Wee Peng Cho this afternoon.

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