mix farm storage industrial property
Image – Canva.
  • Vitalharvest received two offers Friday
  • Centuria made a $26M acquisition in Melbourne
  • Abacus spent $44M on storage facilities across Adelaide and Sydney

Welcome to the end of week wrap up of ASX listed real estate companies… a week that ended in a flourish.

While Thursday was relatively quiet, with a few quarterly updates punctuating the day, Friday saw seven quarterly reports come in, two acquisition announcements, and Vitalharvest pausing trading twice for two offers.

The mid-week wrap up can be found here.

The broader market

The market closed at 7025.80, after reaching a 52 week high; no real estate companies made the top five performers.

asx graph
Image – Google.

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 0.265 26.19
Servcorp SRV 3.55 5.65
Rural Funds Group RFF 2.43 3.40
Lifestyle Communities LIC 13.97 2.95
Peet Limited PPC 1.23 2.50

Source: ASX

The movement

A largely quiet Thursday saw quarterly reports come in from Cedar Woods (ASX: CWP), Growthpoint (ASX: GOZ), GPT Properties (ASX: GPT), The Agency (ASX: AU1), and PropTech Group (ASX: PTG).

Cedar Woods (ASX: CWP) made a south east Queensland acquisition, on land 40 minutes south of Brisbane. The area is to be developed into 500 residential sites and was purchased from a private owner for $12.5 million.

In other news on Thursday, Aspen settled its acquisition in Upper Mount Gravatt, Queensland. The property is situated in between Cedar Woods’ latest acquisition and the Brisbane CBD. The $18.5 million student accommodation will be open to non-students as well, the offering labelled as an affordable housing option in a “co-living community”.

Friday saw a slew of quarterly reports from CAQ Holdings (ASX: CAQ), Victory Offices (ASX: VOL), Hudson Investment (ASX: HGL), International Equities (ASX: IEQ), Auckland Real Estate (ASX: AKL), Ultima United (ASX: UUL), and Lands & Homes Group (ASX: LHM).

Victory (ASX: VOL) was the strongest performer today for ASX-listed real estate companies. This followed the quarterly announcement, with the company starting the day at 22.5 cents and closing at 26.5 cents.

The three big-ticket items today were Centuria Industrial REIT (ASX: CIP), Vitalharvest (ASX: VTH), and Abacus Property (ASX: ABP).

Centuria Industrial REIT (ASX: CIP) made yet another acquisition in the hotly contested area of south east Melbourne. The eight hectares of land at 95-105 South Gippsland Highway was acquired for $26.3 million, with the company to invest $62.5 million in developing the industrial estate. CBRE’s James Jorgensen told The Property Tribune the vacancy rate for prime stock in the area is around 0.27%.

The biggest news today was Vitalharvest (ASX: VTH). Trading paused twice for the two announcements, first from Roc Private Equity which offered $1.25 and later Macquarie Agricultural Funds Management (MAFM) which offered $1.26. The offer that was on the table prior to Roc’s revision today was by MAFM at $1.24 made exactly a week ago. In asset sales terms, the Roc offer is $346.25 million, MAFM $348.1 million.

Finally, Abacus Property (ASX: ABP) made five acquisitions: self-storage facilities in Adelaide and Sydney, and the balance of The Oasis Centre at Broadbeach, Queensland. The self-storage facilities were for a total consideration of $44.2 million (excluding transaction costs), the Adelaide locations include Windsor Gardens and Woodville North, the Sydney locations include Kirrawee and Revesby. Abacus also acquired the remaining 60% of The Oasis Centre for a total consideration of $103.5 million.

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