hospital sign macquarie data centre in sydney and ingenia white albatross holiday park
Time for real estate to shine continues, with Finbar likely reporting healthy profits following strong sales, likewise Proptech Group. Ingenia increased its EBIT guidance to 30 per cent too. Image – Canva, Ingenia, Macquarie Data Centre.
  • Mustera raised $5.5M
  • Takeover of Sydney Airport failed
  • Ingenia guidance now 30%

With the largest data centre in Sydney awaiting development approvals, and HealthCo well on its way to an IPO, the headline only seemed right.

This week in ASX listed real estate companies, growth was the word of the week. Aside from the aforementioned build to an IPO, Proptech Group announced strong sales, so to Finbar and Ingenia.

The broader market

ASX 200 closed up Friday, gaining 0.17% over yesterday; no real estate companies were in the top nor bottom five overall performers.

Image – Google.

Top-performing ASX listed real estate companies

Company Code Price Change (%)
Aspen Group APZ 1.37 +7.03
Finbar FRI 0.91 +3.41
Eureka EGH 0.62 +3.33
United Overseas UOS 0.775 +2.65
Desane DGH 1.22 +1.67

Source: ASX, Data delayed

In addition to the top performers, the bottom five (from fifth lowest to lowest) were:

Top-performing ASX listed real estate companies

Company Code Price Change (%)
McGrath MEA 0.55 -1.79
Arena REIT ARF 3.585 -2.05

Charter Hall Social Infrastructure REIT

CQE 3.55 -2.74
Acumentis ACU 0.12 -4.00
Ultima United UUL 0.48 -12.73

Source: ASX, Data delayed

The movement

HomeCo (ASX: HMC) announced the yet-to-be listed HealthCo acquired eight oncology assets for $110.3 million and are on triple net leases from GenesisCare; HomeCo said the assets will have a weighted average passing yield of approximately 4.5% and weighted average lease expiry of 10.7 years.

The company will also develop a private hospital in Camden, NSW. The first stage includes a 78 bed integrated private hospital, the property will be leased to Acurio under a 15 year lease.

Proptech Group (ASX: PTG) increased new sales orders by 65% for VaultRE in the June quarter, compared to the previous period. The company said increases were attributed to the recent sales team restructuring that has a focus on “a combination of new agency offices, bundling and upselling to existing customers.”

PTG also appointed three new positions, Group head of sales is Mark Levin, Leesa Sinn was appointed general manager of property management, and chief revenue officer is Bill Nikolouzakis.

Settlement for the Gainsborough Lifestyle Village acquisition made by Eureka (ASX: EGH) was this week. The village adds 59 homes to Eureka’s portfolio, increasing the total number of units under management to 2,250 units. There is also surplus land available for brownfield development, up to 47 more homes.

Trading for Vitalharvest (ASX: VTH) units were suspended on 1 July, the removal from the list occurred on 13 July.

Western Australian developer Finbar (ASX: FRI) announced that it is expecting a net profit after tax of $8.4 million. The profit comes off the back of strong market demand for Finbar products, the company completed 486 sales of off-the-plan apartments, worth a combined value of $296 million.

Land and Homes Group (ASX: LHM) off-loaded 207 Wharf Street, Spring Hill, Brisbane, the property was sold for $19.5 million.

The Sydney Airport (ASX: SYD) takeover failed to take off, the airport rejected an offer from a consortium of companies, stating the price offered was lower than pre-pandemic levels.

Today, Ingenia (ASX: INA) announced EBIT guidance had been upgraded to 30% from the expected 15% to 20% range. While settlements and a strong domestic travel market helped buoy the books, recent state lockdowns and travel restrictions are expected to impact FY22 results.

Mustera Group (ASX: MPX) announced back in June it would raise up to $8.72 million to finance the Forbes project and ensure the Company’s working capital will enable it to progress its existing property portfolio. Today, the company announced the results of the raise, Mustera achieved a total of $5,502,227.75 before costs.

Finally, the development application process has begun for Macquarie Telecom Group’s (ASX: MAQ) data centre. With an initial investment of circa $78 million, the 32-megawatt facility is expected to bring over 1200 jobs covering construction, engineering, cybersecurity and other occupations.

That’s this week in ASX real estate, where positivity was abounding and an unsuccessful deal gave journalists prime opportunity for plane old puns.

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