scaffolding construction crane
Industrial property still hot, buoyed by what Centuria said is a tailwind. Image – Canva.
  • The Agency welcome Geoff Lucas as Group CEO
  • United Overseas Australia sees in just under $100 million in profits
  • Cromwell suspends dividends reinvestment plan

Welcome to the end of the week and welcome to the end of week wrap of ASX listed real estate companies.

Unlike the past two weeks, berries and Brisbane no longer grip the headlines, not much else was happening anyway.

This week, we see a little more berry shuffling with Vitalharvest (ASX: VTH) on Monday, no more than a cursory media release to say what they had said before – the Roc Private Equity seemed a “likely superior proposal”.

Other big news earlier in the week saw Centuria Capital Group (ASX: CNI) announce a trading halt and raising effort, along with Dexus sending out its tell-all on a company structure simplification, the newsworthy item there: a price tag of $35 million.

The Agency (ASX: AU1) also welcomed Geoff Lucas as the Group CEO, officially so next Monday, 29 March.

For more from earlier this week click here.

Yesterday saw the usual daily buyback notices, this week from Elanor Retail Property Fund (ASX: ERF), GPT Group (ASX: GPT), and Growthpoint Properties Australia (ASX: GOZ).

Vanguard Group, an investment firm with over $164 billion assets under management became a substantial holder of APN Industria REIT (ASX: ADI), holding 13,127,609 securities in the company, amounting to 6.053% voting power.

Dividends delight continues, Cromwell Property Group (ASX: CMW) sent 1.625 cents to investors per security. The company also announced the suspension of the distribution reinvestment plan. Cromwell said in a statement: “Under Rule 13 of the DRP rules, the Cromwell Board may suspend the DRP at any time. The Cromwell Board has made the decision to suspend the DRP because it considers, having regard to a number of relevant factors including the fact that Cromwell’s stapled security price is currently below the per stapled security NTA (net tangible assets), it is not in the interests of Cromwell’s security holders as a whole for stapled securities to be issued under the DRP.”

Devine Limited (ASX: DVN), also known as Devine Group, announced their AGM date for Wednesday 26 May 2021, the close of directorship nominations close 5 pm Brisbane time. Unibail Rodamco Westfield (ASX: URW) also announced a meeting for Wednesday 12 May 2021.

United Overseas Australia (ASX: UOS) released its annual report in the second half of the week, announcing that despite COVID, the company still achieved a profit of $97.3 million, an increase of 6.1% compared to the previous corresponding period.

It’s a fairly sane week for the ASX in property, but what a price tag to move to a simpler corporate structure, $35 million will leave some shareholders wondering if the move is worth it, perhaps even wandering.

UPDATE: As I returned from lunch, I reacted “ah Centuria, you’ve done it again!” as I saw the latest ASX updates: Centuria has completed the listed note institutional bookbuild, originally intended to be worth $100 million, now increased to $190 million.

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