child shh quiet asx market board
Image – Canva.
  • CNI releases Bidder's Statement for PWG takeover proposal
  • Garda a strong performer following 21% increase in NTA
  • Irongate completes Kingston acquisition

Talking tails today, as both the amount of news and the market more broadly trails off…

This week saw a bumper Monday and Tuesday in terms of big news items for ASX-listed real estate companies. As of Wednesday, not much else has happened but formalities.

The mid-week wrap can be found here.

The broader market

It was a record run from Monday through Tuesday, the market hit a new high at 7,172.80 points. As the budget was delivered, the market trended down, closing at 6968.90 on Thursday.

Today, the market recovered and is floating around 7030 to 7050 points for most of the day before settling back at 7,014.20.

asx chart 14 may 2021
Image – Google.

So far today, the top-performing real estate companies are:

Top-performing ASX listed real estate companies today:

Company Code Price Change (%)
The Agency AU1 0.052 +13.04
Garda GDF 1.245 +6.41
Acumentis ACU 0.115 +4.55
Lifestyle Communities LIC 14.04 +3.01
Vicinity Centres VCX 1.535 +2.68

Source: ASX

While no property companies appeared in the top five performers on the ASX overall, it is pleasing to see Vicinity Centres continue its recovery from the losses announced earlier this year as a result of the pandemic. Today, the company was in the top five performers of ASX-listed real estate companies, with The Agency on top.

Movement

Unibail-Rodamco-Westfield (ASX: URW) held its annual general meeting on 12 May. On Thursday the AGM results were announced, with all 29 resolutions passing by more than 90%.  The company passed its resolution not to pay the dividend, the remuneration package was also passed.

Convenience and fuel station REIT, Waypoint (ASX: WPR), held its recent AGM on Thursday, all motions were passed. The remuneration received overwhelming support, 99.43% voted in favour. Two motions to receive lower passing rates at 74% were the amendments to the company constitution and trust constitution.

Today, other than minor administrative matters, Centuria Capital Group (ASX: CNI) released its Bidder’s Statement as part of the merger process with Primewest (ASX: PWG). The combined company will likely result in the fourth largest real estate funds manager in Australia, as indicated by CNI.

ASX Listed Real Estate Funds Manager Peer Set (External AUM $bn)

centuria primewest combined size comparison graph
Image – Centuria Capital Group.

The CNI offer is for a total consideration of $1.51, comprised of 20 cents cash, and 0.473 in Centuria securities per PWG security – Centuria said it equates to $1.31 based on the 16 April closing price for CNI.

Irongate Group (ASX: IAP) announced the completion of its Kingston acquisition. The 57-83 Mudgee Street property in Queensland was originally announced as being acquired on 19 April this year, the total consideration for the property $14.32 million, “which represents an initial yield of 5.73% (5.67% post all transaction costs).

The purchase consideration comprises an initial payment of $3,050,000 for the land with the balance to be progressively paid until completion of construction, which is anticipated to occur in December 2021. IAP will earn a coupon of 5.73% on the land payment and the amounts progressively paid.”

Today, Vitalharvest (ASX: VTH) published a notice of change of interests of substantial holder Primewest (ASX: PWG), now holding 6,752,949 shares in VTH which equates to 3.65% voting power; previously the company held 19.87% or 36,752,949 shares.

In other meeting news, Tian An Australia (ASX: TIA) held its AGM, all three motions including the remuneration report were passed with more than 99% majorities. Ultima United (ASX: UUL) held a general meeting where eight resolutions were passed with 100% voting in favour for all resolutions. The meeting approved the issue of shares to four parties, one acquisition, and ratified two prior issues of shares.

That’s it for this week in ASX-listed real estate companies, the quiet Friday not likely quiet for long as the Saint’s size up Geelong tonight.

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