curtains-opening-mergers-acquisition-feature
An eventful week with much to delve into including mergers, acquisitions and takeovers. Image – Canva.
  • The market bid adieu to Vitalharvest and Primewest
  • PEXA started trading yesterday
  • Acquisitions across lifestyle, healthcare, commercial, and tech

First and foremost: Happy New Financial Year.

As the week drew to a close, the voice of James Blunt rang in the ears of some as news that Vitalharvest and Primewest had both ended trading.

This week on ASX real estate, acquisitions were also abounding, with the Proptech Group, Eureka, APN Industria, Abacus Property, and Dexus all doing deals this week.

The mid-week wrap can be found here.

The broader market

Today, the market closed at 7,308.60 points. Looking back at the year that was, the market is up 1,250.70 points, or 20.65%. Quite a year. It comes as a pandemic recession quickly became a speck in the rearview mirror, gone almost as quickly as it arrived.

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A year-long look at the market. Image – Google.

At the close of today’s market, the top-performing ASX listed real estate companies were:

Top-performing ASX listed real estate companies

Company Code Price Change (%)
US Masters Residential Property URF 0.28 +7.69
CAQ Holdings CAQ 0.019 +5.56
Unibail-Rodamco-Westfield URW 6.03 +4.87
Centuria Capital CNI 2.89 +4.71
Aspen APZ 1.37 +4.55

Source: ASX

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 (%)
Irongate IAP 1.545 -0.96
Australian Unity Office Fund AOF 2.56 -1.16
SCA Property SCP 2.49 -1.19
Carindale CDP 4.40 -1.57
Lifestyle Communities LIC 15.24 -1.99

Source: ASX

The movement

Markets opened on Thursday to a new financial year and Abacus Property’s (ASX ABP) latest acquisition: a third of Myer Melbourne. The purchase came in at $135.2 million before transaction costs, The Myer family sold its last one-third stake in the store back in 2016 to TH Real Estate for more than $151 million.

Thursday also brought to a close the eight-month-long takeover tussle for Vitalharvest (ASX: VTH). The unitholders met on 28 June, with the overwhelming majority voting in favour of  Macquarie Agricultural Funds Management’s (MAFM) proposal. Vitalharvest units ceased trading at the end of Thursday.

‘Twas not that melancholic a day though, PEXA (ASX: PXA) commenced trading. The price fluctuated throughout the day, at one point as low as $16.40, quickly bouncing back to almost $17.40. Shares closed at $17.15 on Thursday, today shares traded as high as $17.82 late in the day before closing at $17.60.

Stockland (ASX: SGP) also announced the appointment of Adam Tindall to the board of directors.

Today, Qualitas (ASX: QRI) announced it had raised $12.7 million from its latest offer, with units priced at $1.60 each.

Eureka (ASX: EGH) appointed a new CEO, Cameron Taylor, and Centuria Capital (ASX: CNI) announced the appointment of two independent non-executive directors: Nicole Green and Jennifer Cook.

That’s all for the second day of the financial year, and an eventful week of bidding adieu to old friends and welcoming new ones onto the market; those songlines from James Blunt now distant like the recession, instead Slim Dusty’s g’day g’day ringing in the new financial year.

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