Image: Canva.
  • Market closed at 7,307.80 points today
  • Market is up 12 points since Monday
  • GARDA reached practical completion for one of its developments

A quiet week so far for listed property and real estate companies, with a small number of acquisitions, completions, and appointments making up the news so far this week.

The broader market

The ASX200 closed today at 7.307.80 points today, down 56.90 points or 0.77%.

asx mid week wrap 08 03 2023
Image: Google.

The market lost about one per cent within the first two hours of trading, before recovering slightly at lunchtime. The market eventually closed down for the day.

The movement

Monday saw news from Centuria Capital Group (ASX: CNI); the company acquired an asset on behalf of its Centuria Agriculture Fund (CAF).

The acquisition was a 20-hectare tomato glasshouse located at 160 Elm Street in Guyra New South Wales. The off-market acquisition was made on behalf of the unlisted pure-play CAF, increasing the Group’s total agricultural assets under management (AUM) to $500 million, and bringing the CAF portfolio to circa 74 hectares under glass worth $323 million with a WALE exceeding 18 years.

The existing tenant, Tomato Exchange, has entered a new, extended lease on a 15-year, triple-net lease term with CPI-linked annual rent reviews. In addition to the 20-hectare glasshouse, the asset includes a one-acre nursery, 65 megalitre dam, packing and distribution sheds and cool rooms.

DomaCom Limited (ASX: DCL) had a change of address to Level 14, 333 Collins Street, Melbourne, Victoria, 3000.

GARDA Property Group announced the practical completion of Building B, Pinnacle West, Wacol development.

The 8,213 square metre industrial facility is fully leased to Tasmanian Freight (4,473 square metres) for seven years and Rydell Beltech (3,740 square metres) for 10 years. Both leases commenced on 6 March 2023.

The final facility in the Pinnacle West industrial development, Building A (3,360 square metres), is currently under construction with structural footings in the process of being laid. Practical completion is targeted for July this year when Doherty Couplers will commence its seven-year lease.

GARDA also noted that minor remediation works are being completed at Pinnacle East, Wacol, ahead of bulk earths works and then construction of approximately 14,000 square metres of GFA. Work is expected to begin in the second half of CY23.

Construction at the 13,000 square metre Richalnds industrial facility recently commenced with practical completion expected by December 2023.

Also announced on Monday, David Warren was appointed as Director of Equity Trustees Limited, the Responsible Entity of US Student Housing REIT (ASX: USQ) effective 6 March 2023.

That’s the latest for another quiet week.

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