Image: Canva.
  • The market closed at 6,621.00
  • The Agency acquired Tasmanian real estate business Bushby Property Group
  • Phillip Marcus Clark intends to retire from the SCP board of SCP on 30 November 2022

This week saw The Agency acquire a Tasmanian real estate business, along with several valuations results come in.

The broader market

The ASX200 closed today at 6,621 points, up 14.70 points or 0.22%.

Image: Google.

Top-performing ASX listed real estate company shares: 13 July 2022

Company Code Price ($) Change (%)
Desane DGH 1.05 +5.00
United Overseas Australia UOS 0.60 +3.45
HMC Capital HMC 4.87 +3.40
Centuria CNI 1.95 +3.17
Openn Negotiation OPN 0.165 +3.13

Source: ASX

The movement

Monday was largely quiet, except for a financial update from GARDA Property Group. The company said its Mackay industrial property was independently valued, with the value moving up 12% or $4.2 million to $39.2 million. The 13,843 square metre industrial facility is fully leased to Blackwoods, a subsidiary of Wesfarmers, with the lease expiring in January 2029.

GARDA also said its unaudited NTA per security is $2.05 per security and gearing is 35.6%.

Tuesday kicked off with a partnership between (ASX: RNT) and Origin Energy (ASX: ORG), with ORG to become the exclusive electricity and gas provider to RNT.

Read more here.

Centuria Industrial REIT (ASX: CIP) completed its external valuations on 41 properties, representing circa 63% of its portfolio value as at 30 June 2022. The remainder will be subject to internal or Director’s valuations.

CIP said valuations increased the portfolio value by an estimated $48 million or 1.3% from 31 December 2021 book values, resulting in a total portfolio value of $4.1 billion.

The Agency announced the acquisition of Tasmanian real estate business Bushby Property Group, with consideration circa $5 million and to be funded via a combination of bank debt and existing cash reserves.

Read more here.

Finally, for yesterday’s news, SCA Property Group (ASX: SCP) announced Chair Phillip Marcus Clark AO announced he intends to retire from the board of SCP on 30 November 2022.

Mr Clark was appointed in 2012 as the inaugural Chair of the SCP Board, and he has served as Chair since his appointment. He has also served as the Chair of the Nomination Committee, and as a member of the Audit, Risk Management and Compliance Committee, and Remuneration Committee.

SCP also announced that Deputy Chair Steve Crane will be appointed as Chair of SCP effective 1 December 2022 following Mr Clark’s retirement. Mr Crane joined the Board of SCP in December 2018, and is the Chair of the Remuneration Committee and a member of the Nomination and Investment Committees.

Today, One Managed Investment Funds, as responsible entity of Agricultural Land Trust (ASX: AGJ) advised that AGJ will be removed from the official list of the ASX at the commencement of trading on Thursday 14 July 2022.

Centuria Office Fund (ASX: COF) provided an operating update, including the acquisition of 57 Wyatt Street in Adelaide. The office building is currently under construction and completion is expected in the second half of FY23.

The building was acquired on an as if complete value of $40.2 million, with the developer, Centuria Developments, retaining construction and delivery commitments. The property was independently valued at $41.6 million, based on a capitalisation rate of 5.25%.

The 4,600sqm building is currently 55% pre-leased and is targeting a five-star Green Star rating.

COF also said it completed $257.5 million of debt refinancing and added an additional $50 million of headroom taking its total debt facilities to $962.5 million, across a diversified pool of six lenders.

External valuations were also carried out on 12 of 23 investment properties as at 30 June 2022, the remainder subject to internal or Director’s valuations. The completed valuations resulted in a like for like increase of $9.4 million, equating to a 2 cents per unit increase in NTA.

That’s the latest in ASX listed real estate.

Meetings and distributions

Upcoming AGM’s announced:

Company Code Date
GARDA Property Group 19 September 2022

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