Listen to the HotCopper podcast for in-depth discussions and insights on all thebiggest headlines from throughout the week. On Spotify, Apple, and more.

Mr Gore’s leadership has helped guide Peet through a number of transformational transactions. These have included its acquisition of CIC Australia – which involved the expansion into new markets of NSW/ACT and South Australia, the joint venture and later acquisition of the Flagstone project, and the acquisition of University of Canberra project.

Commenting on the move, he said the time was right for him to step down and pursue other interests.

“To ensure an orderly transition and business continuity, the Board and I have agreed that it is in the best interests of the company that I continue through to the end of the currentfinancial year, and step down from my roles on 1 July 2025,” Mr Gore said.

“When stepping into the managing director and CEO role, my first priority was to set a clear strategic direction for the company. Throughout the past 20 years as we’ve evolved and adapted our strategy, the Group has seen considerable growth and I’m proud of the strong position that Peet is in today.

“It has been incredibly rewarding to have worked alongside an outstanding team at Peet where, together, we have not only achieved much success but we have also managed the company through some extremely challenging times such as the Global Financial Crisis, Banking Royal Commission and COVID.”

Peet now intends to engage a suitable advisor to assist it in undertaking an orderly executive and director search. Brett Fullarton – who has been Chief Financial Officer since 2013 – will take on the role of interim CEO once Mr Gore steps down from his role and throughout the ensuing executive search.

Peet shares have fallen since the news, and at 12:26 AEST, they were trading at $1.57 – a drop of 3.99% since the market opened.

Join the discussion: See what HotCopper users are saying about Peet and be part of the conversations that move the markets.

In turn, the company has also declined to hand over documents to the consortium allowing it to carry out due diligence.

This, Abacus wrote on Tuesday, doesn’t offer a fair valuation of the company despite being at a premium to prior trading prices. Perhaps this is informed by the fact the share price currently sits just above at $1.50/sh.

Also helping matters, for Abacus, is that it has announced a new number on Tuesday: a value of $1.73/sh, based on an “independent valuation review.”

“Importantly these valuations are undertaken on a standalone basis and do not capture any portfolio premium to reflect the scale and significance of ASK’s portfolio,” Abacus wrote on Tuesday.

“The [Independent Board Committee], in assessing value, has also had regard to factors including potential development profits, brand and platform value and corporate costs.”

In between the lines?: Abacus wants more money.

Worth considering is that Ki Corporation is the corporate child of Nathan Kirsh, a South African billionaire who in April of this year had effectively eyed Abacus (alongside NYSE-listed Public Storage) at just short of A$2B.

But what’s another hundred million to a billionaire?

To that end, perhaps, Abacus also highlighted on Tuesday that the consortium’s demands it has tax rulings from the ATO sorted ahead of the takeover going ahead “add timing risk and completion risk” to the deal. At $1.43/sh, Abacus wrote, those risks aren’t being compensated.

Presumably, they’re talking about the cost of taking the ATO to court.

ASK last traded at $1.50/sh.

Join the discussion: See what HotCopper users are saying about ASK and be part of the conversations that move the markets.

The company reported an impressive result in the 9 months to 31 March, with its revenue shifting up 18% to $1.25 billion during that period, compared with the prior comparable one.

Earnings numbers – that is, operating EBITDA (earnings before interest, taxes, depreciation and amortization) excluding associates – were also in the green, at $734 million: this being an increase of 19%.

In the 3 months ended March 31, REA saw its revenue grow by 12% for a figure of $374M: bolstered by double-digit revenue rises across Residential, Commercial, Financial Services and India. EBITDA excluding associates also rose by 12% to $199M during this period.

REA Group CEO Owen Wilson said demand for housing in Australia continued to trend positively, supported by a recent decision by the Reserve Bank.

“REA delivered a strong third quarter result underpinned by double-digit yield growth as wecontinued to drive increased value for customers across our premium products,” he said.

“The first interest rate cut in 4 years, combined with expectations of more to come, spurred buyer demand and supported house price growth across the country.”

REA shares have been trading at $250.08.

Join the discussion: See what HotCopper users are saying about REA and be part of the conversations that move the markets.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

The transaction is expected to wrap up in March 2025 and involves the Bonaire centre, which was closed until February due to flooding from October.

As a result, refurbishment has been completed on the common areas and retail units on the ground floor, with some tenants using this as an opportunity to upgrade their stores. The occupancy rate of Bonaire is currently 98%, with approximately 80% of stores either reopened or expected to be by the end of March.

Given the impact of the flooding, URW has now given Castellana an 18-month NOI guarantee – including a cap of €32.9 million to cover the stabilization period.

However, it is expected only a marginal part of this will actually be utilised to the fullest considering the strong occupancy levels in Bonaire right now.

More market news

Together: The U.S. has suspended aid to Ukraine. Will Europe step into the breach?

Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst

The sale ensures URW has completed or secured €900 million worth of transactions this year, helping to reduce its proportionate net debt.

URW shares have been trading at $6.36.

Join the discussion: See what HotCopper users are saying about Unibail-Rodamco-Westfield and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

One can’t help but feel like Curtis might be talking about Trump’s move to order Federal workers to return to the office over in the states, as well as the usual rabble of CEOs happy to take a hardball line while talking to The Fin or The Aus.

The comments from Curtis came as part of COF’s HY25 update, which then saw COF shares jump 1.3% to $1.15/sh on Wednesday.

But COF Fund Manager proper Belinda Cheung was perhaps more realistic when it came to the months and years ahead.

Despite population growth and “stronger occupier sentiment,” Cheung noted “in the near-term vacancy rates across Australian office markets remain at elevated levels, which suggest it may take some time for these tailwinds to translate into material rental growth.”

“Notwithstanding, we have seen increased activity from investors who can see past these short-term headwinds.

While overall transaction levels remain low compared to long-term averages, Australian office investment has seen increased enquiry and transaction volumes over the last half,” Cheung concluded.

Not enough, clearly, to push COF’s one-year returns into the green – 1Y returns are down -7.3% though YTD performance clocks higher at +4.5%.

Perhaps of most interest when it comes to market implications for office towers is what Centuria is doing at ResetData. There, an unused office space asset is being cleared out and converted into a data centre.

That conversion to a data centre uplifted the relevant property’s valuation by 10%, according to COF, while it still sits on 19 other office assets worth a collective A$1.9B.

When it comes to rents, Centuria’s strength appears to be in picking tenants. Targeting listed companies, multinats and government departments, the company feels 77% of its overall rent yield is stable.

Still, 1HFY25 occupancy had slipped (fractionally) from FY24 to remain mostly flat, and book value fell from $1.9B in FY24 to $1.885B in the first half of FY25.

So, not all bad. Given occupancy and book values remain mostly flat, it could be surmised the office market isn’t going to get much worse.

But whether or not COF will ever see work-from-home dynamics embedded by the pandemic truly reverse remains the knowledge of crystal balls.

Maybe it isn’t unreasonable to expect more data centre conversions.

COF last traded at $1.15/sh.

Join the discussion: See what HotCopper users are saying about Centuria Office REIT and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The Sydney-based public developer is being sold to Japanese trading company Sojitz Corporation for $235 million; at least $70M will go straight to Lendlease’s operating costs.

HotCopper understands at least 80 employees will transfer to Sojitz.

Sojitz will also walk away with Capella’s full infrastructure platform, which includes “asset origination, management, and principal equity investments.”

Lendlease and Capella are still expected to work together for some time yet, cooperating on current and future projects “where Lendlease has capacity” – though with how vague that addendum is, nothing is really set in stone.

The deal brings Lendlease’s sales blitz up to a cool $2.2B through to February. (A meaty $1.3 billion deal with Stockland (ASX:SGP) in November helped a lot there.)

This Capella split also comes hot on the heels of a $70M sale of its U.K. building arm.

Over the last six months, the beleaguered Australian company has been trying to recover its ballooning costs and trim the fat; the campaign first started after shareholders voiced concerns about U.S. and European expansions.

“By reshaping the portfolio, concentrating on our core competencies in markets where we have proven we have the right to play… the financial and operational risk profile will be lower and we believe the quality of our earnings ultimately higher and more sustainable,” CEO Tony Lombardo said at the time.

Lendlease also confirmed its $516 million deal to sell its U.S. military housing business to Guggenheim Partners was complete today.

Shareholders have mostly liked the sales; today, LLC added 2.7% in value.

Through Friday morning, Lendless shares sold for $6.54.

Join the discussion. See what HotCopper users are saying about Lendlease Group and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Except, that isn’t really the whole story.

The bounceback in question, of course, refers to the ancient history of two days ago when the DeepSeek scare rattled American markets as Australia slept gently then came for the ASX.

That phenomenon was enough to push down Australian data centre giant NextDC, its counterpart Goodman Group, and the recently-listed data centre property stock Digico Infrastructure REIT.

When it comes to Australia, those are kind of the three that matter. And whether or not Digico matters, per you the reader’s philosophy, depends on how much you care about a REIT leveraging a macroeconomic trend. (At least they aren’t mining for antimony.)

But so far, the threat to tech stock valuations (and thus global market valuations) posed by the left-of-field breakthrough from China that is DeepSeek– not its first big breakthrough this year – remains very present.

If only OpenAI had to release earnings reports. For some reason on Tuesday, market favourite (among the fatally optimistic) Brainchip also fell -16%, despite only being at the ‘concept’ stage of having anything to do with AI. But whatever, it has ‘chip’ in the name.

And maybe that’s a good place to start.

So far, Brainchip remains down -15% week on week. When you go back to the big three data centre stocks I mentioned (if you agree with my bundling of them as so), it’s a similar story. Gains so far have been minor.

The critic could say, “It’s only been two days,” and that’s correct – but what I find most interesting to realise next week is whether or not the DeepSeek scare will push up short interest in NextDC and Goodman Group.

Short seller data comes with a delay for the everyday trader and so it’s all just speculation, really, until a few days clear through the system. But one has to think if anyone was going to short an Australian data centre stock, it would probably be right around now.

Even if that happens, there’s no guarantee the market will react with caution. While short sellers can put companies like Droneshield and Cettire underground, NextDC and Goodman Group are more tapped into macroeconomic certainty.

As far, of course, as anyone can tell. But it’s still early days.

In only kind of tangentially related matters, we also get Apple’s earnings report this evening. That could give us some insight into how iPhone 16 sales are going – so far, they’ve been very poor.

Very poor sales of a phone wherein the entire selling point was the fact it had an onboard AI chatbot. The question remains firmly valid in my mind whether it’s even a safe bet to say that the everyday person wants AI.

The only real way it’s changed the world so far is that now Google search results have gotten worse, as far as two years ago we didn’t need to worry if the results we got were accurate, just how many of them were ads.

But I don’t hate the economy, and I don’t hate the stock market. May the NASDAQ continue to rise. Still, food for thought.

Join the discussion: See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The €553 million transaction comes during a busy period of upgrades at the 85,000 square metre centre – described as ‘one of the strongest and best-performing destinations in Prague’ – where an extension of 9,000 square metres is to be added in 2026, including new retail, dining and leisure facilities.

As a result of the transaction, the involved parties will commence a long-term joint venture, with Upvest and RSJ Investments able to acquire a further 24% stake in the next two years (based on the appraisal value at that time).

The transaction will be completed with an implied offer price of €553M, and the asset – which will continue to be managed by URW – has been financed with a green mortgage loan of up to €268 million; the largest syndicated commercial real estate loan in the Czech market since 2023.

The loan will be partly used to finance the ongoing extension.

URW has been trading at $6.20.

Join the discussion: See what HotCopper users are saying about Unibail-Rodamco-Westfield and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

There was some early interest, with DigiCo finding an intraday peak of $5.10 but a quick reversal dragged it back down past its $5 IPO price to around $4.87 a share.

Some of the company’s 2.6% dip on opening day was due to the local bourse dragging lower through a red Friday; only Financials and Discretionary stayed up.

Mostly though, it seemed even the $4 billion HMC Capital-backed data centre landlord couldn’t excite Aussie punters who also shrugged over interesting offerings like Cuscal (ASX:CCL), Symal Group (ASX:SYL), and Whitefield Income (ASX:WHI). The latter opened early yesterday and is selling just 0.39% higher.

Like most other floats since Guzman Y Gomez (ASX:GYG) exploded in June, DigiCo found itself inching by mere cents; by 3:19pm today, it was at $4.93 a share.

The landscape for ASX debutants has been so bad that Whitefield’s Thursday arrival was basically described as “quite brave” by financial analysts.

There had been some that thought DigiCo was too big to follow the same dour trend – especially HMC Capital dealmaker David Di Pilla, who said the early investing opportunities around the infrastructure REIT were simply “huge, especially in the United States, which is a market 20 times bigger than Australia.”

“As the power demand keeps going up, and as the processing capacity keeps going up, the demand for these data centre assets keeps moving up the whole time,” Di Pilla billed. “To be a natural owner of these assets, to bring that to the market here at a moment in time, I think is why we got such a strong reaction to this IPO.”

“This entity has been set up to be able to invest right through the value chain. We think that is a very unique operating model not many groups are pursuing.”

On paper it made sense to back DigiCo to buck the trend too, considering the now-listed company – now trading under DGT from today – came in boasting 13 data centres, a capacity of 44 megawatts, and nearly 570 locked-in customers.

Another strong selling point was its U.S. spearhead, with a weighty $1B development pipeline solidified after DigiCo scooped up infrastructure platform StratCap.

So too the acquisition of the Global Switch Australian data centres for $1.9B.

Not everyone was so sold though; Morningstar tipped DigiCo’s value as $3.40 a share.

It certainly hasn’t dropped that far – and casting an eye over the data centre landlord’s fundamentals, this finance journalist would be shocked if it did – but the HMC-backed float certainly didn’t rock the boat this week.

DigiCo’s next hope will be a Santa-fuelled rally through Week 51, which starts on December 16. Should everything tick up, investors may be more inclined to spend.

For now, though, DGT traded at $4.87 through to near close.

Join the discussion. See what HotCopper users are saying about DigiCo Infrastructure REIT and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

There is, for those paying attention, a fairly unsurprising turn of events here: We’re looking at another construction-facing company going under in a post-COVID 19 world where building material costs have remain inflated.

Even after the rate cutting cycle, a U.S. Fed rate cut, and no shortage of chatter on Australia’s building industry – now Lands & Homes has entered administration in a bid to avoid the worst perils of bankruptcy.

The company also pointed to a lacklustre fundraising environment on Monday.

“Costs associated with the project have escalated since the completion of the initial feasibility study and there is no confidence that construction costs will materially reduce in the short term,” the company wrote of its Barry Parade Project, where it had planned to build 500 apartments.

That hasn’t come to the fore.

“For the project to progress, the group requires significant capital which is not readily available,” LHM added.

The move is a long time coming. Investors have been treated to something of a slow motion train wreck through CY24 (if you’ll permit the dramatic language).

In May the company’s flagship project looked uncertain. Even then management was ‘contemplating feasibility’ – language taken about as well as you’d think.

By June 2024, the company was openly stating its economic modelling that once underpinned the rationality of building nearly 500 apartments at Barry Parade was under threat, with inflationary upside the culprit.

In June, a five week marketing campaign was undertaken as the company looked around the traps for interested buyers. It didn’t find any at that time.

And now, with no way forward, the company has entered voluntary administration – likely to the ultimate detriment of shareholders.

The question is, with no money left and looming bankruptcy – can the company get a good price for its landholding? That off ramp is probably the last exit before a dead end.

LHM last traded at 0.7cps; the stock is currently suspended.

Join the discussion: See what HotCopper users are saying about Land & Homes and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

A seasoned property expert and founder of Good Deeds Property Buyers, Veronica Morgan, details her role as a seller advocate.

Co-host Kevin Turner asks Veronica to share how her advocacy service empowers property sellers, helping them navigate the complexities of the real estate market toachieve the best possible outcomes.

Sellers agents can provide advice around a proposed property sale and whether it’s the right thing to do.

This is often helpful for those in the later years of life.

“Often we don’t even live in the same place, or the same location, the same city that our elderly parents do. So we’re trying to help them from a distance and that’s increasingly stressful, incredibly stressful,” Veronica Morgan said.

“And often our parents don’t listen to us!

“That’s one end of life, or one type of transaction that’s very emotional as well.

“So having someone that can be the intermediary, not just that, the intermediary between them and the agent. Because of course the agent’s motivation is to sell the property, first of all is to list it and then to sell it.

“But there are a number of other things you need to work through as well – and you need the time and space to be able to work through those decisions and processes at your speed – and that is one of the benefits of having us involved.

“There’ve been times when people have come to us when they’ve felt mortgage pressure because of course interest rates are higher, and cost of living is higher, and for whatever reason they haven’t been happy with their property manager and they’ve just felt that being a property investor is too hard.

“We’ve actually looked at the asset itself and said: ‘You know what, we don’t think you should be selling that property, there are other things that can be solved that will ease your pain and will actually help you long-term financially, rather than selling the property’.”

She tells Kevin Turner that determining if and when to sell was important.

We lift the lid on hidden fees, conflicts of interests, overchargingand side-deals being struck between strata managers and suppliers.

I then speak with Strata lawyer of some two decades, Amanda Farmer.

Disclaimer: The information provided by Property Hub does not constitute personal financial/product/investment advice.

The information provided is of a general nature only and does not take into account your individual objectives, financial situation or needs.

It should not be used, relied upon, or treated as a substitute for specific professional advice. Property Hub recommends that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances.

Past performance of any product discussed is not indicative of future performance.

We may at times refer to third parties. Details of these third parties have been provided solely for you to obtain further information about other relevant products and entities in the market.

The material provided in this article is for information only and should not be treated as investment advice.

Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

REA confirms that it does not intend to make another offer for Rightmove.

In a very detailed (and passionately-worded) announcement this morning, the company reported Rightmove’s share price had lacked any sustained upward momentum for two years despite being supported by its ongoing share buyback programme and revised strategy announced at last year’s Capital Markets Day.

The Fourth Proposal, at an implied offer of 775 pence per share based onREA closing price on September 27, plus a specialdividend of 6 pence per share, ‘together represented a 45% premium to Rightmove’s 12-month and 24-month volume weighted average share prices’.

“REA’s approach to Rightmove’s Board was driven by a clear strategic rationale and the opportunity to create a global and diversified digital property company, with strong margins and significant cash generation, underpinned by number one positions in Australia and the UK,” REA’s market announcement reports.

“REA believes the proposed combination would have provided Rightmove shareholders the opportunity to meaningfully participate in a fast growing, diversified, global leader whilst receiving value certainty inan operating environment challenged by increased market competition.”

The announcement said REA was committed to its capital allocation framework with a disciplined approach to M&A.

The potential acquisition of Rightmove was dependent on coming to an agreement ata fair price, which would have required meaningful engagement and a constructive dialogue.

“The first substantive engagement provided by Rightmove was an introductory high-level Chairman-to-Chairman meeting which took place September 28,” the company reports today.

“At the REA Chairman’s request, this was followed by an additional meeting on September 29, where no presentation or any other information was given by Rightmove to REA.

“The lack of meaningful engagement and the consistent lack of information provided by Rightmove impeded the ability to progress discussions and work together towards a recommended transaction, within the timetable permitted.

“REA had firmly believed that it would have been in the interests of Rightmove shareholders for the Board of Directors of Rightmove to engage with REA and to extend the 30 September 2024 deadline to determine whether a mutually acceptable proposal could have been reached.

“REA reiterates its disappointment that the Board of Directors of Rightmove were unwilling to do so, but REA is excited to pursue its many other avenues for growth.”

REA chief executive officer Owen Wilson, said the company approached Rightmove’s Board because it ‘believed’ in the opportunity to create a globally diversified leader in the digital property sector that would benefit both REA and Rightmove shareholders.

“We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available,” Mr Wilson said.

“They had nothing to lose by engaging with us.”

“We are always financially disciplined when we look at M&A and reinvestment in our business and willcontinue to focus on the many other opportunities ahead of us.

“Our recent investment in Athena Home Loans is a great example of this.

“We have a clear strategy to expand in our core business and adjacentmarkets, and India represents an exceptional opportunity for growth.

“We look forward to pursuing theseopportunities and generating further value for REA shareholders.”

REA last closed at $201.

You can join investors in the conversation here on HotCopper.

The conglomerate often known as Soul Patts – which also runs TPG Telecom and Pengana Capital – said its total dividend for FY2024 was up 9.2% at 95cps (cents per share), from 87 cps in the prior corresponding period.

Managing director and CEO Todd Barlow said the company had successfully ticked off three key goals: increasing cash generation, growing its portfolio and managing investment risk, during FY2024.

“Our strategy of long-term commitment to building value, strength in conviction when making investment decisions, and unconstrained mandate to invest where we can extract the highest quality returns, continues to deliver for our shareholders,” he said.

Soul Patts’ net cash flow was up 10.3% to $468 million, as a result of growing cash generation from private equity, emerging companies and credit portfolios within the conglomerate’s umbrella.

Meanwhile, Brickworks Ltd (ASX:BKW) said its statutory profit in the 2024 fiscal year had slumped 130% to a loss of $119 million, mainly influenced by property sales and non-cash property revaluations, with these registering a loss of $231 million during the year.

Also significant was the impact of non-cash building products, which fell by $135 million (post-tax) during FY2024.

The company’s full year dividend was 67 cents fully franked, up 3%.

Chairman Robert Milner said economic headwinds around the world were having an impact on Brickworks’ bottom line.

“The significant property devaluation was reported in the first half, and reflects capitalisation rate expansion across the industry, in response to higher interest rates,” he said.

“Pleasingly, conditions have stabilised across the property industry over the past six months, as many central banks around the world begin to pivot towards expansionary monetary policy.

“The Building Products impairment was recorded in the second half, and primarily relates to Austral Masonry and Brickworks North America. Both of these businesses have been impacted over the past six months by a deterioration in building activity across key markets.”

It appears that Brickworks’ results were not as problematic to investors as they appeared on the surface, with the company’s stock rising on Thursday. At 13:45 AEST, Brickworks shares were trading at $28.61 – a rise of 7.56% since the market opened, while Washington H Soul Pattinson & Company was $34.20 – a rise of 0.68%.

Join the discussion: See what HotCopper users are saying about Bricksworks and Washington H Soul Pattinson & Company and be part of the conversations that move the markets.

REA confirmed to investors on Wednesday that it had made a non-binding indicative proposal to Rightmove’s board on September 5, offering its shareholders 305 pence in cash and 0.0381 new REA shares.

This would have implied a total offer value of 705 pence for each Rightmove share – valuing the latter’s entire issued and to be issued ordinary share capital at approximately £5.6 billion (or $11.01 billion).

In addition to this, Rightmove shareholders would have held approximately 18.6% ofthe combined group’s issued share capital following completion of the proposed transaction.

However, on Tuesday, the Rightmove board informed REA that it had rejected the proposal, which the latter had argued could have facilitated the creation of a ‘global and diversifieddigital property company, with strong margins and significant cash generation, underpinned by number one positions in Australia and the UK’.

REA shares fell on the news. At 11:33 AEST, they were trading at $198.65 – a fall of 1.89% since the market opened.

Just last month, the company sold off a US military housing business for close to $500M; part of a wider $4.5B plan announced earlier this year to sell off overseas assets and refocus on Australia.

To that end, the company also sold off assets in Asia and the UK earlier this year. Its US ECC operations are just the latest scalp in this push.

Notably, the company gave a range on what price it could fetch from Consigil for the sale – but also said the deal “is anticipated to be broadly neutral in terms of cash.”

“Under the terms of the transaction, Consigli will acquire substantially all current East Coast projects and the rights to secure projects where Lendlease is in a preferred position for an estimated consideration of $30 to $50m,” Lendlease wrote on Friday.

That consideration will include a profit share and earn out agreement while 400 Lendlease staff will be transitioned to Consigil – 90% of the company’s US construction workforce.

Lendlease see the deal going through by the end of CY2024.

“This transaction is another important step in simplifying Lendlease as we look to lower our risk profile and increase securityholder returns,” LLC CEO Tony Lombardo said.

LLC last traded at $6.64.

At 13:12 AEST, shares in the retirement village property group were trading at $5.45, a rise of 7.28% since the market opened.

In its report for FY2024, the company said its revenue was $472.3 million – a rise of 19.7% compared to the 2023 fiscal year, while EBIT (earnings before income and taxes) were $125.7 million, representing an increase of 17%.

Ingenia had expected earnings to show growth of between 10 and 15% for the 2024 fiscal year.

CEO and Managing Director, John Carfi said the numbers were underpinned by a solid and growing portfolio, plus positive responses to the company’s changes to drive security holder returns, although he warned that development returns for some projects remained below target.

“I have spent considerable time in this area of the business, and we are progressing a range of initiatives that will ensure we move towards targeted returns over the medium term, building development into the growth engine of this business,” he said.

“Our focus is to optimise returns on current and future projects with a critical lens on execution, efficiency and accountability.

“The diversity of projects across location and price points is a significant point of difference for Ingenia, and we have a clear view of our capital needs that are supported by growing cashflows, good debt capacity and ongoing portfolio refinement to support further investment as needed.”

Through a settlement on August 19, Vicinity paid $420 million to acquire a half interest in the property, which is also owned by the Australian Prime Property Fund – Retail, whose investment is managed by Lendlease.

CEO and Managing Director Peter Huddle stressed that Vicinity had been long interested in buying up an interest in the site.

“Lakeside Joondalup is a fortress-style retail asset located in one of Perth’s principal activity centres and has been on our target list for some time,” he said.

“Geographically, the suburb of Joondalup has been earmarked to become Perth’s second Central Business District and enjoys a captive and growing population, which is expected to drive above average retail sales growth over the next decade.

“The acquisition of Joondalup, together with the forthcoming redevelopment of Galleria and sale of four non-strategic assets in Western Australia, reflects our deliberate strategy to recycle and redeploy capital in order to right-size our investment and strengthen our asset portfolio in Western Australia.”

Mr Huddle also said Lakeside was an important investment in terms of its retail sales volumes.

“Importantly, Vicinity has also secured the property and retail development management rights for Joondalup, which provides the opportunity to utilise our retail management platform to drive asset performance, whilst earning additional fee income,” he said.

“With Lakeside Joondalup already achieving annual retail sales of almost $800 million, and with Vicinity’s scalable retailer partnerships, we are confident there is growth and value to be unlocked.”

Vicinity shares have lifted slightly on the news. At 12:38 AEST, they were trading at $2.19, a rise of 0.23% since the market opened.

He reveals his strategies for identifying opportunities, conducting due diligence and engaging a ‘team’ in the process.

He tells me about his journey, the challenges he faced and the decisions he had to make along the way.

Also today irevilOution Property Management Business Solutions founder and Jo-Anne Oliveri says cheaper property management might not deliver the best outcomes for landlords.

Disclaimer: The information provided by Property Hub does not constitute personal financial/product/investment advice.

The information provided is of a general nature only and does not take into account your individual objectives, financial situation or needs.

It should not be used, relied upon, or treated as a substitute for specific professional advice. Property Hub recommends that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances.

Past performance of any product discussed is not indicative of future performance. We may at times refer to third parties.

Details of these third parties have been provided solely for you to obtain further information about other relevant products and entities in the market.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Also in today’s Realty Talk, we catch up with Mark Macduffie from Downsizer.co to find out how he’s giving Baby Boomers a helping hand as record numbers look to downsize. 

Disclaimer: The information provided by Property Hub does not constitute personal financial/product/investment advice. The information provided is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Property Hub recommends that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Past performance of any product discussed is not indicative of future performance. We may at times refer to third parties. Details of these third parties have been provided solely for you to obtain further information about other relevant products and entities in the market.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The contract is part of a larger QLD plan announced last month to build 600 modular homes intended to add some liquidity to a record low vacancy pool.

Fleetwood owns a manufacturing facility in QLD but the size of the contract is perhaps indicative of a state government testing out just what Fleetwood can accomplish in a world where thousands of Australian construction companies died during COVID.

Case in point, the contract is worth $40M – nothing to sneeze at for shareholders, but in context of the larger 600-house strategy QLD wants, only 1% of projected demand.

Still, this may be looked back upon as the first sign of life that Australia’s construction landscape is starting to heal. Just try telling that to Australians living out of their cars.

“While the Company has been successfully supplying limited quantities of homes into this sector for some time, the award of this larger package positions Fleetwood to display our capability to play a part in solving the critical housing shortage nationally,” Fleetwood CEO Bruce Nicholson said.

“The award aligns with Fleetwood’s strategy of growing in the social housing sector by working closely with State Governments.”

No doubt, a safer – and more certain – place for builders to currently be.

FWD last traded at $1.48/sh.