The deal – enough to require a statement to the ASX for becoming a substantial shareholder – is for 52,161,559 securities.

It provides 5.837pc voting power.

It also may influence Abacus’ shareholder register and future corporate activity (continues below).

Securities in Abacus, which recently restructured its self-storage platform, last traded at about $1 implying Charter Hall’s holding is worth c$50m though no other details regarding the terms were disclosed.

Subscribe to our newsletter at the bottom of this page.

The deal, speculated to be worth over $600 million, would give the Japan based buyer control of Australia’s and New Zealand’s largest student accommodation operator, with over 45,000 beds.

Also included is subsidiary, Essence Communities, the country’s largest white-label build to rent operator (this is a service model where a project is managed by it but branded to another company).

Samty is one of Japan’s largest accommodation operators.

The UniLodge deal is subject to foreign investment review board approval (continues below).

Samty grows within Asia Pacific

Privatised 11 months ago, supported by Hillhouse Investment’s Rava Partners and Daiwa Securities Group, Samty recently launched a hotel focused property fund. It also sold multi-family investment pools to sovereign wealth funds while staying on as manager.

“This acquisition supports Samty’s long term ambition to expand its role as a leading provider of accommodation services in the Asia-Pacific region,” president and chief executive officer, Yasuhiro Ogawa, said.

Subscribe to our newsletter at the bottom of this page.

Australia’s mean house price – not to be confused with the less statistically reliable median used in most real estate reporting – has hit seven figures for the first time, specifically, $1,002,500.

According to Australian Bureau of Statistics research released today, New South Wales continues to lead the nation with the mean price of a home in the March quarter at $1,245,900, up nearly $6000 on the December figure.

Queensland follows at $944,700 – a rise of $85,900 since last March and $419,800 since March, 2020, when the country went into lockdown.

The Sunshine state displaced ACT, now the country’s third priciest region with the average home costing $941,300, slightly down on last quarter ($942,500) and last year ($951,800).

According to the ABS, Victoria is next ($899,700), then Western Australia ($874,200), South Australia ($861,900), Tasmania ($670,200) and Northern Territory ($517,700).

Small step, giant leap

Australia’s mean house price rose $6900 for the quarter – 0.5 per cent – to reach $1,002,500.

Combined, the value of homes traded reached $11.4 trillion for the March quarter, up $130.7 billion or 1.2pc on the December, 2024, figure, the ABS said in a statement.

The number of dwellings increased too, by 53,400 to 11,338,500.

The ‘mean value’ is the average calculated by adding the numbers in a set then dividing it by the count in that set.

The median value largely circulated by privately owned groups and used extensively in real estate reporting, is the value of the middle sale in the set when arranged in ascending order.

It is considered less statistically dependable as it relies on agent or developer input – and a sizeable number of sales are missed.

Some deals do not settle either, also skewing a figure.

The ABS research released today by comparison captures all sales – including those undisclosed to private research groups – finalised with respective government departments.

Subscribe to our newsletter at the bottom of this page.

CBRE is buying smaller Melbourne-based, national commercial real estate agency rival Burgess Rawson.

The deal, speculated late last year to be worth as much as $30 million, will see the Burgess Rawson brand near cease in its 50th year.

Instead its chief executive officer, Ingrid Filmer, will lead CBRE’s Metropolitan Investments team.

The move, it is hoped, will see the US-based agency take a greater slice of the sub-$35m east coast high net worth investor segment, where Burgess Rawson has made inroads recently, especially with its bulk auction events.

Burgess Rawson offices in the ACT and Western Australia, which are independently owned, will retain the brand.

“[Burgess Rawson] manages transactions in a broad range of sectors including early education, convenience retail, fast food, healthcare, large format retail and service stations,” a spokesperson for the buyer said in a statement

“The acquisition will bring together CBRE’s and Burgess Rawson’s complementary strengths and resources to provide enhanced solutions for high-net-worth individuals, developers, owner-operators, REITs, syndicators and family offices,” they added.

Win-win: agents

Established in 1975 by Christopher Burgess and Gerald Rawson, Burgess Rawson was sold in stages in the decade to 2012 and is now held by six executives: Ms Filmer, Darren Beehag, Raoul Holderhead, Jamie Perlinger, Adam Thomas and Shaun Venables.

Across the offices which have sold – Brisbane, Melbourne, Mildura, Sydney and Townsville – it employs 80 people.

“[The agency] has spent five decades building deep trust with private investors and establishing a market – leading national platform,” Ms Filmer said.

“Joining CBRE – one of the most respected global real estate firms – gives us the scale, capability, and reach to elevate what we do best,” she added.

“This partnership allows us to connect our clients to international capital, world-class research, and broader market opportunities than ever before,” according to the executive.

CBRE Advisory Services chief executive officer, Phil Rowland, said the move allows it to “diversify into new asset types and markets, access strong leadership and broker talent and enhance its market position in what is a fragmented part of the investment sector”.

The deal should settle next month.

Subscribe to our newsletter at the bottom of this page.

The number of childcare centre sales is up – with deals worth $205 million clocked this year.

The rise in transaction value for the first quarter, the most recent information available, is 58 per cent compared to the first quarter of 2024.

With the 2025-2026 federal budget allocating over $21 billion to early learning ($16b of that, subsidies), demand specifically for the sector is being sought, agents say, often by first time investors.

“Investors are favouring secure, long-leased assets amid equity market volatility and the prospect of interest rate cuts,” Stonebridge Property Group’s Tom Moreland said.

“Childcare revenue is growing at 6.7pc annually and forecast to reach $22.3b this year,” he added.

“Tight supply, strong population growth and more parents in the workforce are driving demand,” according to the executive.

“Rising construction costs have made existing centres more attractive especially when acquired below replacement value.

“Private investors still lead activity, but institutional capital is expected to re-enter as funding conditions improve”.

Interstate, international investors back: agents

CBRE Healthcare and Social Infrastructure’s Jimmy Tat agrees, adding interstate and international investors form a greater pool of suitors than last year – more reminiscent of more buoyant times in the commercial real estate sector.

“We continue to see a strong return to investment from international capital across the country,” he said.

“The majority of our sales are occurring across states to locally based buyers who generate their wealth from Asian based business sources,” according to the executive.

“This means Queensland based investors are buying in New South Wales and Victoria while we see Victorian based buyers purchasing in other states”.

Subscribe to our newsletter at the bottom of this page.

A Supreme Court ordered forensic auditor will investigate a Melbourne based asset manager spruiking a return on luxury apartment developments, over the whereabouts of a speculated hundreds of millions of dollars held on behalf of at least some three dozen investors, and fears in recent years of a Ponzi type scheme.

The decision to probe Lion Property Group comes three months since an entity, 125-127 Alexandra Avenue Pty Ltd, was put into administration at the request of over 10 creditors.

Many backers, including mum and dad investors and syndicates, have supported the group since it was formed in 2018 by Garry Pesochinsky and John Sader.

On Monday, Mr Sader disputed the group was running a Ponzi scheme – as claimed by counsel for the investors, Justin Graham, KC – adding Lion will continue to work to complete developments and repay creditors with a view to returning capital.

“Lion denies the allegations made in the proceeding by a small group of investors,” he said.

“Neither Lion, Sader or Pesochinsky are parties to the investor agreements, so the suggestion they breached their obligations is misconceived,” according to the executive.

“Lion does not intend to litigate allegations via the press and will be defending each of the claims made in the proceeding when it files its defence.

“Lion and each of the SPVs have agreed to an independent review of all of their financial records and transactions entered into by group entities by independent accountants, to provide full transparency to investors”.

Lion portfolio

Headquartered in South Melbourne, the company’s website claims it is behind a variety of completed or due-to-be-developed luxury projects including at 122 Beaconsfield Parade, Albert Park – a waterfront block in one of Melbourne’s most exclusive suburbs – with a complex, Elysian.

In Queensland, it controls properties in Brisbane’s Newstead and on the Gold Coast at Mermaid Beach.

Several plots have been sold by mortgage-holders including in Melbourne’s, Brighton, at Hall Street (which traded in May for $3.25m after costing $2.8m in 2020), and 32 Beaconsfield Road, Hawthorn East (selling in April for $4.36m after costing $5m in late 2021).

Another site, a block of apartments in South Yarra’s leafy Adams Street, is also close to sale after being taken over by a first mortgage holder.

Lion paid $8m for this block in April, 2023 – permit ready for four level residential project with seven apartments..

Returns up to 65 per cent (but in earlier years of the business, c12pc) were being promoted for multi-million dollar developments it appears never ran to timelines.

It also claimed directors were paid upfront commissions on each project – more than c$3.5m.

Recently, customers have claimed a lack of communication, some after having distributions unexpectedly halted.

South Yarra entity shut in February

The Alexandra Avenue Pty Ltd entity backed the South Yarra development overlooking the Yarra River.

Investors are believed could be affected to the tune of over $300m. It is unknown what Lion’s real estate portfolio is worth or if it holds other assets.

Customers have taken to social media and, since late last year, a page on information website productreview.com.au, to describe experiences.

Lawyer Peter Richards filed the wind-up applications.

The news comes 19 months since the death of lawyer John Adams who via his Ivanhoe firm, AMS Lawyers, has been revealed as operating a Ponzi scheme potentially leaving investors over $100m out of pocket.

Amongst high profile investors there are Carlton Football Club ex-president, Ian Collins and the Victorian Bookmakers Association.

AFL players and racing figure industries are also understood to be affected.

In New South Wales meanwhile, Melissa Caddick ran a Ponzi scheme affecting dozens of backers to a reported $23m. Some money was recovered including from the sale of jewellery and two dwellings, a mini-manor in Dover Heights, which traded for $9.8m, and an Edgeliffe penthouse.

More to come.

Subscribe to our newsletter at the bottom of this page.

Swathes of office space are set to be removed from CBDs across the country in the next five years in a move that’s been dubbed “the great withdrawal”.

Led by Sydney, it’s one of the lesser-known trends set to drive Australia’s office market recovery, according to a new CBRE research report.

CBRE Research Manager Thomas Biglands noted, “There is now reason to believe that vacancy rates in most Australian markets have reached their cyclical peaks as leasing activity gathers steam, more workers return to offices and new construction remains on the backburner. A less talked about factor has been the anticipation of significant levels of inventory withdrawals, which are likely to be well above historic levels in most CBD markets, helping to drive vacancy rates down.”

The Sydney CBD is at the forefront, with CBRE identifying 241,336 sqm of office space that could be withdrawn from the market by the end of the decade – representing 4.6% of the city’s existing office inventory.

That’s a significant shift in a city where new supply has typically far outweighed withdrawals.

Based on CBRE forecasts, new Sydney CBD supply will be down 61.2% over the next five years compared to the trailing five-year period, while withdrawals will be up 92.6%.

Some office stock is set to be permanently withdrawn as these buildings are converted or redeveloped for an alternative use such as apartments or hotels. These building are all outside the CBD Core in the city’s Midtown, Western Corridor, and Southern precincts, which have been hardest hit by a tenant flight-to-quality migration.

Temporary withdrawals are also on the cards, involving sites that are earmarked for new office towers. Given new construction can take five or more years, these withdrawals will still have a material impact on vacancy rates and rental growth, Mr Biglands said.

These building are all in either the city Core or the northern end of the Midtown precinct – the only areas of the CBD where new office development is feasible given the current construction climate.

Potential withdrawals are also included in CBRE’s figures, involving existing office properties which have mooted redevelopment plans.

Office space in these buildings is still available but the leases are either short term or include demolition clauses, with the projects not likely to move forward until later in the decade.

CBRE’s report notes that additional withdrawals are also highly likely in the coming years.

“The ongoing bifurcation between Prime and Secondary office leasing fundamentals has resulted in a significant pool of struggling lower grade assets in the more challenged precincts and submarkets across Sydney,” Mr Biglands said.

“While these properties are struggling to compete as office assets, fundamentals in other property sectors are more compelling. Market dynamics in residential, hotels, education, and data centres sectors are all much stronger than for secondary office at present.”

CBRE Office Leasing Director Chris Hanley believes the withdrawal trend will change the game for lower grade and less active Sydney CBD submarkets.

“Tenants in these lower grade assets are usually on very cost-effective terms so they’re unlikely to trade up to prime grade stock,” Mr Hanley said.

“If we look back to the last cycle, withdrawals associated with residential conversions sent B-Grade and lower A-grade rents sharply higher and this may play out again if all the withdrawals are realised.

“We are already seeing a significant uplift in enquiry across Midtown and the Western Corridor as value-seeking tenants start to seek relocation options as leases in buildings like 175 Liverpool Street and 338 Pitt Street approach expiry. Quality stock with existing fitout is moving very quickly and availability of this product is getting thin.”

CBRE’s report notes that the withdrawal of 50,000 sqm of office space equates to circa 1.0% of vacancy rate tightening – highlighting the major impact that the withdrawal trend could have.

The current CBRE base case forecast for the Sydney CBD is for the overall vacancy rate to declining from 12.8% as of year-end 2024, to 9.1% in 2032 when the next major wave of new supply is expected.

However, the vacancy rate could shrink to as low as 5.4% by 2032 if all the identified withdrawals proceed, or 7.0% taking a more conservative view that only the permanent withdrawals will proceed.

For a copy of the report, contact CBRE’s Tina Liptai at tina.liptai@cbre.com.

Legal & General has bought a 75 per cent interest in real estate investor Proprium, which in Australia controls Avid, which last month bought out AV Jennings.

Also with commercial real estate in continental Europe and the United States, the buyer will tip in c$470 million.

Avid was the name Proprium gave to Investa Land which it bought for $340m in 2015.

In 2019, the company bought ASX-listed Villa World Limited.

Last month the US-group acquired local home builder AV Jennings – outlaying $377m, outbidding Singapore group HB Land.

Its book includes master-planned residential communities, apartments and resorts – with a focus on the east coast states.

Positioned for growth: L&G

L&G is UK-based.

“Recognising that international scale in private markets is key to delivering against L&G’s growth strategy, this strategic investment…will expand our geographical footprint, deepen our capabilities, broaden our investment strategies and diversify our product offering,” chief executive officer, Eric Adler, said.

“Through this acquisition, we are bringing clients a differentiated and diversified opportunity to access value creation in real estate sectors positioned for growth and scalability,” he added.

Subscribe to our newsletter at the bottom of this page.

Australian Unity has sold the Property Income Fund to Newmark Capital, led by ex-AFL player, Chris Langford.

The deal will see the buyer’s assets under management grow $238.3 million to c$1.8 billion.

No change to PIF investor unit holdings, distribution frequency, liquidity mechanism or strategy is expected.

Existing fund manager Damian Diamantopoulos and assistant portfolio manager, Andrew McLeod, will shift to Newmark.

Settlement is scheduled before June 30.

Diversified portfolio worth $238.3m

The bulk of PIF’s portfolio – worth $92.9m – is in listed REITS, largely the AU A-REIT fund (in which it holds a $77.7m interest), followed by the AU Office Fund ($3.34m), BWP Trust ($2.43m), Carindale Property Trust ($2.35m) and HealthCo Healthcare & Wellness REIT ($2m).

Another $51.36m of PIF – equating to 21.56pc – is the stake in unlisted trusts, holding, amongst other asset classes, student accommodation, specialist disability accommodation and shopping centres including Warrawong Plaza, Eildon Caboolture, Planum Footscray (the ex-Lonely Planet HQ) and Waverley Gardens (in the process of selling to Charter Hall).

Nearly $77.5m is held as direct property.

The balance – $16.6m, representing 6.96pc of the portfolio as at March, 2025 – is cash or cash equivalent.

“Acquiring the management rights…aligns with Newmark’s investment philosophy which prioritises disciplined asset management enhancing rental income and stable returns for investors,” Mr Langford, who co-leads Newmark with Simon T Morris, said.

“Newmark is committed to maintaining the Property Income Fund legacy while driving further growth through active asset management and increased investment,” he added.

The deal will see Newmark buy all units in Australian Unity Investments Limited, the PIF entity.

Subscribe to our newsletter at the bottom of this page.

Established in 1912 and with over 20 standalone outlets, 25 department store concessions and an online store – its future is now in the hands of Deloitte restructuring partners Sal Algeri and David Orr.

Trading will continue while the pair try to find another buyer or recapitalisation outcome.

The news comes after administrators failed to rescue another local chain, Just Jeans, from collapse earlier this year.

Ninety of those outlets are expected to shut within months putting some 600 people out of work.

Also this week Collins Foods announced it will try to sell the Australian Taco Bell franchise – with 27 restaurants.

In January meanwhile, Wesfarmers announced it would close online retailer Catch – effective at the end of this month.

Subscribe to our newsletter at the bottom of this page.