Receivers appointed for Petrac
Valad has posted this statement about Petrac: Valad Property Group today advised that receivers have been appointed to three projects
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Lend Lease Announces Staff Changes
Lend Lease Corporation Limited (“Lend Lease”) today announced that Chief Operating Officer, Ross Taylor, will step down from his role and will be leaving the corporation later this year. He will resign from the Board as an Executive Director effective immediately. The Board has also decided that the role of Chief Operating Officer will not be filled pending resolution of the current CEO search process which was announced to the market on 21 August 2008.
Read moreReserve Bank Drops Interest Rates a Full Percent
At its meeting today, the Board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008.
Read moreOctaviar Goes Into Voluntary Administration
Eight months after Octaviar shares were suspended from trading on the Australian Stock Exchange, and the company was rebranded from MFS, the troubled investor and funds manager has gone into voluntary administration.
Read moreRudd Government Announces Housing Affordability Fund
The Rudd Government today launched its five-year, $512 million housing affordability fund in Canberra.
Read morePeet & Co Makes Announcement: Brookland Greens Estate, Cranbourne
The Brookland Greens estate in Cranbourne Victoria is managed and marketed by Peet Limited on behalf of the Peet & Co Casey Land Syndicate Limited.
Read moreSoft Housing Market in First Half of 2008
The Mortgage Choice/REIA Real Estate Market Facts released today has reported that the Australian weighted average median house price increased from $458,977 in the March quarter 2008 to reach $459,216 in June quarter, an increase of 0.05% over the quarter, and an increase of 6.0% over the year.
Read moreStatement by Glenn Stevens, RBA Lowers Cash Rate to 7 Per Cent
At its meeting today the Board decided to lower the cash rate by 25 basis points to 7.0 per cent, effective 3 September.
Read moreBasement extension business started
Outgrowing an inner-city house may no longer mean selling up and moving to the ‘burbs. The team behind a novel North Carlton renovation, which turned a 200-square-metre terrace into a 350-square-metre family home by creating a basement level, has opened up a business in Melbourne.
Read moreInnovation the Loser in Copycat Ruling, Says Builder
Australia’s third biggest home builder, Metricon Homes, has warned that the house design industry will be the loser in a decision by the High Court to refuse an application to appeal against a 2007 ruling that found the builder copied part of its home design from rival Porter Davis Homes.
Read moreGerard Warrener Prestige Property Photo Book
It started as a one-off coffee table book and has since become a much- anticipated annual series.
Read moreAppointment of REIA CEO
The Real Estate Institute of Australia (REIA) has announced the appointment of its new Chief Executive Officer, Mr Neil Fisher. Mr Fisher was appointed after an extensive nationwide selection process and REIA President Noel Dyett has welcomed his appointment.
Read moreRESIGNATION OF CEO REIA BRYAN STEVENS
Real Estate Institute of Australia CEO Bryan Stevens has resigned his position after almost seven years of service as CEO of Australia’s national association for the real estate profession. Mr Stevens will take up an appointment as CEO of the Pharmaceutical Society of Australia.
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Supply constraints, stamp duty the major impediments to housing affordability
‘The Senate Committee on Housing Affordability has produced a well-argued report on many of the issues driving housing affordability problems in Australia,’ says Real Estate Institute of Australia (REIA) President Noel Dyett.
Read moreHousing Hurting
The Australian weighted average median prices for houses and other dwellings have experienced their largest quarterly fall compared with previous quarters for the past five years, according to the Mortgage Choice/REIA Real Estate Market Facts released today. The Australian weighted average median house price decreased from $471,300 in the December quarter 2007 to reach $458,488 in March quarter 2008, a decrease of 2.7% over the quarter. The Australian weighted average other dwelling price also decreased by 2.7% over the quarter to $355,297.
Read moreEnough reports let´s have action on property spruikers
‘The release of the Green Paper on Financial Services and Credit Reform by the Government is welcome, but it’s now time for action on property spruikers. The result of this consultation process must not be yet another report to be filed away on dusty parliamentary library shelves. Consumers need action to be taken on the regulation of property spruikers,’ says Noel Dyett, President of the Real Estate Institute of Australia (REIA).
Read moreRelief as interest rates stay unchanged
Last week, the Deposit Power/REIA Housing Affordability Report published data showing that home loan affordability was at an all-time low with 38% of median weekly family income required to meet loan repayments on new home loans. It will be with much relief that new borrowers greet the news that official interest rates will remain unchanged for the moment.
Read moreMacquarie Countrywide Portfolio Performance Update
Macquarie CountryWide Trust (ASX:MCW) today announced it maintained a high portfolio occupancy rate of 96.9% during the three months to March 2008 and achieved an average rental rate growth of 11.6% on the global portfolio leased during the period. These results reflect the Trust’s continued emphasis on securing long term income streams across its global portfolio.
Read moreSt Hilliers raises $200 million with development to core fund
St Hilliers Funds Management Limited has raised $200 million of equity with two of Australia’s major superannuation funds investing in its fourth property fund, a development to core fund.
Read moreQld Building Wins National Top Honour
Riparian Plaza was announced the Overall Winner of the 2008 Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards held on Saturday 24 May 2008 at the Crown Casino Complex, Melbourne.
Read more2008 PCA Innovation Excellence Awards 2008 Winners
Bluescope Buildings Award for Business or Industrial Parks
Winner: Optus Centre, Macquarie Park (NSW)
Highly Commended: Brindabella Business Park (ACT)
Interest Rate Increases Bite Hard
‘Renters and buyers are feeling the fallout from consecutive interest rate rises,’ says Noel Dyett, President of the Real Estate Institute of Australia (REIA). ‘The Deposit Power/REIA March quarter 2008 Housing Affordability Report shows a deterioration in both rental and home loan affordability across Australia.’
Read moreStockland Streamlines Business Structure to Leverage Market Synergies
Stockland today announced changes to its executive management team and organisational structure, as it focuses on delivering growth in its portfolio and further strengthening its capital partnering initiatives.
Read moreHome Buyers, Housing Market Hurting Enough
‘The decision today to leave interest rates unchanged provides some relief to home buyers, struggling to cope with a blowing out of their mortgage repayments as a result of successive official interest rate rises, as well as the additional interest rate increases imposed by many lenders in recent months,’ says Noel Dyett, REIA President.
Read moreSteve Mann Quits Stockland
Steve Mann, head of Stockland’s Office and Industrial business today announced that he would be leaving Stockland.
Read moreWoods Bagot to Build Twin Tower Office Project in Abu Dhabi, United Arab Emirates
The Melbourne office of architect firm Woods Bagot have received a double dose of good news, after a $150 million office building it designed for a prominent Abu Dhabi site, will now be built as a twin tower project.
Read moreMacquarie Countrywide Sells Two of Ten Supermarkets at Auction
Executives at Macquarie Countrywide Trust are licking their wounds after only two of ten supermarkets they put to auction yesterday, sold.
Read moreMacquarie Sells 505 Little Collins Street Melbourne For $83 Million
Macquarie Office Trust (ASX: MOF) today announced an unconditional contract had been entered into for the sale of 505 Little Collins Street, Melbourne for A$83 million at a significant premium to book value. The transaction represents a significant return for the Trust and reinforces Management’s commitment to realising assets and repaying debt with the view to enhancing unitholder value.
Read moreResidential Building Approvals Stall in Australia
Building approvals went nowhere in February as the run of weak updates for the new home building sector continued.
Read moreWinners From 2008 National Awards For Excellence Night
Outstanding customer service, contributions to the real estate profession, innnovation and community service were amongst the criteria for success in the Real Estate Institute of Australia’s 3rd National Awards for Excellence announced in Melbourne on Thursday, 3 April.
Read moreCourt throws out Metricon appeal
The federal court has thrown out an appeal by Australia’s third largest home builder, Metricon, which was recently judged to
Read moreSolid Leasing Results for Macquarie Office Highlight Quality Portfolio
The Trust’s proactive asset management approach has delivered strong leasing performance across its global portfolio over the three months to 31 March 2008.
These results have been achieved during challenging capital market conditions and highlight the sound underlying fundamentals of the Trust’s assets.
RBA Keeps Interest Rates Steady at April Meet
At its meeting today, the Board decided to leave the cash rate unchanged at 7.25 per cent.
Read moreRecord Realty to offload $2.1b in assets
Directors of Record Funds Management Limited today announced targeted three year asset realisation program worth approximately $2.1 billion. In a
Read morePorter Davis in Legal Win Over Carlisle Homes
Architects at Porter Davis Homes are celebrating after another win in court, this time against smaller rival Carlisle Homes.
Read moreCelebrity Chef Gordon Ramsay to Open Restaurant in Australia, and Film Experience
Crown Casino executives say they don’t yet know which river promenade restaurant will have to “f*ck off” to make way for swearing celebrity chef Gordon Ramsay, who plans to open a restaurant in Melbourne later this year.
Read moreCBRE commits to Earth Hour
CB Richard Ellis has thrown its weight behind this year’s expanded Earth Hour campaign.
More than 150 CBRE-managed buildings Australia and New Zealand will participate in this weekend’s World Wildlife Fund initiative to help combat climate change.
Read moreCentro MCS Says Pelorus Cancellation of Meetings Disenfranchises Investors
Centro MCS today expressed disappointment and surprise that Pelorus have purported to cancel a series of meetings of Centro MCS investors with little warning and immediately prior to the first meeting scheduled for Monday. Centro MCS Manager is considering whether this purported cancellation is effective and urges investors to check for any updates in relation to the meeting on its website at centro.com.au.
Read moreMFS Rebrands to OCTAVIAR, and Delivers Market Update (March 28, 2008)
Name change
�� MFS to transfer and assign to Massachusetts Financial Services of Boston,USA its Australian registered trademark “MFS”
– Resolves ongoing litigation between the parties
– MFS to receive a payment from Massachusetts of a confidential amount
�� World branding agency was used to develop the new name “Octaviar”
– New brand and corporate imagery to be launched following today’s shareholder approval
– ASX Code to change to “OCV”
Pelorus Reschedules Centro Meetings, Nominates Trust Co as Responsible Entity
Dear Investor,
Rescheduling of Meetings for Centro MCS 16, 19NZ/I and 11
Attached are notices with respect to meetings (Meeting) of unit holders of Centro MCS 16, Centro MCS 19 NZ/I and Centro MCS 11 (Syndicates). The notices advise unit holders that the meetings in relation to the Syndicates have been rescheduled to 20 May 2008.
Read morePorter Davis Celebrates Win in the Courts Against Carlisle Homes
Architects at Porter Davis are celebrating another win in court, this time against smaller rival Carlisle Homes.
Read moreUpdate on World Trade Centre Litigation, from Bovis Lend Lease
Bovis Lend Lease LMB, Inc. (“Bovis Lend Lease”), a US subsidiary of Lend Lease Corporation Limited, is a defendant to proceedings brought against the City of New York and a number of other parties who, like Bovis Lend Lease, responded to the World Trade Center emergency and assisted with the rescue, recovery, and
debris removal following the terrorist attacks of 11 September 2001.
DEXUS Property Group announces restructure of Executive Committee
DEXUS Property Group today announced it has expanded its Executive Committee and reorganised its management structure with three new appointments representing its three property sectors:
Read more80 Per Cent Surge in Properties For Sale, According to New Research
The number of homes put to the market for sale has surged 79 per cent on the same time last year, according to new research by RP Data.
Read moreMFS Group Announces Breach of Loan Facility to Customers
Dear Investor
I write to you on behalf of MFS Investment Management Limited (‘MFSIM’), as Responsible Entity of the MFS Premium Income Fund (‘the Fund’) to provide an update on the recent events and the MFSIM Board’s strategy and proposals for the management of the Fund subsequent to our last letter.MFSIM understands the significance of these decisions and the impact on investors. Given current market conditions and the position of the Fund, MFSIM, in the interests of all unit holders, has sought to preserve the capital value of the Fund.The MFSIM Board and its advisors are now focused on exploring initiatives to improve liquidity and allow the payment of income to unit holders and expect significant progress to be made before the end of the financial year 2008. Below we set out the key issues facing the Fund at this time. We will continue to update unit holders on developments with the Fund on a regular basis.
Read moreNAB to Increase Interest Rates for the Third Time in Seven Weeks
The National Australia Bank will increase its main home loan interest rate today by 0.09 per cent, to 9.36 per cent – higher than the Commonwealth Bank and Westpac, but slightly lower than the ANZ and Bendigo Banks.
Read moreCharter Hall Tunes Out of Channel Nine Sites
Aquisitive fund manager Charter Hall is reported to have changed its mind regarding the purchase of Channel Nine’s outgoing studios in Willoughby, Sydney and Richmond, Melbourne.
Read moreANZ Makes $81.5 Million From Sale of 47 National Branches
ANZ executives were laughing all the way to the bank this week, after a portfolio of 47 national ANZ Bank outlets sold for a combined total of $81.53 million.
Read moreRivkin’s Old Craig-y-Mor Mansion in Point Piper Sets New Australian Price Record of $32.4 Million
The record price paid for a home in Australia has been smashed, after an undisclosed Asian family is believed to have splashed out $32.4 million to buy a Sydney home once owned by disgraced stockbroker Rene Rivkin.
Read moreCity Pacific Limited Letter to Investors
Dear Investor,
CITY PACIFIC FIRST MORTGAGE FUND (FIRST MORTGAGE FUND/FUND)
Amidst recession fears in the USA and difficult local market conditions which have caused havoc in the banking and financial services sectors there has been a substantial increase in the level of redemptions by our investors in the First Mortgage Fund.
Read moreCBRE Tops Lipsey Brand Survey For Seventh Consecutive Year
New York, NY – March 5, 2008 – For the seventh year in a row, CB Richard Ellis has been named the leading global brand in commercial real estate, according to a survey of real estate professionals from around the world. CB Richard Ellis has been named the top brand every year since the survey’s inception in 2002.
Read moreMacquarie CountryWide to Reap $100 Million From Supermarket Portfolio
Macquarie Countrywide is expected to reap around $100 million from the portfolio sale of ten supermarket assets around Australia.
Read moreSt Hilliers Fund No. 1 Returns 17.5% pa
St Hilliers Funds Management Limited has confirmed the successful winding-up of the St Hilliers Enhanced Property Fund No.1 (the Fund), the first in its series of closed-end unlisted property funds.
Read moreDevine Fires Two Staff for Conflict of Interest
Devine Limited advises that two senior managers of its Construction Division, Devine Constructions, had their employment with the company terminated on Friday 29th February 2008. This action resulted from clear evidence of breaches of the company’s policies in relation to “Ethical Code of Conduct” and “Conflicts of Interest” and evidence that both have undertaken fraudulent activities in respect of the Devine Group.
Read moreMultiplex Group in Australia and New Zealand Changes Name to Brookfield Multiplex
NEW IDENTITY UNDERLINES POSITION AS ONE OF AUSTRALASIA’S LEADING DIVERSIFIED PROPERTY ORGANISATIONS
Read moreInterest Rates Rise Again: Statement by RBA Chief Glenn Stevens
At its meeting today, the Board decided to increase the cash rate by 25 basis points to 7.25 per cent, effective 5 March 2008.
Read moreRBA Increases Interest Rates at March Meeting
The Reserve Bank of Australia (RBA) has announced today that the Official Cash Rate will increase 25 basis points. The
Read moreGovernment to Build 100,000 Affordable Rental Properties and Kick-Start Housing Construction Reform
The Australian Government today formally established a significantly expanded National Rental Affordability Scheme.
Read moreRenters and buyers feel the stress
"Another severe blow was dealt to home buyers in the December quarter 2007, with interest rate rises biting hard and home loan affordability deteriorating across Australia, except in Western Australia," says Noel Dyett, President of the Real Estate Institute of Australia, in Canberra.
ABC Learning Centre Response to ASX Queries
I refer to the ASX’s letter dated 26th February 2008. A.B.C. Learning Centres Limited (“Company”) sets out below its responses to the specific queries raised in your letter.
Read moreLend Lease Delivers Strong Half Year Profit Result Amid Tough Market Conditions
Lend Lease delivers strong half year profit result amid tough market conditions
* Statutory Profit After Tax up 49% to A$259.6m
* EPS on Operating Profit up 60% to 65.5 cents
* Net Operating Profit After Tax up 61% to A$262.8m Interim dividend up 23% to 43 cents a share
ING Office Fund Half Year Results
Half Year Results – “Disciplined strategy leads to improving opportunities”
ING Office Fund (IOF or the Fund), today announced an operating profit of $140.4 million for the six months ended 31 December 2007.
Read moreWestfield Group Announces Solid Growth in Operational And Development Earnings
The Westfield Group (ASX:WDC) today announced its full year results, reporting operational segment earnings for the year ended 31 December 2007 of $1.79 billion, up 11.6% over the prior year. This represents 96.12 cents per security, an increase of 6.0% on a constant currency basis.
Read moreValad Announces 139% Increase in Underlying Earnings; Reaffirms FY08 Forecast
* Solid performance from diverse operations across 13 countries
* Proven funds platform, raising A$1.2 billion of equity and debt in 2H08
* AUM of A$20.5 billion, diversified by sector, geography and business line
* Continued focus on integration and consolidation of Australasian, European and UK platforms
Macquarie CountryWide Announces Results Six Months to December 2007
Macquarie CountryWide Trust (ASX: MCW) today announced a 2.5 per cent increase in distributable earnings to A$97.7 million for the six months to 31 December 2007, representing 7.35 cents per unit. Earnings before losses on asset sales were 7.76 cents per unit. The Trust distributed 7.80 cents per unit to investors on 22 February 2008.
Read morePelorus Property Group Half Year Results, NPAT up 21%
Pelorus Property Group (ASX Code: PPI), which has initiated a bid to take over management of one of Centro’s unlisted property syndicates, Centro MCS16, has today released its half year results.
Read moreAspen Announces Strong Half Year Result
Aspen Announces Strong Half Year Result
Aspen Group (ASX: APZ) is pleased to report a strong performance for the half year to 31 December 2007, with the Group’s underlying net profit after tax up 63% at $19.0 million. Contributions across all business divisions have combined to produce this result, leaving the Group well placed to record a strong full year performance.
Read moreGalileo Japan Trust Strong Interim Result
Galileo Japan Funds Management Limited (‘GJFML’), the responsible entity for the Galileo Japan Trust (the Trust) is pleased to provide details of the Trust’s interim result for the period ended 31 December 2007.
Read moreDB RREEF rebrands to DEXUS Property Group
DB RREEF Trust (ASX: DRT) today announced it had acquired Deutsche Bank’s 50% interest in its management company, DB RREEF Funds Management Ltd, and rebranded to DEXUS Property Group.
Read moreCentro Announces Further Extensions of Financing Arrangements
Centro Properties Group (Centro) announced today that its financiers both in Australia and the US have further extended finance arrangements as follows:
Read moreCopyright of Home Designs to Come Under Scrutiny
Copyright of home designs will come under scrutiny this year in the courts, after Australia’s eleventh biggest home builder, Porter Davis, launched another round of legal action against the third biggest, Metricon.
Read moreAustraland Results Year Ended 31 December 2007 Strong
Australand today announced a strong result for the year ended 31 December 2007, delivering a statutory profit of $269.2 million, including unrealised gains in property revaluations.
Read moreVillage Roadshow Tipped to Buy MFS Portfolio for $200m
Beleaguered property developer MFS Living and Leisure group is expected to quietly sell the Melbourne Aquarium in Flinders Street, as well as aquariums on the Sunshine Coast, Bangkok, Shanghai and Busan, as it struggles to boost its balance sheet and survive a fallout from its parent company, MFS Limited.
Read moreMirvac Group Announces Solid Half Year Operating Profit of $215.0 Million
FINANCIAL HIGHLIGHTS
* Half year net profit after tax of $388.4 million, an increase of 86.4 per cent
* Half year operating profit after tax of $215.0 million, an increase of 41.2 per cent
* Half year distribution of 16.45 cents per stapled security, an increase of 3.1 per cent
* 5.8 per cent rise in NTA per stapled security to $4.02 from $3.80 as at 31 December 20061
* Activities under control increased from $26.3 billion at 30 June 2007 to $27.8 billion
* Gearing reduced to 29.8 per cent2
Ashe Morgan Winthrop Announces Senior Appointments
Leading Australian property finance and investment group, Ashe Morgan Winthrop, has announced the appointment of two new senior executives directly supporting the managing director, Michael Rothner.
Read moreStockland Delivers Another Record Result
�� Confirms FY08 guidance of 5% EPS growth
Stockland delivered a strong performance for the half year ended 31 December 2007
(1H08), recording a net profit attributable to security holders of $672.5 million, including
property revaluations and other non-operating items.
HEADLINE RESULTS
�� Operating profit* increased by 10.7% to $324.6 million.
�� Earnings per security* increased by 4.2% to 22.4 cents
�� Dividend/distribution per security increased by 5.1% to 22.6 cents#
* (before certain significant items)
Macquarie Expects Record Full Year Result
Macquarie Group Limited (Macquarie, ASX:MQG) Managing Director and Chief Executive Officer Allan Moss said today that subject to market conditions, Macquarie’s profit for the year to 31 March, 2008 is expected to be at least $A1.8 billion, which would be 23% up on the prior year.
Read moreForecast for 2008 Commercial Property Market: Expect a Dip, Then Gains
The roaring pace with which the commercial property markets developed momentum in the final months of 2007, has come to a grinding halt, as the full effects of interest rate rises, share market volatility and a dip in business and consumer sentiment takes its toll on a stunned market.
Read moreRBA Increases Interest Rates: Highest Level Since 1996
The Reserve Bank of Australia (RBA) announced today that the Official Cash Rate will increase 25 basis points to 7 per cent.
Read moreRBA and Government Could Overcook the Market if Interest Rates Rise Again
Speaking to a full house at a Urban Development Institute of Australia function at Crown Casino last Friday, St George Bank Head of Economic Research Steven Milch said he expects the Reserve Bank of Australia to lift official interest rates when it meets this week, despite the US Federal Reserve continuing to cut rates in the United States.
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