Today
Beware ‘unknowns’ in Lendlease’s $4.5b turnaround, say old hands
“If you’re going to exit today, tomorrow, the next day, you’re going to leave a lot on the table,” a former executive said.
- Nick Lenaghan
Barry Sternlicht’s $15b real estate fund limits withdrawals
There’s trouble when an REIT fears it won’t have enough cash to pay investors back because the rate of withdrawals is higher than the amount of money coming in.
- Maureen Farrell
Former analyst pays $48m for Brisbane office tower
Jacob Fong has taken a deep dive into the Brisbane office market and uncovered good buying opportunities in the city’s Midtown precinct.
- Larry Schlesinger
Yesterday
- Exclusive
- Investment banking
Lendlease to end global ambitions and put $4b in assets on the market
Lendlease will end all international property development and sell its overseas construction divisions, marking the biggest shake-up at one of Australia’s largest real estate groups in 20 years.
- Aaron Weinman and Anthony Macdonald
- Opinion
- Chanticleer
Lendlease is finally doing what its investors have been begging for
This restructuring is indicative of what big investors want this year. Simple and focused businesses are in, sprawling empires with global ambitions are out.
- Anthony Macdonald
This Month
Property fund manager’s stock pops as it says goodbye to Europe
In a transformational deal, long struggling Cromwell has sold out of its European exposures, sending its stock surging as investors welcomed the move.
- Nick Lenaghan
Coles property boss says building woes could force up grocery prices
Coles property boss Fiona Mackenzie says not being able to deliver new supermarkets as planned could force up the prices of grocery items.
- Larry Schlesinger
Cobbler counts the cost of fewer feet as CBD economies lose $4.3b
Cities are getting 370,000 fewer office worker visits every day compared to pre-pandemic, which has led to CBD-based businesses struggling to make ends meet.
- Campbell Kwan
- Exclusive
- Pubs
Public Hospitality Group’s Jon Adgemis raided by tax authorities
The company, which owns a sprawling portfolio of pubs, has been attempting to refinance its significant loans with Deutsche Bank in a bid to avert collapse.
- Updated
- Primrose Riordan and Sarah Thompson
Lendlease chairman to step down at AGM
Michael Ullmer has confirmed he will step down at the company’s shareholder meeting in November, but disgruntled investors want more action than that.
- Nick Lenaghan and Joshua Peach
Lenders move on Adgemis’ El Primo Sanchez bar
The move comes amid debt refinancing negotiations led by major lenders to the dealmaker’s hospitality empire.
- Primrose Riordan
- Opinion
- Chanticleer
Prospect of Lendlease write-downs impossible to ignore
It’s hard to get a good price when trying to sell assets quickly and cleanly: that’s the juggle inside Lendlease ahead of Monday’s investor day, where write-downs are on the cards.
- Anthony Macdonald
- Exclusive
- Industrial
ISPT to put $250m of logistics sites on the market
The super fund investor is trying to turn around its flagship fund by selling three industrial sites. It plans to recycle that capital into larger sites.
- Campbell Kwan
Fund manager busy buying assets in a struggling office market
Brisbane-based Exceed Capital has snared its second office building in nine months and is now circling bigger CBD assets
- Larry Schlesinger
- Exclusive
- Retail property
UBS bets on co-working and bowling to fix troubled Melbourne mall
UBS has secured two big tenancies for St Collins Lane, an arcade in the Melbourne CBD that has been one of the city’s worst performing malls for years.
- Larry Schlesinger
Aware Super wants a new chairman at Lendlease, fast
Lendlease’s biggest investor has called for an external candidate to replace Michael Ullmer, and urgently steer the embattled developer’s turnaround.
- Nick Lenaghan
- Exclusive
- Dexus
Mall war: Kevin Seymour accuses Dexus of anticompetitive conduct
The Rich Lister is accusing Dexus of acting anti-competitively for blocking his proposed Brisbane precinct to protect its own retail asset down the road.
- Campbell Kwan
Lendlease sells down Asia venture amid campaign for overhaul
The $147 million sale of a stake in its life sciences business comes as activist investors demand the property giant pulls back from overseas markets.
- Updated
- Nick Lenaghan
- Exclusive
- Property development
Developer Avid flags $1.4b land lease housing play
The privately owned developer that acquired Villa World in 2019 has expanded into the fast-growing land lease business. At scale.
- Michael Bleby
Developers cash in as investors spend big on fast food and childcare
Nearly $50m was splashed by investors at a commercial property auction in Sydney, of which almost half was spent on fast food outlets on long leases.
- Larry Schlesinger
