STOCKLAND has accepted the offer from Frasers Centrepoint Limited to acquire Stockland’s Australand securities for $4.48 per security plus accrued distribution.
Stockland held a relevant interest in 113 million Australand securities which were acquired at an average price of $3.78 per security. By accepting this offer Stockland will realise a capital profit of circa $80m from its Australand investment.
Stockland Managing Director and CEO, Mark Steinert, said: “We have been disciplined with our investment in Australand with a clear strategic intent and view of value, and are pleased to have achieved a significant profit. We will reinvest this profit prudently into our growth strategy.
“In particular, we will accelerate our expansion into medium density residential and mixed use development, grow our Logistics and Business Parks capabilities, invest in community and our people and accelerate planned system and process enhancements.”
Stockland
Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, retirement living villages, office and industrial assets. Stockland was recognised by the S&P Dow Jones Sustainability Indicies (DJSI) as the Global Real Estate Industry Group Leader for 2013–14 and was also named one of the Global 100 Most Sustainable Corporations in the World at the World Economic Forum in Davos, Switzerland in 2014, for the fifth consecutive year.
CHINA’s economy has grown in leaps and bounds over the past decade, creating huge opportunities for Australian businesses – but can it continue down its current path, or will there be change?
Will China's economy see a ‘hard landing’ and what would that mean for its trading partners like Australia? How much progress have China's leaders made in implementing essential market reforms?
What do the changes in China’s growth model mean for different business sectors? Who stands to win and lose from China's changing course?
Today (Monday, August 18), one of the world’s leading China watchers, Professor Patrick Chovanec, will attempt to answer these and many other questions vital to Australia’s economic well-being.
Prof. Chovanec is managing director and chief strategist at Silvercrest Asset Management Group. He is also an adjunct professor at Columbia University’s School of International and Public Affairs (SIPA), where he teaches US-China negotiations.
Prof. Chovanec appears frequently on CNBC, Bloomberg, CNN, Fox Business, NPR, and BBC, and is often quoted in the Wall Street Journal, Financial Times, Washington Post, BusinessWeek, Foreign Policy and other prominent news sources.
Before joining Silvercrest, he was an associate professor of Practice at Tsinghua University’s School of Economics and Management in Beijing, where he also served as chairman of the Public Policy Development Committee for the American Chamber of Commerce in China.
Monday’s event is sponsored by the University of Sydney Business School’s Australia China Business Network, in association with the University of Sydney’s China Studies Centre.
Date: Monday 18 August 2014
Time: 5- 6pm
Venue: The University of Sydney Business School CBD Campus, Stockland Building, Level 17, 133 Castlereagh Street, Sydney 2000
VICTORIA's building and construction industry is the most optimistic of surveyed sectors about prospects for the Victorian economy in the year ahead, according to the latest VECCI - Bank of Melbourne survey of business trends and prospects.
The state-wide survey of more than 400 businesses across seven major industry sectors found that 38 per cent of Victorian building and construction businesses expect an improvement in the state’s economic conditions in 2014, the highest of all surveyed sectors.
This optimism was also reflected in their views on the national economy, with 42 per cent of building and construction respondents expecting the Australian economy to strengthen over the next 12 months.
In the June quarter, the building and construction sector reported a visible improvement in trading conditions, with sales, selling prices, general business conditions and exports all strengthening. However, the sector also reported wages growth and increases in other labour costs, which are expected to continue in the September quarter.
The optimistic outlook and performance of the building and construction sector appears to reflect a positive reaction to major infrastructure announcements in the recent state and federal budgets, along with the gathering momentum in housing construction that has characterised the first half of 2014.
“Meeting Victoria’s infrastructure needs and supporting a competitive building and construction industry is vital to driving new jobs growth," says VECCI Chief Executive Mark Stone.
“The challenge for policy makers is to accelerate industry activity with further measures that spur new investment and employment. Key priorities must be to lower business taxes, cut red tape, improve industry skills and leverage new export opportunities.”
Bank of Melbourne Chief Executive Scott Tanner says there is a need to prioritise the infrastructure that will support Victoria’s growing population and maintain the state’s reputation as a great place to live and work.
“As our population grows, there’s an urgent need to get the critical projects right to maintain our liveability, lift our productivity and improve competitiveness,” he says.
"That means getting the infrastructure we’ve already got to work harder for us, and being smart about building for the future.”
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VECCI & Bank of Melbourne partnership VECCI is pleased to partner with Bank of Melbourne. The bank supports VECCI’s quarterly Survey of Business Trends and Prospects, Business Leaders event series and Women in Business event series. The partnership builds on both VECCI’s and the Bank of Melbourne’s mutual goals in supporting businesses in Victoria.
Background – About VECCI The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state. www.vecci.org.au
Background – About Bank of Melbourne Bank of Melbourne is helping build a better Victoria. Since launching in July 2011, the bank has tripled its workforce, opened 89 branches and become more involved in the local community. The bank partners with Victorian organisations and events including the MCG and Melbourne Food and Wine Festival and supports industry with initiatives including Agenda Victoria. As a full-service bank, its team of lenders, account executives and industry specialists are supporting Victorian businesses, both large and small.
VECCI Chief Executive Mark Stone has welcomed this week’s release of the Interface Councils’ Fairer Funding Report.
Mr Stone said Victoria’s 10 municipalities that lie at the interface of metropolitan Melbourne and rural Victoria are under increasing pressure to accommodate the state’s rapid population expansion.
"The Interface Councils’ research shows the municipalities have absorbed 50 per cent of the state’s growth in the past five years," Mr Stone said.
"This growth is expected to continue, with current forecasts predicting that 1.7 million people will reside in interface communities by 2031.
"The significant role these communities play in local economic development, trade, business investment and employment means adequate infrastructure funding must be a priority for government at all levels.
"It is estimated that the 10 municipalities will require more than $10 billion in new or upgraded infrastructure and services over the next 15 years.
"This is why VECCI’s Taking Care of Business state election agenda supports the establishment of an Interface Councils Growth Fund that will support the progressive funding of the Councils’ priority projects."
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The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
VICTORIAN business has reported increased optimism about prospects for the state economy in the year ahead, despite the current challenging trading conditions, according to the latest VECCI - Bank of Melbourne survey of business trends and prospects released today.
Almost 25 per cent of respondents expect stronger state economic conditions during the next 12 months; an increase from 20 per cent in the previous quarter.
The state-wide survey based on over 400 respondents measured actual business performance over the recent June quarter and business sentiment regarding prospects for the state and national economies over the next 12 months.
The survey, taken after the state and federal budgets were released, shows business has responded well to budgetary measures that will improve both the state and national infrastructure base and lower business costs.
“The improved sentiment in respect to Victoria’s near term economic prospects follows the state budget’s strong infrastructure focus and announced cut in the payroll tax rate to 4.85 per cent," says VECCI Chief Executive Mark Stone.
“The challenge for policy makers is to build on this momentum with further measures that convert the improvement in business sentiment into new investment and employment.
“Key priorities must be to lower business taxes and cut red tape, continue to invest in job creating infrastructure, improve industry skills and get more Victorian businesses into exporting.”
Despite a lift in business confidence, the survey found actual trading conditions for the past three months remained difficult for many businesses. Respondents reported declines across a number of key indicators including employment, exports, profitability and building and structures investment.
“Having regard for recent labour force statistics showing growing unemployment and the latest survey results, it is clear more needs to be done to tackle obstacles to job creation,” said Mr Stone.
“The mixed conditions reported by industry signal that the Victorian economy continues its transition,” said Bank of Melbourne Chief Executive Scott Tanner.
“The lift in business optimism following the State Budget is heartening and if the programs articulated in the budget are delivered this should translate to stronger economic activity.”
VECCI & Bank of Melbourne partnership
VECCI is pleased to partner with Bank of Melbourne. The bank supports VECCI’s quarterly Survey of Business Trends and Prospects, Business Leaders event series and Women in Business event series. The partnership builds on both VECCI’s and the Bank of Melbourne’s mutual goals in supporting businesses in Victoria.
Background – About VECCI
The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state. www.vecci.org.au
Background – About Bank of Melbourne Bank of Melbourne is helping build a better Victoria. Since launching in July 2011, the bank has tripled its workforce, opened 89 branches and become more involved in the local community. The bank partners with Victorian organisations and events including the MCG and Melbourne Food and Wine Festival and supports industry with initiatives including Agenda Victoria. As a full-service bank, its team of lenders, account executives and industry specialists are supporting Victorian businesses, both large and small.
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