The week in New Zealand real estate - 18 June 2020

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Institutional investors

• Asset Plus has posted a $14.7M loss for the year ended March 2020. This is largely the result of reductions in property values due to the COVID19 pandemic. More info here.
• Centuria have made another bid for Augusta Capital. The bid of $169.5M or $1 per share is composed of a mix of cash and Centuria stapled securities. More info here.
• Ryman Healthcare’s underlying profit is up 6.6% to $242M for the year ended March 2020. More info here.

Industrial

• Pernod Ricard’s 7.35ha, Point England industrial site is for sale. The former manufacturing and logistics facility is being offered with vacant possession. More info here.

Retail

• Icon Group has offered food and beverage tenants in Auckland’s Elliott Stables rental relief worth $675,000. More info here.

Housing

• Phase one of redevelopment of ex-Unitec land in Mt Albert, Auckland has been confirmed as a 'shovel-ready' project by the government. The development plans for approx 4,000 homes. More info here.
• Kāinga Ora is underwriting most of a new housing development in Te Kauwhata, Waikato. They will purchase 1,303 of the 1,600 sections from developer Winton and on-sell them to builders. More info here.
• Rotorua has proposed a new housing strategy which could deliver up to 2,000 homes. The draft strategy by the Rotorua Lakes District Council and Te Tatau o Te Arawa will go out for public consultation prior to finalisation. More info here.
• Ryman Healthcare has purchased the former Takapuna Fire Station and surrounding land for a new 143 unit retirement village. The development will be the thirteenth Ryman village in Auckland. More info here.

Government

• The Government has announced the first 11 shovel-ready projects that will be fast-tracked. The projects include various infrastructure and housing projects, such as Auckland’s Skypath and Wellington's Metro Upgrade. More info here.
• The Government's stock-take of hospital buildings has been released. The report has faced criticism for ignoring the 'yellow chapter' changes to earthquake safety standards, which if applied might have reduced the assessed strength of the buildings. More info here.

Copyright ? Chris Farhi 2020. All rights reserved.