Xero Encouraging women into technology

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Four Australian-headquartered companies have been recognised for their commitment to supporting workplace equality and data transparency.</p><p>Gender equality has remained a key focus at the top levels of global workplaces, with many aiming to balance the share of women employees and executives while also bridging the gender pay gap.</p><p>As part of Bloomberg&#x27;s gender-equality index, 325 companies headquartered across 42 countries and regions within 50 industries were recognised.</p><p>The index aims to help investors evaluate how firms are tackling gender equality in the workplace and in their local communities.</p><p>The index measures gender equality across five pillars: women leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies, and pro-women brand.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/de976dbb-ad1d-4218-8304-05037b062e64.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Scentre Group celebrates the recent internal appointments to the Leasing and Retail Solutions team, Alison Flemming and Katie Paull. Image: Scentre Group</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Westfield Australia and New Zealand owner Scentre Group was recognised for the company’s focus on talent, diversity and inclusion.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>“We are addressing gender equality on a number of fronts to ensure we drive strong employee engagement and retention and improve our productivity and business performance,” Scentre Group chief executive Peter Allen said.</p><p>This includes a board-endorsed diversity and inclusion policy, an executive team endorsed diversity strategy and an active diversity council driven by employee-led working groups. </p><p>“We provide equitable pay for like roles by gender and have continued to increase the proportion of women at all levels of management, with women currently representing 44 per cent of all people managers and 28 per cent at senior executive level.”</p><p>Scentre is listed on the ASX with a $21.1 billion market capitalisation and made $2.64 billion in revenue last year. </p><p>Its biggest shareholders include UniSuper and passive funds managed by Vanguard, BlackRock and State Street.</p><p>Three of Australia&#x27;s big four, Westpac Banking Corporation, NAB and the Commonwealth Bank of Australia also made the index.</p><p>Commonwealth Bank has been vocal over recent years with its targets to achieve 40 per cent representation of women in executive manager positions and the CBA Board by 2020.</p><p>While US-headquartered, one of Australia&#x27;s largest commercial real estate agencies CBRE also made the index. </p><p>“A diverse and inclusive workforce is essential to our strategy,” CBRE chief executive Bob Sulentic said.</p><p>“We are at our best when people of all backgrounds and life experiences come together to create great outcomes for our clients and our people.”</p><p>Across the pond, New Zealand-based technology company Xero was also recognised, with 43 per cent of its board and employees represented by women as well as 42 per cent of its leadership team.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><em>Hero Image: Taken from Xero&#x27;s International Women’s Day event.</em></p></div></div></div></div></div>

Four Australian-headquartered companies have been recognised for their commitment to supporting workplace equality and data transparency.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Charter Hall has snapped up the global Telstra headquarters from Investa Office Fund and Oxford Properties for a cool $830 million. </p><p>The 47-storey office tower located in the “Paris end” of Melbourne’s CBD comprises 65,913sq m of net lettable area, and 63,398sq m of office accommodation over 43 floors, along with retail and parking.</p><p>ASX-listed Charter Hall formed a wholesale partnership to acquire a 100 per cent interest in the 242 Exhibition Street asset. </p><p>The A-grade tower will be owned by a wholesale partnership comprising the $5.4 billion Charter Hall Prime Office Fund (CPOF), the Public Sector Pension Investment Board (PSP Investments) and the Group.</p><p>Charter Hall chief executive David Harrison confirmed the off-market transaction will settle in the first half of 2020.</p><p>“The Melbourne CBD recorded 153,650sq m of net demand in the year to 31 March 2019 – double that of Sydney CBD (71,800sq m) - and was the strongest of any Australian CBD office market,” Harrison said.</p><p>“Continued strong tenant demand has placed downward pressure on the Melbourne CBD vacancy rate, which now stands at 3.7 per cent the lowest level since 1989.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/cdbf93e4-3229-418a-b20f-4c7124bb2f23.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ 242 Exhibition Street</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Vendors, and joint owners, Investa Commercial Property Fund and Oxford Investa Property Partners each owned a 50 per cent stake in the asset, recently completing a $17 million upgrade to the building.</p><p>Investa Commercial Property Fund originally acquired the Exhibition Street asset in 2006.</p><p>Investa Commercial Property said the sale represents a 17 per cent premium to book value, which will deliver a boost to its total earnings.</p><p>The building is leased to Telstra Corporation (99.6 per cent by net lettable area) and has a weighted average lease expiry of 11.9 years, with Telstra’s lease expiring in financial year 2032.</p><p>The sale was managed by Cushman and Wakefield’s Head of Capital Markets Australia and New Zealand Josh Cullen on a 4.5 per cent yield.</p><p>ICPF Fund Manager Jason Leong said proceeds of the sale will be reinvested into ICPF’s development pipeline including 60 Martin Place in Sydney, along with “future acquisition opportunities”.</p><p>ICPF’s portfolio of 15 office assets is valued at more than $5.4 billion, including Sydney based office buildings 420 George Street, Deutsche Bank Place at 126 Phillip Street, and 567 Collins Street in Melbourne.</p><p>Charter Hall’s Prime Office Fund said it’s currently undertaking a capital raising with approximately $300 million of equity raised from existing fund investors. </p><p>CPOF’s has a $5.4 billion portfolio of 26 office properties with 89 per cent of its offices located on Australia&#x27;s eastern seaboard.</p></div></div></div></div></div>

Charter Hall has snapped up the global Telstra headquarters from Investa Office Fund and Oxford Properties for a cool $830 million. 

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Investec Australia Property Fund is set to list on the Australian Stock exchange after raising more than $100 million and closing its offer earlier than expected citing strong investor demand. </strong></p><p>The fund (IAPF) made the announcement of its plans to publicly list earlier this month as the its valuation surpassed the billion dollar mark.</p><p>Investec, which is listed in South Africa, comprises a portfolio of 28 properties and an occupancy rate of 99.4 per cent with a weighted average lease expiry of 4.7 years. The fund says it will focus on investment in office, industrial and retail property across Australia and New Zealand. </p><p>Related: <a href="https://theurbandeveloper.com/articles/investec-wins-hallam-industrial-site-22-million-deal">Investec Acquires Hallam Industrial Site in $22 Million Deal</a></p><p>IAPF successfully raised a total of $102 million through the proposed issue of 76.9 million new units (offer) which the fund says was oversubscribed. </p><p>“We are particularly pleased to see such strong appetite from Australian investors to list the fund on the ASX,” Fund chief executive Graeme Katz said.</p><p>The early closure of the offer follows a local roadshow led by joint lead managers, J.P. Morgan and Macquarie Capital.</p><p>“Demand was strong, given the current and ongoing outlook for industrial and office properties in Australia and New Zealand,” Katz said.</p><p>Related: <a href="https://theurbandeveloper.com/articles/investec-australia-property-fund-wellington-acquisition">Investec Australia Property Fund Secures Prime NZ Office Building for $111 Million</a></p><p>To meet excess demand, 45 million units (with a value of A$59 million) owned by Investec Property Fund Limited will also be sold to institutional investors who participated in the IPF sale.</p><p>The offer and the IPF sale price is $1.32 per unit (AUD), above the minimum subscription price for the offer.</p><p>“The fund’s primary listing on the ASX, in addition to its current primary listing on the JSE, will set it up for the future and will stand to benefit our unitholders, existing and new,” Katz said.</p><p>Units in the fund are expected to start trading on the ASX on a deferred settlement basis on Tuesday May 28 under the ticker &quot;IAP&quot;, with normal trading kicking off on Thursday May 30.</p><p>The fund&#x27;s current $1.63 billion portfolio includes 449 Punt Road in Cremorne Victoria, <a href="https://theurbandeveloper.com/articles/investec-australia-property-fund-wellington-acquisition">100 Willis Street in Wellington New Zealand</a>, 2 Richardson Place North Ryde New South Wales, and 324 Queen Street Brisbane Queensland (pictured). </p></div></div></div>

Investec Australia Property Fund is set to list on the Australian Stock exchange after raising more than $100 million and closing its offer earlier th

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Starwood Capital Group has made it’s fourth play in an attempt to takeover the listed Australian Unity Office fund.</strong></p><p>The $480 million unsolicited bid, at $2.95 per unit, follows on from Starwood’s earlier unsolicited proposals which began in March this year.</p><p>US investment house Starwood increased its offer by more than 20 per cent since its first offer of $2.43 per unit on March 29.</p><p>Starwood is a private investment group co-founded in 1991 by chairman and chief executive Barry Sternlicht. The US firm currently has $51 billion (A$72 billion) in assets under management.</p><p>“The proposal represents a 21.4 per cent premium… reflecting an increase of $0.52 per unit,” Australian Unity said.</p><p>“Furthermore the proposal represents a 10.5 per cent premium to 30 June 2018,” the Australian fund continued, where the group’s net tangible assets were valued at $2.67.</p><p>Australian Unity Investment Real Estate, the entity responsible for the fund, has given Starwood four weeks to complete its due diligence and finalise the new proposal.</p><p>ASX-listed Australian Unity office fund owns a diversified portfolio of nine office properties located across Australia’s metro and CBD markets.</p><p>Last year, <a href="https://theurbandeveloper.com/articles/starwood-capital-joins-golden-age-group-to-manage-200-million-melbourne-hotel">Starwood struck a deal with Melbourne-based developer Golden Age to develop an upmarket $600 million hotel and apartment complex at 85 Spring Street </a>in Melbourne&#x27;s CBD, a site the developer snapped up from property giant Grocon.</p><p>Related: <a href="https://theurbandeveloper.com/articles/nextdc-buys-out-data-centre-landlord-for-200-million">NextDC Buys Out Data Centre Landlord for $200 Million</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><em>Main image: 468 St Kilda Road Melbourne office asset held by Australian Unity</em></p></div></div></div></div></div>

Starwood Capital Group has made it’s forth play in an attempt to takeover listed-Australian Unity Office fund.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Software giant Atlassian is going “beyond diversity”. </strong></p><p>Instead it says it&#x27;s focusing on something deeper, a fundamental need that we all have, creating a sense of belonging. </p><p>“We&#x27;ve always said that we want people to be able to do the best work of their lives at Atlassian, and we know that feeling like you belong is crucial in order to fulfil that,” Atlassian said in its 2018 State of Diversity Report.</p><p>Related: <a href="https://theurbandeveloper.com/articles/atlassian-co-founder-mike-cannon-brookes-buys-late-lady-mary-fairfaxs-100m-fairwater-mansion">Atlassian Co-Founder Buys $100 Million Fairwater Mansion</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/ea7149bc-61a7-43ce-b8f1-1b07747b5026.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">Atlassian&#x27;s global head of diversity and belonging Aubrey Blanche</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><br><strong>Balance and belonging vs diversity </strong></h2><p>Atlassian&#x27;s Diversity Report shows people associate the word “diversity” with underrepresented people, which it says is getting in the way of progress.</p><p>Research has shown diverse teams perform better, but Atlassian&#x27;s global head of diversity and belonging Aubrey Blanche says this should be considered in a much wider context.  </p><p>&quot;Diversity starts at the team level... we must think more broadly than defining diversity in terms of gender and race.</p><p>“We know that the highest performing teams include people with diverse perspectives and ways of solving problems.</p><p>“We&#x27;re moving away from the idea of &#x27;diversity&#x27; in order to build balanced teams.&quot;</p><p>Related: <a href="https://theurbandeveloper.com/articles/sydneys-own-silicon-valley-five-global-tech-hubs-from-around-the-world">Five Global Tech Hubs from Around the World</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/3bdcd60d-cfc5-41f9-b134-cf6b49e48ce1.jpg" width="4000"/></picture><div><span style="align-content:center;opacity:0.8">Atlassian office space</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Blanche says it&#x27;s not about how many people of a specific demographic are represented at the company level, the focus is on balancing perspectives across teams, at all levels of the organisation.</p><p>The report revealed women in leadership roles increased to 27.1 per cent this year, above average for women in senior management across all industries. </p><p>Atlassian also increased the proportion of women working in technical roles from 14 to 17 per cent, and increased its over-40 workforce from 19 to 22 per cent. </p><p>Among its US employees, where ethnic background is recorded, black and Latino men and women were underrepresented in every area.</p><p>“We also know that in order to help those people do their best work, they need to feel like they can be authentic at work and feel they belong on their team,&quot; Blanche said.</p><p>&quot;We&#x27;re building for a wide variety of customers, and thus, our teams need to reflect their perspectives as we create products and practices to address their needs.&quot;</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><blockquote><p><b>At Atlassian, we&#x27;re playing the long game, valuing progress over perfection.</b></p></blockquote></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/cbc88749-23d6-4740-859e-8c69966a9aab.jpg" width="1000"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><br><strong>Authenticity on all levels </strong></h2><p>NASDAQ-listed Atlassian was founded by best friends Mike Cannon-Brookes and Scott Farquhar in 2002, and has since become Australia’s biggest tech success story. </p><p>Today they have thousands of employees and millions of people around the globe using their software. But despite the “success” Cannon-Brookes last year shared about his own personal experience dealing with imposter syndrome. </p><p>“Let me let you in on a secret, most days, I feel like a fraud,” Cannon-Brookes said in his Ted Talk last year. </p><p>“Like I don’t really know what I’m doing.” </p><p>“Have you ever felt way, way out of your depth and kind of guessed-slash-bullshitted your way through because there was no other way out? Petrified that at any moment you’ll be exposed for the fraud you are? Even though everyone around you (oddly enough) acts for all the world like you do indeed deserve to be there? </p><p>“That’s impostor syndrome,” Cannon-Brookes said. </p><p>Instead of allowing himself to become paralysed this feeling, Cannon-Brookes said he tries to use it to his advantage, “motivated by my fear of generally looking like an idiot”.</p><p>“The most successful people I know don’t question themselves but they do regularly question their ideas and their knowledge. </p><p>&quot;They know when the water is way too deep, and they’re not afraid to ask for advice. They don’t see that as a bad thing…and they use that advice to hone those ideas, to improve them and to learn.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><iframe sandbox="allow-forms allow-scripts allow-pointer-lock allow-same-origin allow-top-navigation allow-presentation" class="embed-responsive-item" allowfullscreen="" frameBorder="0" style="max-width:574px;width:-webkit-fill-available" height="300px" src="https://www.youtube.com/embed/zNBmHXS3A6I"></iframe></div></div></div></div></div>

Atlassian's Diversity Report shows people associate the word “diversity” with underrepresented people, which is getting in the way of progress.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>In Lendlease&#x27;s 60th year of operation the group delivered a net profit of $792.8 million, up from its $758.6 million takings in the previous financial year. </strong></p><p>The ASX-listed developer&#x27;s annual net profit increased by 4.5 per cent for the fiscal year delivering a resilient result to security holders. </p><p>Full year distributions of 69 cents per stapled security, was up five per cent for the financial year to June. </p><p>The property company is expanding its operations announcing its plans for a build-to-rent sector in the US market with Australian superannuation fund First State Super.</p><p>The US residential for rent investment partnership involves a US$1 billion ($1.36 b) equity commitment, with each committing $US500 million ($679 m) to the venture.</p><p>“The strength of the sector has been underpinned by a major shift to renting, which has seen more than six million renter households created in the US over the past 10 years,” the companies said. </p><p>Related: <a href="https://theurbandeveloper.com/articles/lendlease-acknowledge-inner-brisbanes-current-apartment-oversupply">Defaults Will Rise in Brisbane Apartment Market: Lendlease</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/053812ee-f27a-4bb1-9844-e72f0bee5d31.jpg" width="960"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>Group chief executive Steve McCann said the financial year result was driven by Lendlease’s strong performance across both its development and investment segments.</p><p>“Our ability to secure development pipeline, combined with the support of our capital partners, has allowed us to progress strategic opportunities across the residential for rent, office, retirement and telecommunications infrastructure sectors,” McCann said.</p><p>Lendlease has a record development pipeline of $71.1 billion, with a construction backlog revenue of $21.1 billion.</p><p>Strategic initiatives include four major urbanisation projects in Europe, including Euston Station, Silvertown Quays and High Road West in London, and Milano Santa Giulia in Milan. </p><p>These projects have a combined estimated end development value of $21.9 billion.</p><p>Lendlease&#x27;s capital partnerships include the US residential for rent investment partnership, as well as its UK residential for rent investment partnership has an initial target of £1.5 billion ($2.6 b).</p><p>Lendlease’s global apartment settlements within its residential division totalled 1314 in the 2018 fiscal year.</p><p>Directors declared a final dividend of 35 cents a share, bringing the full-year payout to 69 cents.</p></div></div></div></div></div>

In Lendlease's 60th year of operation the Group has delivered a net profit of $792.8 million as it expands into the US build-to-rent sector.

Meriton Serviced Apartments

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Harry Triguboff’s Meriton has been fined $3 million for manipulating reviews on the online travel comparison website TripAdvisor.</strong></p><p>The penalty follows a first-of-its-kind case pursued by the Australian Competition and Consumer Commission. </p><p>The Federal Court handed Meriton the penalty after finding the property giant had prevented customers from leaving potentially negative reviews on TripAdvisor by &quot;masking&quot; guests email addresses.</p><p>TripAdvisor, arguably one of the world&#x27;s most popular travel comparison websites, allows users can rate accommodation and restaurants out of five and publish their feedback.</p><p>The process of &quot;masking&quot; involved Meriton&#x27;s staff inserting additional letters &quot;MSA&quot; (Meriton Serviced Apartments) in front of guests&#x27; email addresses if they had complained, or were likely to leave a negative review.</p><p>Approximatley 14,000 email addresses were masked over a nine month period in 2015 across 13 of Meriton&#x27;s serviced properties.</p><p>The Commission pushed for a $20 million fine, accusing Meriton of breaching Australian Consumer Law and and &quot;engaging in misleading and deceptive conduct&quot;.</p><p>Meriton argued a fine between $330,000 and $440,000 was more appropriate.</p><p>Meriton has been banned for three years from selecting, filtering or limiting guest email addresses supplied to TripAdvisor without the person&#x27;s consent.</p><p>“People often make purchasing decisions for accommodation based on the rankings and reviews they read on third party sites like TripAdvisor,” ACCC commissioner Sarah Court said.</p><p>“Manipulating these reviews is misleading to potential customers, who deserve the full picture when making a booking decision.”</p><p>Court said Meriton&#x27;s management were complicit and directed staff to engage in &quot;masking&quot;.</p><p>“Meriton’s management directed staff to engage in ‘masking’ to stop potentially negative reviews from appearing on TripAdvisor,” Court said.   </p><p>“This gave the impression Meriton accommodation was of a higher standard than otherwise may have been the case.”  </p><p>The court has ordered Meriton to establish a compliance and education program for staff to adhere to provisions of the Australian Consumer Law.</p><p>“This case sends a strong message that businesses can expect ACCC enforcement action if they’re caught manipulating feedback on third party review websites,” Court said.</p><p>Meriton has been contacted for comment.</p></div></div></div></div></div>

Harry Triguboff’s Meriton has been fined $3 million for manipulating reviews on the online travel website TripAdvisor.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="ci cl"><p><strong>A buoyant office market and </strong><a href="https://theurbandeveloper.com/articles/jll-office-vacancy-rates"><strong>tightening vacancy rates</strong></a><strong> in Sydney has delivered a massive windfall for GPT group, with the developer revealing on Monday that revaluations across its office, retail and logistics portfolios has added $457 million to its book value. </strong></p><p>The revaluations across GPT portfolios equate to a 3.7 per cent gain on the <a href="https://theurbandeveloper.com/articles/gpt-scentre-affirm-full-year-forecasts--">developer’s book value from six months ago</a>.</p><p>The ASX-listed property investment group had 52 of its assets independently valued ahead of its 2018 interim results due in mid-August. </p><p>Major contributors to the uplift include the iconic Harry Seidler-designed Australia Square – GPT owns a 50 per cent stake in the building – which marked a 17.3 per cent uplift in value; the 85,000sq m 1 Farrer Place – GPT owns 25 per cent – which reported an 11.9 per cent uplift; the 73,300sq m Citigroup Centre at 2 Park Street – GPT owns 50 per cent – which reported a 10.2 per cent increase and the 67,000sq m MLC Centre – GPT owns 50 per cent – which increased 8.1 per cent. </p><p>Related: <a href="https://theurbandeveloper.com/articles/propertylink-lists-north-sydney-office-building-for-70m">Propertylink Lists North Sydney Office Building for $70m</a></p><p>GPT’s retail portfolio, which includes a <a href="https://theurbandeveloper.com/articles/billion-dollar-shopping-centre-fund-purchases-25-slice-highpoint-shopping-centre">recently acquired 25 per cent stake in the Highpoint Shopping Centre</a>, also reported an uplift with the nearly 100,000sq m Westfield Penrith increasing 6.4 per cent. GPT owns a 50 per cent stake in complex with Scentre.</p><p>“The investment portfolio continues to deliver strong growth, most notably across our office portfolio, with an increase in market rents making a significant contribution to the overall valuation outcome,” GPT chief executive Bob Johnston said.</p><p>The $457 million gain equates to 25 cents per security, and an increase of 5 per cent on the 31 December 2017 net tangible assets per security of $5.04, GPT said in its announcement. </p><p><em>Main image: The MLC Centre, GPT owns a 50 per cent stake in the centre with Dexus. </em></p></div></div></div>

A buoyant office market and tightening vacancy rates in Sydney has delivered a massive windfall for GPT group.

Wanda Studios in Qingdao

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>An expansive A$10.5 billion (US$7.9 billion) movie studio has celebrated its grand opening in eastern China with its sights set on attracting major Hollywood projects. </strong></p><p>The aptly-named “Movie Metropolis”, backed by Chinese firm Dalian Wanda, spans 162- hectares and is home to the world’s only integrated outdoor and indoor underwater studio. The complex is located in Qingdao, in eastern China. </p><p>Built partially on an artificial island, it also includes shopping malls, theme parks and a yacht club. In true Hollywood fashion, Qingdao Movie Metropolis’s Chinese name is on full display emblazoned on the hill.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/chinas-wanda-group-confirms-sale-of-circular-quay-jewel-developments">China’s Wanda Group Confirms Sale of Circular Quay, Jewel Developments</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/548ac0e1-ced4-49bf-afac-621ab2b6f193.jpg" width="624"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Dalian Wanda Group’s billionaire chief executive Wang Jianlin said his his vision is to transform the city of Qingdao into a global film production hub. </p><p>“We will boost the Chinese movie industry development,” Wang said at the project’s opening ceremony.</p><p>While China is the world’s second-largest movie market, its movie production is still in the early stages of development.</p><p>The Wanda Group has been under government pressure recently, particularly over its high profile foreign investments including acquisitions of Legendary Entertainment and AMC Theatres. </p><p>The group has also been shedding assets with all five of its large <a href="https://theurbandeveloper.com/articles/buyers-emerge-for-wandas-6bn-project-portfolio">international projects</a> offered up for $6.6 billion. Its Australian holdings, <a href="https://theurbandeveloper.com/articles/yuhu-announced-as-113bn-buyer-of-wandas-australian-assets">worth $1.13 billion</a> recently sold to Chinese developer Yuhu Group, included luxury One Circular Quay hotel and apartment development in Sydney and the Jewel three-tower project on the Gold Coast.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/buyers-emerge-for-wandas-6bn-project-portfolio">Buyers Emerge for Wanda&#x27;s $6bn Project Portfolio</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/0740015e-6cab-4b48-bd68-13e5982f1b34.jpg" width="1280"/></picture><div><span style="align-content:center;opacity:0.8">The Great Wall</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Wanda had previously said the Movie Metropolis aimed to host five to six Hollywood projects in its first year of full operation in 2018. To date there’s been a lack of Hollywood projects taking up the offer. </p><p>However, generous subsidies for filmmakers have been promised by AMC Holdings and US studio Legendary Entertainment, controlled by Wang. The Qingdao Movie Metropolis opened its first studios in 2016, and has already hosted some Hollywood productions including The Great Wall which starred Matt Damon.</p><p>It marked the first major Hollywood film for a global audience to be set, filmed and produced in China.</p></div></div></div></div></div>

Dalian Wanda launches world’s largest movie studio, the aptly-named “Movie Metropolis” in Qingdao, China.

GPT Group1

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Two of Australia’s biggest landlords GPT and Scentre Group have confirmed their full-year forecasts despite a challenging retail environment.   </strong></p><p>GPT confirmed its full-year guidance, expecting to achieve funds from operations per security growth of approximately 3 per cent for the full year 2018, and distribution per security growth of the same amount. </p><p>This is despite the $420 million expansion of Sunshine Plaza on Queensland’s Sunshine Coast being impacted by significant wet weather during the quarter. As a result, the project is now expected to open on a staged basis commencing in late 2018, with completion in the second quarter of 2019. </p><p>The company reported total sales growth of 2.1 per cent across its malls in its update for the March quarter, compared with 1.7 per cent growth at December 31.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/gpt-wins-approval-for-parramatta-office-tower">GPT Wins Approval for Parramatta Office Tower</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/4aee9875-dff4-4aa7-ba35-f8b75ce52c2e.jpg" width="3000"/></picture><div><span style="align-content:center;opacity:0.8">Sunshine Plaza redevelopment </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Combined specialty and mini-major sales increased 3.9 per cent, which was greater than 3.1 per cent reported at December 31.</p><p>During the quarter GPT saw the acquisition of <a href="https://theurbandeveloper.com/articles/gpt-appoints-new-chairman-acquires-74m-of-industrial-assets">Sunshine Business Park, Melbourne, for $74 million</a>, representing an initial yield of 6.1 per cent.</p><p>“The Group has made a strong start to the year across all areas of the business,” GPT chief executive Bob Johnston said. </p><p>“The performance of the retail portfolio continues to demonstrate both the quality of the portfolio and the successful outcomes achieved by the management team.” </p><p>“The Group has continued to build on the leasing success established in 2017 in both the Office and Logistics portfolios, and is making good progress on key development opportunities.” </p><p>In February, <a href="https://theurbandeveloper.com/articles/gpt-appoints-new-chairman-acquires-74m-of-industrial-assets">GPT appointed former investment banker Vickki McFadden </a>to replace long-serving GPT Group chairman Rob Ferguson and purchased a portfolio of four industrial properties at Sunshine in Melbourne’s west for $74 million struck on a yield of about 6 per cent.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/bc76f13a-89da-4be1-a021-271356932060.jpg" width="700"/></picture><div><span style="align-content:center;opacity:0.8">Vicki Mcfadden</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br><strong>Scentre Group Grows Specialty Sales</strong></p><p>Scentre Group, the owner of Westfield centres in Australia, has managed to grow its specialty store sales with apparel sales performing better than eateries despite challenging conditions for retailers. </p><p>Scentre reported 3.8 per cent growth in fashion sales across its portfolio over the three months to March 31, and 1.4 per cent over the past 12 months.</p><p>This was faster than sales growth in the food dining category of 0.8 per cent over the quarter and 1.1 per cent over the year.</p><p>Cinema’s saw a drop of 7.8 per cent for the quarter and department store sales fall by 1.8 per cent. </p><p>Related reading: <a href="https://theurbandeveloper.com/articles/westfield-board-urges-shareholders-to-approve-30bn-takeover-and-demerge-onemarket">Westfield Board Urges Shareholders to Approve $30bn Takeover and Demerge OneMarket</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/80b5361b-4e8e-49b3-8a99-94e82df14b66.jpg" width="5000"/></picture><div><span style="align-content:center;opacity:0.8">Scentre Group1</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Homewares and technology &amp; appliances were down 1.8 per cent and 1.5 per cent respectively. </p><p>The company said its portfolio is more than 99.5 per cent leased with over 530 million customer visits per year. </p><p>Scentre confirmed its guidance for full year growth in funds from operations of approximately 4 per cent. The distribution guidance of 22.16 cents per security was also confirmed.</p><p>Scentre Group has warned that non-performing retailers would “fall away” and shopping centre space would be prioritised for the best brands.</p><p>The Scentre Group share registry also recently showed non-executive director Aliza Knox picking up 25,500 shares last week, after Macquarie rated the stock as outperform with a $4.43 price target. Scentre Group shares closed at $3.95 on Thursday. </p></div></div></div></div></div>

Two of Australia’s biggest landlords GPT and Scentre Group have confirmed their full-year forecasts despite a challenging retail environment.     GPT

Westfield1

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="ci cl"><p><strong>The board of global shopping centre group Westfield have unanimously recommended shareholders approve its proposed $30 billion takeover by France’s Unibail-Rodamco ahead of a forthcoming securityholder meeting to vote on the offer on 24 May. </strong></p><p>Westfield’s board have also unanimously supported the spin-off of the OneMarket start-up technology company — headed by Steven Lowy — to be listed separately on the ASX. </p><p>OneMarket’s strategy is to develop a retail technology network that seeks to help bricks-and-mortar retailers compete more effectively in the evolving retail environment. It has currently three network participation agreements in place with Westfield, Unibail-Rodamco and US group Nordstrom.  </p><p>Related reading: <a href="https://theurbandeveloper.com/articles/westfield-32bn-takeover-moves-one-step-closer">Westfield $32bn Takeover Moves One Step Closer</a></p><p>Existing Westfield shareholders will be handed 90 per cent of the shares with Unibail holding the other 10 per cent. </p><p>The spin-off as part of the takeover would see OneMarket start with no debt and $160 million in cash, which Westfield feels will be sufficient to meet its anticipated cash needs until late 2019. </p><p>Westfield has developed three main products for retailers: Live Receipts, generating digital receipts which allows retailers and shopping venues to engage shoppers after a transaction; Intelligent Parking Solutions is a system that lets malls upgrade their parking offering; and Shopper Exchange is a product that generates revenue from advertisers to deploy and manage targeted digital advertising campaigns using retailers’ data.</p><p>If the Westfield takeover is approved, security holders will own 28 per cent of the new group. The combined group would have assets of around $97 billion in 13 countries. The Lowy’s would own a 2.64 per cent stake. </p><p>Independent expert Grant Samuel and Associates has concluded that the transaction was in the best interests of Westfield Shareholders in the absence of a better offer. Grant Samuel has the same view also in respect to the OneMarket demerger. </p><p>The value of the takeover has fallen since the bid was first launched from US$7.55 per Westfield share on December 12, to US$6.98 per share on April 10. </p><p>Related reading: <a href="https://theurbandeveloper.com/articles/scentre-group-invests-in-nzs-largest-mall-">Scentre Group Invests in NZ’s Largest Mall</a></p><p>Westfield chairman Sir Frank Lowy wrote in his chairman’s letter that the offer “continues to represent strong pricing for Westfield securityholders”.</p><p>Unibail-Rodamco SE was created in 1968 and is Europe’s largest listed commercial property company, with a presence in 11 Continental European countries, and a portfolio of assets valued at €43.1 billion as of December 31, 2017. As an integrated operator, investor and developer, the Group aims to cover the whole of the real estate value creation chain. </p></div></div></div>

The board of global shopping centre group Westfield have unanimously urged shareholders approve its proposed $30 bn takeover and demerge...

Craig Mellar

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Global wealth manager AMP will begin scouring the globe for a new chief executive as Craig Meller confirmed his intention to retire at the end of 2018.</strong></p><p>The search will be led by AMP chairman Catherine Brenner.</p><p>“Craig has led the transformation of AMP over the past five years. The business has a clear and compelling strategy for growth and is performing well,” she said.</p><p>“Craig will continue to drive the company and deliver on our strategy through 2018 and has indicated his flexibility to work with the Board to ensure a smooth and orderly leadership transition.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/8a6be509-7127-498c-a887-eec3f01016e6.jpg" width="1200"/></picture><div><span style="align-content:center;opacity:0.8">AMP CEO, Craig Meller welcomes new Chairman, Catherine Brenner</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Meller was appointed chief executive in January 2014. He was a director of AMP Life Limited since October 2007 and a director of The National Mutual Life Association of Australasia Limited since March 2011.</p><p>During the 2017 financial year, AMP recorded an <a href="https://theurbandeveloper.com/articles/amp-doubles-profit-after-2016-net-loss">underlying profit of $1,040 million and net profit of $848 million</a>.</p><p>Meller said he was stepping down to spend more time with his family. </p><p>“It has been a privilege to lead a company with the history and heritage of AMP. As we move into the next phase of growth, it is the right time to begin the process of moving to new leadership,” he said.</p><p>“I remain very focused on executing our strategy and driving the performance of the business until my successor has been appointed and will support the Board to ensure a smooth handover.”</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/amp-appoints-construction-partner-for-quay-quarter-project">AMP Appoints Construction Partner for Quay Quarter Project</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2>Louise Mason to Replace John Schroder at Stockland </h2><p>Stockland’s John Schroder has stepped down from his role as head of commercial property.</p><p>Current chief operating officer at AMP Capital Real Estate Louise Mason has been announced as Schroder’s replacement, </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/8b683eba-52f9-4a8d-9143-1f247cc85ce6.jpg" width="1508"/></picture><div><span style="align-content:center;opacity:0.8">Louise Mason1</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Schroder will continue in his current role until 2 July 2018, at which point he will move into a consultancy role with Stockland to enable the company “to leverage his expertise and experience”.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/stockland-launches-500m-tech-precinct-at-macquarie-park">Stockland Launches $500m Tech Precinct at Macquarie Park</a></p><p>“I feel incredibly privileged to have led the Commercial Property team at Stockland over the past 12 years,” Schroder said. </p><p>“I’m particularly proud of the town centres we’ve created for communities across the country, the $1 billion current and future development pipeline we have in train across our Logistics, Business Parks and Retail assets, and the quality of the team we’ve created, which will continue to lead the business forward.”</p><p>Schroder joined Stockland in October 2006, during which time the value of Stockland’s retail town centres have grown from $3.5 billion to over $8 billion, and total Commercial Property assets now exceed $11.7 billion.</p></div></div></div></div></div>

Australian property giants AMP Capital and Stockland have announced two major departures from their executive teams.

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