Investment News

The Property Council of Australia has lashed the federal government’s move to hike fees for foreign investors attempting to buy Australian commercial property, arguing that the new regime will discourage the investment required to support the nation’s economic recovery.

The country’s largest owner and operator of student accommodation, Scape Australia, has defied the coronavirus crisis to close the $2bn acquisition of the rival Urbanest business and has called for “balanced consideration” in the relationship with China.

The country’s largest student accommodation provider Scape is seeking to expedite approval of its $2 billion acquisition of rival operator Urbanest as it confronts the coronavirus crisis.

The country’s largest self-storage operation, the National Storage REIT, appears likely to be taken over by US giant Public Storage, with shares in the target trust jumping to close to the bid price of its $1.9 billion proposal.

The battle for cinema and theme park owner Village Roadshow is heating up, with private equity firm BGH Capital lobbing a rival takeover proposal as it looks to take on fellow local investment house PEP.

Gaming mogul Tony Fung’s deal to sell the Casino Canberra has been terminated as the vendor refused to give prospective buyer, Sydney-based funds manager iProsperity Group, more time to win regulatory approval to buy the property.

The strong demand for alternative property assets has been put on display with investors pouring almost $300m into the country’s largest unlisted healthcare property fund.

Some of Victoria’s most renowned pubs, shops and clubs were among the most notable commercial listings on the market in 2019.

Credit to the private sector has slowed to its weakest annual growth rate in almost a decade, stoking concerns about the pace of any near-term turnaround in the economy.