Housing market outlook improving in Australia as downturn slows

Property Wire | June 11, 2019

The pace of decline in Australia’s residential housing market slowed in May, down nationally by 0.4%, the smallest month on month fall for a year, the latest index data shows. But nationwide prices are still down by 7.3% year on year to a median value of $519,537 and quarter on quarter they are lower by 1.5%. CoreLogic head of research Tim Lawless pointed out that the improvement is primarily being driven by a slower rate of decline in Sydney and Melbourne where housing values were previously falling at the fastest rate of any capital city. Money on month prices in Sydney fell by 0.5% to $776,135 but they are still 10.7% lower than in May 2018 while in Melbourne they fell by 0.3% month on month to $619,804 and are down 9.9% year on year. Prices have also continued to fall in other cities. In Brisbane they were down 0.5% month on month and 2.3% year on year to $484,882. In Perth they fell by 1% on a monthly basis and are 8.8% lower than May 2018 at $436,090. While in Darwin they are down 1.6% and 8.6% respectively to $393,298.

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JLL Income Property Trust, Inc. and LaSalle Investment Management | August 10, 2022

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Invesco Real Estate Income Trust Inc. and Skylight Real Estate Partners Acquire Multifamily Property in West Essex, NJ Submarket

Invesco Real Estate Income Trust Inc. | May 24, 2022

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REAL ESTATE INVESTMENT

ASCOTT ACQUIRES OAKWOOD WORLDWIDE TO FAST-TRACK GROWTH TO OVER 150,000 UNITS GLOBALLY

The Ascott Limited | July 05, 2022

CapitaLand Investment Limited's (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) announced it is acquiring Oakwood Worldwide (Oakwood), a premier global serviced apartment provider, from Mapletree Investments Pte Ltd. The acquisition increases Ascott's global portfolio by 81 properties and about 15,000 units. Oakwood's approximately 8,500 operational units are expected to immediately contribute to Ascott's recurring fee income streams upon completion of the transaction slated in 3Q 2022. Ascott's acquisition of Oakwood will leapfrog Ascott's global presence to more than 150,000 units in about 900 properties across over 200 cities in 39 countries. It will add new markets which include Cheongju in South Korea; Zhangjiakou and Qingdao in China; Dhaka in Bangladesh as well as Washington D.C. in the United States of America (USA). 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We will be able to leverage Ascott's extensive expertise as a global lodging player to deliver greater value to our expanded network of loyal customers and property owners. Besides strategic alignment, this acquisition is also notable to Ascott commercially. Ascott's acquisition of Oakwood brings about an immediate boost to our units under management and franchise contracts. The Oakwood portfolio will accelerate the growth of our asset-light business, with added recurring fee income streams, expanded lodging offerings and increased customer base. The strategic moves we have made in the last few years, such as our investments in Quest, Synergy and TAUZIA have charted an unprecedented growth path for Ascott." -Mr Kevin Goh, CLI's Chief Executive Officer for Lodging. Ascott's strategic investments in the past years include its acquisition of Quest Apartment Hotels (Quest), one of the largest serviced apartment operators in Australasia, in 2017 to grow its business franchise arm. 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