Aspen Group

Aspen Group is seeking to sell its $311 million commercial property portfolio, including the Septimus Roe office tower on Adelaide Terrace, as the developer and fund manager plans to build towards a return to profit.

Cedar Woods Properties has made its third significant Western Australian land acquisition for the year, adding a 35 hectare site in Byford to its portfolio.

Property investment company Aspen Group has continued off-loading residential development assets, announcing today the sale of its 45-per cent-owned Fern Bay Seaside Village syndicate in New South Wales for $17.6 million.

Aspen Group chief financial officer and former KPMG partner Brett Fullarton has joined land developer Peet in the same role.Aspen has replaced Mr Fullarton with its financial controller Adam Marrs Ekamper. 

FEATURE: Salaries have come under huge pressure during the past year as widespread cost cutting takes its toll on executives’ take-home pay.

Woodside Energy has opted to partially extend a leasing agreement at the Aspen Karratha Village after Aspen agreed to upgrade the facility.

Property investor and developer Aspen Group says it is likely to post a half-year loss of up to $72 million on the back of impairments on a number of its assets, including the Septimus Roe office tower in central Perth.

Rising vacancies and falling rents in Perth’s CBD office market are putting tenants in prime position to score favourable deals, while the conditions could also result in potential bargains for institutional investors.

Developer and fund manager Aspen Group has continued selling its non-core assets, offloading its 50 per cent stake in Adelaide’s Australian Taxation Office building as well as its interest in the adjacent Adelaide City Central development site.

Lack of supply of large, well-located office and retail assets in Perth’s commercial property market has resulted in the total value of sales falling to less than half of what they were 12 months ago.

Aspen Group has made more progress in selling off its commercial portfolio, offloading its highest value asset - the Septimus Roe office tower on Adelaide Terrace - to Singaporean development giant Far East Organisation.

Aspen Group has taken a $14 million hit to the value of its assets, writing down its Spearwood Industrial Estate as part of its annual portfolio review.The Perth-based developer and funds manager said an independent valuation of the Spearwood estate declined to $68 million.

Aspen Group’s Aspen Parks Property Fund has unveiled plans to tap the market for nearly $40 million, in the wake of the developer and funds manager lodging a statutory loss of $81.8 million.

Aspen Group has just one major asset remaining in its commercial property portfolio, after completing the sale of its Noble Park warehouse property in Victoria for $20.8 million.

Aspen Group has scared off a potential suitor for its $210 million Aspen Parks Property Fund, placing a September 29 deadline on retirement village manager Ingenia Communities Group to finalise a binding unconditional offer.

Aspen Group will secure majority ownership of Aspen Parks Property Fund, following the Takeover Panel’s rejection of Discovery Holiday Parks’ applications for a declaration of unacceptable circumstances.

The Aspen Group-backed Aspen Parks Property Fund has added the Harrington Holiday Park on the NSW north coast to its portfolio, in a transaction worth $8.4 million.The property comprises 321 cabin and caravan sites, and is expected to generate an earnings yield of 12 per cent.

Property investor Aspen Group has acquired a residential village estate in south-west Sydney for $7.4 million.

Singaporean investors are driving a flurry of offshore activity in Perth’s commercial, hotel and residential property sectors.

Aspen Group has taken an interim net loss of $18.2 million, largely on the back of reduced utilisation of its resources-exposed accommodation assets in the north of the state, offsetting a strong performance by its holiday parks and short-stay accommodation division.

RAC of WA has bought three regional tourist resorts for $33.7 million, from a subsidiary of Aspen Group.

Aspen Group has sold a portion of its last remaining non-core asset, announcing a $35 million transaction today for part of its Spearwood Industrial Estate.

Aspen Group is continuing its push into the accommodation sector, buying Mandurah Gardens Estate in a deal worth $10.2 million.Aspen said the purchase price reflected a yield of $9.25 per cent, excluding transaction costs.

Pickles Auctions is shifting to the southern suburbs, having bought a 200,232 square metre industrial site in Spearwood from ASX-listed Aspen Group.

Aspen Group has made its third holiday park acquisition in 2015, buying the Tomago Van Village in Newcastle, New South Wales, for $10.5 million.The purchase reflects an initial yield of 9.3 per cent, excluding transaction costs.

Aspen Group has taken the last step in its transformation into a specialist accommodation parks manager, announcing a merger proposal with its Aspen Parks Property Fund, which was previously a separate entity.

Aspen Group’s battle for ownership of Aspen Parks Property Fund has intensified, after Discovery Holiday Parks put forward a $135 million takeover offer for the business.

Aspen Group has moved to fend off Discovery Holiday Parks’ attempt to acquire its unlisted holiday and accommodation parks investment fund, and has also rejected a $62 million offer from the would-be suitor to acquire the accommodation assets it owns outside of the fund.

An independent expert’s report commissioned by Aspen Group has concluded that its takeover of the Aspen Parks Property Fund is fair and reasonable and superior to a competing proposal.

Aspen Group is facing more competition to acquire its separately-owned holiday parks fund, with rival suitor Discovery Holiday Parks increasing its bid to purchase the portfolio.

Aspen Group's separately-owned holiday parks fund has backed rival suitor Discovery Holiday Parks' increased offer for the portfolio.

Property investment company Aspen Group has announced a senior management and board shake-up, while seeking to gain more value from its Western Australian assets.

Pilbara accommodation businesses run by one-time trucking boss Craig Mitchell and the Collinson family are set to be the winners from BHP Billiton’s surprise decision to close Kurra Village in Newman, which at its peak houses up to 1,600 fly-in, fly-out  workers

Perth entrepreneur Craig Mitchell and property funds manager Angelo Del Borrello are facing off over the future of four large roadhouses in northern WA, with the outcome having a big bearing on investors who pumped $22.5 million into four related property trusts.

Aspen Group has announced an agreement to sell its Spearwood Industrial Estate, leaving only a single asset in its portfolio that isn’t a holiday park or an accommodation village.