IN BRIEF: Charter Hall could lose 15% of earnings
Charter Hall property group could lose up to 15% of its operating earnings if US hedge fund investors in the company’s Office Real Estate Investment Trust are successful in their attempt to remove Charter Hall as the trust’s responsible entity, according to the Australian Financial Review. US-based funds Orange Capital, Luxor Capital and Point Lobos Capital own 18.2% of the office REIT’s stock and plan to hold a unit-holder meeting to remove Charter Hall as the responsible entity. In order for the deal to go ahead, 50% of unit-holders would have to vote in favour of removing Charter Hall.
JPG to pay creditors 4 cents on dollar
Johnson Property Group, one of the the largest property developer in New South Wales, will come out of voluntary administration and pay its unsecured creditors four cents on the dollar, the AustralianFinancial Review reports. The troubled property developer owes about $150 million to creditors including the Seventh Day Adventist Church, who put up to $70 million into JPG. The second-largest creditor after the church is St George Bank. JPG was responsible for much of the greenfield development in NSW, and founder Keith Johnson has slammed high state levies and the slow pace of the state’s planning process for JPG’s fall.
Bourke Street to sparkle with SwarovskiCrystal retailer Swarovski has signed a lease of more than $1 million for 280 square metres on Bourke Street Mall in Melbourne’s CBD. The luxury retailer hopes to leave its current Elizabeth Street premises and move into the shop at 276-278 Bourke Street by November, according to the Australian Financial Review. Swarovski joins a growing number of luxury retailers moving into Melbourne’s central shopping strip, including Spanish clothing store Zara and shirt retailer Thomas Pink.
US house prices hit new low
US house prices have hit a new low, hitting their lowest point since 2002. The S&P/Case Shiller house price index fell by 4.2% in the March quarter and now rests at 33.1% under its peak in July 2006. This is a sharper fall than the 31% fall during the Great Depression, Capital Economics analysts told The Financial Times.
Pool owners without safety certificate in deep waterHome buyers who purchase homes with swimming pools have 90 days to obtain a Pool Safety Certificate or face fines of up to $16,500, according to pool safety inspection organisation The Big Tick. From November 2015 all pool owners, whether the property is recently purchased or not, will have to get the certificate.