Yes, it’s a bit early for trend rundowns — months early, in fact. However, it’s not often that an investment banker publicly (and freely) shares their expertise on any market — that is, unless it’s Terry Kawaja.
Ad tech’s loudest dealmaker yesterday (Sept. 27) spoke at an event hosted by New Digital Age, during which he went off the beaten path, sharing insights and shedding light on aspects of the ad tech market that usually fly under the radar for ad executives. The founder of investment bank Luma Partners covered everything from the big picture to the tiniest details.
Not all trends are real — especially in ad tech
If 2023 has done anything for advertising so far, it’s been a year of separating the wheat from the chaff for trends. Kawaja has been keeping score. He called out Web 3.0 as just a fancy term, questioned the practicality of crypto, said blockchain isn’t a great fit for ads and compared NFTs to fancy JPEGs with a backstory. The underlying message here isn’t that these technologies are inherently flawed, but that their applications in advertising have yet to hit the mark. As Kawaja explained, “This is all real tech actually, but its application to media and marketing just simply doesn’t work.”
The era of big tech exceptionalism may be over
Even as online media behemoths like Google, Meta, Amazon and others continue to amass staggering wealth, they’re realizing that what propelled them to their dominance in the past may not be the same recipe for future success. They’re now venturing beyond familiar territories, notably into AI, cloud services, gaming and video, seeking new avenues for sustained growth. As a result, competition in the space is intensifying as these dominant platforms go head-to-head in new revenue growth areas also populated by insurgent start-ups.
“I would argue that these companies have largely operated as monopolies in their own channels and yet now they all seem to be getting into each other’s shorts, whether that be media, cloud or data,” said Kawaja.
To make matters even more challenging, these strategic pivots are happening under the watchful eyes of regulators on both sides of the Atlantic. It’s a two-edged challenge for the platforms, as regulators seek to rein them in over their market dominance and their handling of consumer data. These concerns are not just peripheral, but deeply intertwined with the very fabric of how these platforms operate, according to Kawaja. However, the tech giants have a different perspective.
“They’re essentially telling governments, ‘You need to choose one side or the other because if you move the [regulatory] sword toward privacy then it hurts antitrust and vice versa,’” continued the investment banker.
Needless to say, it’s important for ad execs to understand the interplay between those two modes of attack on the platforms.
CTV craze is slamming into reality
Even as the industry continues to trumpet the potential earnings from connected TV, the undeniable truth for Kawaja is that it ultimately generates less revenue compared to traditional linear TV. For starters, streaming services feature significantly fewer ads, typically around four to six minutes per house compared to the 16 to 18 minutes per hour seen on linear TV. While these figures may fluctuate depending on the market, the overarching reality persists, said Kawaja.
He expanded on the point: “Even as companies like Disney, Netflix and HBO Max mitigate the lack of inventory available with their own ad-funded services, the future of TV in terms of monetization will still mean there’s less ad inventory available than previously,” he said.
Nevertheless, this scarcity of ad inventory is being creatively addressed by ad execs who are redefining what qualifies as TV in the digital realm. The truth, as ever in advertising, appears to adapt to the narrative of those who shape it, irrespective of actual circumstances.
“We call it the recategorization of TV and we think it’s something you should be all on the watch for,” said Kawaja. “You’re going to see these other digital channels replace that inventory. In the history of business, no one has ever left tens of billions of dollars on the table, they pick it up.”
In fact, this recategorization was one of the main storylines to unravel during this year’s upfront season.
“You saw it in the pitches from the platforms whereby they’re trying to replicate and supplant this inventory as television,” said Kawaja.
Ever since Google put third-party cookies on notice back in 2020, the expected outcome has been a division in the market. One part consists of high-quality ad inventory with first-party IDs and user consent within walled gardens, while the other comprises a long tail of less-targeted impressions in the open web where advertisers are vulnerable to fraud and malvertising. But what if there was something in between this proverbial rock and a hard place? Enter the so-called “hedge gardens.”
This is what happens when a business protects their own customer data but depends on programmatic vendors to funnel data and ad revenue between their walled garden and the open market. It’s not a fully enclosed garden, yet it’s not entirely accessible either, explained Kawaja.
Retailers, in particular, are adopting these models, anticipating increased demand for their data as third-party data dwindles. However, they recognize the limitations of their data’s scalability, leading them to operate like hedged gardens. If retailers can stick the landing here, then they stand to be one of the big beneficiaries of the coming addressability storm.
Measurement is moving from post-bid to pre-bid
If post-bid optimization was predicated on marketers understanding what ad they bought and subsequently using that intel to optimize for the next outcome, then pre-bid optimization is all about marketers figuring out what they should buy and optimizing for every outcome.
This rationale drove deals like Integral Ad Science’s acquisition of CTV ad server Publica and DoubleVerify’s acquisition of AI startup Scibids, said Kawaja, who worked on the latter deal. Both companies spy an opportunity to shift from ad verification to activation as tracking in online advertising swings from precision to prediction.
“If you’re a business that can do all the optimization before the bid then you save unnecessary waste, and who doesn’t want to eliminate the massive amount of waste that occurs in the bitstream?” asked Kawaja. “Not only is it good for the planet, it’s also a way to make more money. Either way, it’s green.”
AI FTW
AI and ad tech were made for each other, saia Kawaja. His reasoning is straightforward: “It’s because AI works better the bigger the data set that you provide for it and there’s no larger data set [in advertising] than real-time advertising,” he said.
Ad tech vendors strongly agree with the sentiment, and they have fully embraced AI for various purposes, including enhanced data access, automated media optimization, operational efficiencies and automated creative. Among these, automated creative has particularly captured Kawaja’s interest.
“It’s the big daddy [of benefits],” he said. “An ad has to answer three questions: the what [the creative], the where [the medium] and the who [the audience], and, when it comes to the last two, we’ve seen hundreds of deals worth billions of dollars of investment and acquisition on media and data.”
But those deals have only really yielded marginal improvements to efficiencies because they ultimately focused on trying to do things cheaper, not better.
“It’s normally in the 10x realm,” said Kawaja. Whereas focusing on the creative, or making the ad better, could have a monumental impact on efficacy, continued the investment banker. He expanded on the point: “I think a newfound potential focus on creative technology, which is long overdue, will be the element that does that,” he said.
I confess: I’m a Star Trek nerd — and commodities enthusiast, too. Thus, asteroid mining should be my personal heaven. On Sunday, I watched with the excitement of a five-year old how a NASA space probe brought back the largest-ever stash of asteroid rubble to Earth. But was this feat a step closer to commercial space mining? Not even close.
Asteroid mining companies always promise the stars: Handsome profits await galactic prospectors who can bring gold, copper and other minerals from outer space. The treasure would help expedite the green energy transition by boosting the supply of critical metals, these supportrs claim — with some even proclaiming that the first trillionaire will be an asteroid-mining tycoon.
Utter nonsense.
Back on planet Earth, what really awaits is (pardon the pun) out-of-this-world costs. Even if the industry can eventually cut expenses and jump over technological hurdles, asteroid mining will remain commercial science fiction for some time.
Consider the OSIRIS-REx space mission, the little probe I viewed that — after an incredible 4 billion-mile seven-year roundtrip — released a capsule in the Utah desert bearing a sample from asteroid 101955 Bennu. This technological triumph will, I hope, inspire more children to enthusiastically pursue science. But at a cost of $1.1 billion, including launch and operation, the unmanned spacecraft wasn’t a bargain.
If the capsule contains the expected 250 grams of extraterrestrial dirt, the retrieval cost would come to about $4.4 million a gram. Nothing to complain about as researchers attempt to answer questions like why life developed on Earth. But it’s enough to bankrupt any commercial mining operation several times over.
Compare this with the earthly price of several commodities. Gold now trades at about $1,900 a troy ounce. To make a venture such as the OSIRIS-REx break even, the yellow metal would need to surge to $268 million.
And that would be assuming all the extraterrestrial dirt was pure gold — and, well, that’s unlikely. If only half of the asteroid were made up of that, the metal would need to trade at $536 million a troy ounce to break even, and so on.
The numbers are so staggering that I should just stop here.
But let’s consider an extremely expensive specialty metal, something comparable to the unobtainium from Hollywood-movie Avatar — but real. Iridium fits the bill. The transition metal, used in crucibles to manufacture chips and some rare alloys, changes hands at about $4,650 a troy ounce. To put it graphically, if a recipe asked for a teaspoon of iridium (please, don’t use it for cooking), it would need about $650 worth. In the commodities world, it’s among the priciest metals out there. Yet, for asteroid mining, it remains stupendously cheap. Using the OSIRIS-REx again as a yardstick, it would need to jump to about 140,000-fold for the industry to break even. In teaspoons, that comes to about $84 million.
Sure enough, costs may drop. At least that’s the main storyline the industry has pushed for the past decade. Planetary Resources and Deep Space Industries, two now-defunct wannabe asteroid-mining companies, bet on it in 2012. It didn’t work, though, despite the headline-grabbing prominence of some backers, including Titanic filmmaker James Cameron and Google co-founder Larry Page.
Since then, other companies have tried to make beyond-Earth mining profitable. The cost of launching probes is surely coming down but largely for satellites in orbits close to our planet. Asteroid mining requires spacecraft traveling far beyond. Voyages don’t last a few hours; they’re measured in months, if not years. And that’s only halfway. Then the probes need to land on their designated targets and retrieve the cargo. Much, if not most, of the rubble would be worthless. The collection still needs to be transported and delivered back to Earth.
One way to solve the expense conundrum would be by selecting, processing and refining the minerals in orbit, returning only pure metals to Earth. A new startup, AstroForge, is promising that route. I doubt it would work commercially. The technological demands are extensive — and certainly would take decades, not years, to resolve them.
Asteroid mining only works in a science-fiction world where metals are thousands of times more expensive than they are today. And in that world, plenty of metal deposits on Earth could be developed more economically. True, we can point to many industries where innovation has changed our way of life, reducing costs and solving incredible technological barriers. Think about aviation in the last 100 years, for example. But only over such time scenarios can this type of mining not look like a flimflam.
More From Bloomberg Opinion:
Prologis CEO Hamid Moghadam expects 2024 to be a “really good year” as the world’s biggest industrial real estate developer raises warehouse rents and reinvests profits to position itself as a one-stop provider of logistics support for major retailers and other businesses.
Average rents in Prologis’ 1 billion-square-foot portfolio are substantially below the U.S. market average, giving the company a chance next year to sign new leases or renewals at higher rates that could fuel at least a decade of revenue and earnings growth, Moghadam said Wednesday during the company’s annual Groundbreakers event, focused on innovation, in its hometown of San Francisco.
Prologis this year has overcome signs that once-record global warehouse demand is slowing, raising its outlook in July and doubling its profit and sales at midyear. The company is investing in solar energy and zero-emission electric truck charging stations, autonomous mobile robots and artificial intelligence-guided warehouse management tools as it looks to expand beyond its traditional role as a real estate landlord, Moghadam said.
“We’re going to be known as more of a logistics solution provider than just a real estate company,” Moghadam said during a joint appearance with Ted Decker, CEO of home improvement chain Home Depot. “Real estate is the foundation and the bedrock of our business but I think with all of these additional things, we’re going to meet more and more needs of our customers so they don’t have to go anywhere else.”
For example, Prologis Ventures, the warehouse giant’s investment arm, last year co-led a $20 million Series A round of funding in a Dallas-based proptech company that created a real estate feasibility analysis platform. TestFit announced on Wednesday that Prologis is using the firm’s AI-software to help identify new warehouse sites.
Atlanta-based Home Depot, which occupied 15 million square feet as Prologis’ second-biggest tenant after Amazon at the beginning of this year, is hiring data scientists and using AI tools for marketing, customer service inventory management and other functions, Decker said during the presentation.
FedEx, UPS and Walmart are also among San Francisco-based company’s top 10 tenants, Moghadam said.
“Our companies touch one another at many different levels, and increasingly, it’s no longer just at the real estate level,” Moghadam said. “We’re now collaborating with these customers on the innovation level [and] on the venture level, and we’re learning a lot of things about AI and how we can help them with that.”
The dramatic increase in e-commerce, which Prologis said requires three times more logistics space than physical stores, has fueled rising demand for the company’s warehouses for more than a decade.
A new Prologis analysis of the supply chains of 25 large U.S. retailers showed that the logistics real estate square footage required to support $1 billion in retail sales has increased by 57% to 800,000 square feet from 500,000 square feet 10 years ago.
Retailers will need to keep increasing their occupancy of logistics real estate to keep up with the competition, according to the analysis.
“About 3% of global [gross domestic product] goes through our buildings around the world, so it would be pretty hard for somebody of any stature not to be our customer,” Moghadam said.
DLNR News Release-Listening Session Scheduled for West Maui Boaters and Commercial Operators, Sept. 27, 2023
Posted on Sep 27, 2023 in Latest Department News, Newsroom
DEPARTMENT OF LAND AND NATURAL RESOURCES
JOSH GREEN, M.D.
GOVERNOR
DAWN CHANG
CHAIRPERSON
NEWS RELEASE
FOR IMMEDIATE RELEASE
Sept. 27, 2023
LISTENING SESSION FOR WEST MAUI BOATERS AND COMMERCIAL OPERATORS
(HONOLULU) – The DLNR Division of Boating and Ocean Recreation (DOBOR) is hosting a virtual community informational meeting on October 3 to provide status updates on DOBOR facilities in West Maui and answer questions related to resumption of commercial vessel operations in West Maui
This is a follow-up meeting DLNR Chair Dawn Chang and representatives from the DOBOR had with commercial operators earlier this month.
“We recognize that even before the Lāhainā fire there were conflicts between commercial vessel operations, especially at Mala Wharf, and community recreational users. For this reason, we are encouraging fishers, commercial vessel operators, and interested community members to attend this informational meeting so everyone can share and hear respective interests and concerns at the same time before decisions are made.” said Chang.
The reopening of Mala Wharf will be a coordinated effort with the County of Maui to ensure safe access from the land side, U.S. Coast Guard’s lifting its Safety Zone restriction from the ocean, and DLNR determining that harbor facilities are safe and adequate for the anticipated uses.
At the earlier meeting, displaced Lāhainā Harbor and Mala Wharf commercial operators were informed to reach out to DOBOR for available slips at the Ma‘alaea Small Boat Harbor. It could be at least a year before the Lāhainā Small Boat Harbor has been reconstructed and available for vessel use.
Information about how to attend the virtual webinar is below.
# # #
RESOURCES
(All images/video courtesy: DLNR)
HD video – Mala Wharf (Sept. 26, 2023):
Photographs – Mala Wharf (Sept. 26, 2023):
https://www.dropbox.com/scl/fo/dedgvltgjwlk70m6qrbrn/h?rlkey=w0l5xhex9lb4gzpx7fmyx0nbt&dl=0
Community and Commercial Operator Meeting on West Maui Boating facilities:
https://us06web.zoom.us/j/81147700639?pwd=lieIx08CYgUrzegs13mEcQALdqXU5g.B6gfrYfqhAB3bIQE
Webinar ID: 811 4770 0639
Passcode: q6uWw7
Or by phone:
(719) 359-4580
Webinar ID: 811 4770 0639
Passcode: 947636
Media Contact:
Dan Dennison
Communications Director
(808) 587-0396
Homeowners in 30 Australian suburbs have made more than $1 million from property since 2020, with recent price data showing median house prices in some exclusive suburbs rose by even more.
Property values have soared in these suburbs in the past three years, with owners still sitting on seven-figure gains despite last year’s downturn.
Most of the 30 suburbs are in Sydney’s eastern and northern suburbs — some of the priciest real estate markets in Australia — and all have a median sale price of more than $2.5 million over the past 12 months.
The majority are beachside or waterfront suburbs, while many others are just a stone’s throw away from the harbour or the ocean.
PropTrack senior economist Angus Moore said homes in more expensive areas tend to see more price volatility.
“They’ll grow by more when prices are going up, but on the flipside, they’ll also fall by more when prices are falling,” Mr Moore said.
“We saw that last year, the more expensive areas saw larger price falls, but we’re seeing that this year, more expensive areas are leading the recovery.”
Where prices have risen by more than $1 million in three years:
| Suburb | State | Median house price | 3 year change ($) | 3 year growth (%) | |
| 1 | Vaucluse | NSW | $8,600,000 | $3,100,000 | 56.4% |
| 2 | Dover Heights | NSW | $6,100,000 | $2,225,000 | 57.4% |
| 3 | Bronte | NSW | $5,425,000 | $1,975,000 | 57.2% |
| 4 | Woollahra | NSW | $5,150,000 | $1,950,000 | 60.9% |
| 5 | Bellevue Hill | NSW | $7,995,000 | $1,675,000 | 26.5% |
| 6 | Sylvania Waters | NSW | $3,150,000 | $1,550,000 | 96.9% |
| 7 | Rose Bay | NSW | $5,350,000 | $1,540,000 | 40.4% |
| 8 | Palm Beach | NSW | $5,050,000 | $1,475,000 | 41.3% |
| 9 | Manly | NSW | $4,400,000 | $1,399,000 | 46.6% |
| 10 | Putney | NSW | $3,420,000 | $1,360,000 | 66.0% |
| 11 | Fairlight | NSW | $3,680,000 | $1,315,000 | 55.6% |
| 12 | Mosman | NSW | $5,150,000 | $1,225,000 | 31.2% |
| 13 | Balgowlah Heights | NSW | $4,050,000 | $1,190,000 | 41.6% |
| 14 | Northbridge | NSW | $4,575,000 | $1,181,000 | 34.8% |
| 15 | Toorak | VIC | $5,900,000 | $1,137,500 | 23.9% |
| 16 | Freshwater | NSW | $3,630,000 | $1,130,000 | 45.2% |
| 17 | East Lindfield | NSW | $3,750,000 | $1,130,000 | 43.1% |
| 18 | Seaforth | NSW | $3,480,000 | $1,110,000 | 46.8% |
| 19 | North Bondi | NSW | $4,137,500 | $1,102,500 | 36.3% |
| 20 | Burraneer | NSW | $3,200,000 | $1,100,000 | 52.4% |
| 21 | Burradoo | NSW | $2,887,500 | $1,081,500 | 59.9% |
| 22 | Cronulla | NSW | $3,285,000 | $1,080,000 | 49.0% |
| 23 | Greenwich | NSW | $3,912,000 | $1,073,500 | 37.8% |
| 24 | Clovelly | NSW | $4,345,000 | $1,065,000 | 32.5% |
| 25 | Cottesloe | WA | $2,925,000 | $1,047,500 | 55.8% |
| 26 | Gordon | NSW | $3,400,000 | $1,042,500 | 44.2% |
| 27 | Lindfield | NSW | $3,800,000 | $1,025,000 | 36.9% |
| 28 | Glenhaven | NSW | $2,670,000 | $1,020,000 | 61.8% |
| 29 | Collaroy | NSW | $3,525,000 | $1,005,000 | 39.9% |
| 30 | Pymble | NSW | $3,400,000 | $1,000,000 | 41.7% |
House prices rose the most in Vaucluse, where the median sale price increased by more than $3 million over the past three years, rising from $5.5m to $8.6m.
While that median represents the middle value of all sales, some properties sold for much more, with dozens of sales above $10 million in the past year.
![Exterior of 1 Fitzwilliam Road, Vaucluse with pool in foreground](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 800 450"%3E%3C/svg%3E)
This 1100sqm Vaucluse property with water views sold for more than $16m last year – about double the suburb’s median price. Picture:realestate.com.au/sold
Vaucluse was one of several pricey suburbs in Sydney’s east where values surged, with the nearby suburbs of Dover Heights, Bellevue Hill and Rose Bay also posting huge gains.
The exclusive pocket of Sydney attracted wealthy buyers seeking luxury properties with harbour views and proximity to well-regarded private schools, said real estate agent Graham Berman of Ray White Double Bay.
“In areas like Rose Bay, which is very much a highly sought-after suburb, now it’s been driven by a lot of foreign clients buying into the area,” he said. “That goes for Dover Heights and Vaucluse as well.”
Even at the top end of the market, low supply and high demand had supported price growth, Mr Berman said.
This striking modern mansion in Toorak sold for $5.92m, a little higher than the suburb’s median price. Picture: realestate.com.au/sold
Toorak, the most expensive suburb in Victoria, was the only Melbourne suburb where the median house price rose by more than $1 million.
While Victoria is home to many multi-million dollar suburbs, price growth in Melbourne has lagged behind Sydney, Mr Moore said.
“We just haven’t seen as strong price growth in Melbourne across the past few years as we have seen in many other parts of the country,” he said.
“In that environment where price growth has been slower, we wouldn’t expect to see as many strong performing suburbs.”
Cottesloe, the second-most expensive suburb in Western Australia, was the only other suburb outside NSW with $1 million-plus price growth over the past three years.
Only one regional suburb, Burradoo in the NSW southern highlands, achieved more than $1 million of price growth.
Even though Burradoo’s median price rose more than $1 million over the past three years, buyers still get a lot land for their money. This four-bedroom home on almost an acre of land recently sold for $2.9m. Picture: realestate.com.au/sold
Most of these suburbs already had a high price tag three years ago, and while values in some suburbs grew roughly in line with the wider market, others outperformed.
House prices rose 66% in Putney, 62% in Glenhaven and 61% in Woollahra. These growth rates are among some of the most rapid price increases of all Australian suburbs over the same period.
Putney’s median house price over the past 12 months was $3.42m, but this five-bedroom home just a short stroll from the water recently sold for $4.92m. Picture: realestate.com.au/buy
But the standout performer was Sylvania Waters, a waterfront suburb in Sydney’s south, where the median house price almost doubled from $1.6m to $3.15m in three years.
Sylvania Waters real estate agent Dave Watkins of DJW Property said the market was normally dominated by local buyers, but more people were drawn to the area during the pandemic.
Built on reclaimed land, many homes in Sylvania Waters feature deep waterfront mooring facilities, like this four-bedroom home that recently sold for $4.6m. Picture: realestate.com.au/buy
“Covid did have a major effect on our market,” he said. “We found a lot of people were coming down from city suburbs. That really spurred the low to mid range of the market.”
“It is a very tightly held market. There’s never more than three to five waterfronts on offer at any one given time.”
“The absolute knockdowns in the canals are selling in the mid $3 millions, and you can’t even live in them.”
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Buyers looking for high-end waterfront properties tended to be less at the mercy of rising interest rates, Mr Watkins said.
“Generally, buyers that come through, they’re cashed up or not borrowing so much from the bank, so it’s not really affecting the waterfront market as much,” he said.
Mr Moore said this was likely the case for a lot of buyers in pricey suburbs.
“For some of those ultra-premium suburbs, buyers spending $6 or $7 million on a home are going to look a bit different from buyers in a more typical suburb,” he said.
“Most of those buyers are going to be coming at that property with significant wealth.”
Suburbs with a small number of sales in the past year were excluded because too few sales can cause significant volatility in the median price.
Peter Dinning is now handing out name cards as chairman of Avison Young Vietnam
Canadian property consultancy Avison Young has entered the Vietnam market, linking up with an existing 100-person team formerly affiliated with fellow Toronto-based company Colliers.
In an announcement this past week Avison Young said it had hung out its signboard on offices in both Hanoi and Ho Chi Minh City through an affiliation agreement with property services firm D&P, with the new entity’s staff led by former Colliers Vietnam leaders Peter Dinning and David Jackson.
“Vietnam is a fast-growing market, and we are incredibly excited to expand the Avison Young network in the Asian-Pacific real estate market, through our affiliation with D&P,” Avison Young chairman and CEO Mark E Rose said in a statement. “Vietnam’s robust economy and dynamic real estate sector offer tremendous opportunities for us to deliver innovative solutions to our clients.”
With global manufacturers diversifying more of their manufacturing beyond China, Vietnam has become one of Asia Pacific’s hottest industrial real estate markets, with the country continuing to be a favoured investment target for residential investors from Singapore.
Setting Up in Southeast Asia
The Vietnam business is Avison Young’s first in Southeast Asia, according to the statement, with an office in South Korea listed as the firm’s only other location in Asia Pacific on its website.
David Jackson was with Colliers in Vietnam for more than 15 years
“We are confident that David’s and Peter’s leadership and expertise will be instrumental in establishing and growing our presence in this market,” Rose said.
With 100 team members now on board in the offices in northern and southern Vietnam will offer leasing and investment advisory across all property sectors while also providing valuation and advisory services as well as property and asset management.
Avison Young has more than 100 offices globally, according to its website, with locations in Europe, Africa and the Middle East, in addition to its presence in Canada and the United States.
Name Change
The property consultancy’s leadership in Vietnam expressed confidence in their ability to establish a foothold in a fast-growing but still underdeveloped property market.
“The opportunity to lead the newly affiliated office in Vietnam of a dynamic, tech-forward and deeply experienced global real estate company such as Avison Young, is very exciting,” said Jackson, who serves as CEO and principal of Avison Young, Vietnam. “Together with our experienced team, we look forward to extending the company’s purpose of creating real economic, social and environmental value to the Southeast Asian market.”
Based in Ho Chi Minh City, Jackson will be running the company alongside Dinning, who serves as chairman while also being a principal of the company. According to Vietnamese public records, D&P Property Services Private Ltd was established in Ho Chi Minh City in 2014 with Nguyen Hong Hoa listed as the company’s legal representative.
Dinning had been chairman of Colliers Vietnam since January 2001 and also served as managing director for real estate with fund manager VinaCapital from 2004 through 2007. Jackson had been with Colliers in Vietnam for more than 15 years and served as a general director before taking on his role at the Avison Young affiliate this month.
During this past week LinkedIn has shown scores of individuals formerly listed as as employees of Colliers in Vietnam now displaying Avison Young as their employer. Colliers has yet to comment on its plans for the Vietnam market but pointed to its strength in the broader region in response to inquiries regarding the Avison Young announcement.
“Colliers is focused on growth across the Asia Pacific region and on offering best-in-class services,” a company spokesperson said. “Our extensive network of over 8,000 professionals continues to strengthen connections and create business opportunities that flow seamlessly across our regional markets, accelerating the success of our valued clients.”
After some of Vietnam’s largest developers defaulted in the wake of a bond scandal last year the country’s government has been working to rebuild the industry on a more transparent foundation, with the chairman of the Vietnam National Real Estate Association recently expressing confidence that investment and sales will recover in 2024. During the first quarter of 2023 more than 1,800 real estate companies shut down in Vietnam while facing declining sales and tighter credit.
The Lucky Duck on Aungier St, Dublin, had been closed for a number of years before Paddy McKillen Jr acquired it in 2017
The asking price for The Lucky Duck pub on Aungier St, Dublin 2, which is being sold by Paddy McKillen Jr and his development company Oakmount, has been reduced from the €2.5m quoted 12 months ago to €2m.
It is a private treaty sale which will appeal to publicans as well as other potential property investors and owner occupiers. CBRE are the agents.
Located between St Stephen’s Green and St Patrick’s Cathedral, Aungier Street also links Camden and Wexford Streets with South Great George’s St and Temple Bar which is the city’s main entertainment area with its myriad of bars, restaurants and late bar venues.
It is also in an area where major property developments are in the pipeline, most notably the Camden Yards on the former DIT campus on Kevin Street where construction is underway on 580,000 sqft of offices and 299 apartments.
Lucky Duck is also opposite the Technological University Dublin building on Aungier Street which is expected to come up for redevelopment in the near future and which would be very well located for a new hotel.
The pub had been closed for a number of years before Mr McKillen acquired it in 2017 primarily as a restoration project with the intention to offer it for sale once the business was established.
He undertook extensive refurbishment and opened a Victorian bar on the ground floor with cocktail bar and event spaces on two upper floors in the part four storey / part three storey over basement protected structure.
- Two shopping centres across Australia have been listed for sale.
- Another shopping centre is set to see construction start in mid-2024.
- GURNER has acquired a South Yarra corner site.
Shopping centres spring into action as September almost wraps up. Two centres across the nation have been listed for sale, with a third to be developed.
SOLD
GURNER acquires South Yarra corner site
Developer, GURNER, has announced the acquisition of a major 4,651 sqm site at 424 – 426 St Kilda Road, Melbourne, with plans to transform the commercial site into 160-180 residences to rival the design and service of Saint Moritz, with a total end value of circa $800 million.
This is the second acquisition in as many months for the developer after its recent purchase of a site at 189 Kent Street, Sydney in July for over $200 million, and is the second seed site in GURNER’s Build-to-Sell fund, which is supported by a global institutional investor.
With three frontages, on the corner of St Kilda Road, Toorak Road and Queens Lane, the property offers views over the Royal Botanic Gardens and Domain precinct, the city skyline and Albert Park Lake.
GURNER secured the blue-chip property through an off-market negotiation after the site was taken to market by JLL’s Josh Rutman and Mingxuan Li, and CBRE’s Kiran Pillai and Tom Ryan in late 2022.
The site is currently home to two six-storey commercial office buildings joined by a five-level atrium, which will be demolished at the end of the current leases, to make way for the residential building.
There is a lapsed permit approval on the site, which allowed for an 18-storey building, 51,000 sqm of gross floor area, 339 apartments and 292 car spaces. GURNER intends to submit a new planning scheme.
ANNOUNCED
Woolworths to anchor new Melbourne shopping centre
A new shopping centre at Frasers Property Australia’s The Grove community in Tarneit in Melbourne’s west will see Woolworths as the anchoring supermarket tenant.
The Grove retail centre, comprising two sections divided by Bethany Rd, will be linked by a pedestrian crossing and reserve.
The retail section will feature a full-sized 4,000 sqm Woolworths supermarket in addition to more than 20 retail outlets across a further 4,000 sqm centre that includes a bakery, greengrocer, nail bar, pizza restaurant, Chemist Warehouse outlet and Anytime Fitness gym.
Facing the retail precinct across Bethany Rd will be a learn-to-swim school with a 25m pool, Hungry Jacks fast food outlet, service station and a car wash.
Construction is set to begin in mid-2024 and is expected to take two years to complete.
FOR SALE
Freestanding Sydney shopping centre comes to market
Greenacre Village Shopping Centre has been listed for sale with JLL’s Nick Willis, Sam Hatcher, David Mahood, and Sebastian Fahey.
Located at 19 Boronia Road in Greenacre and set on a 7,493 sqm land holding, the centre includes a Coles and Liquorland lease being secured on a ‘semi-net’ lease and a weighted average lease expiry (WALE) of six years.
New Perth shopping centre listed
Whiteman Edge Village and an adjoining 1.4723 ha town centre development site have been listed for sale, presenting the first opportunity to purchase a Coles anchored centre in the Perth metro area since 2019, according to JLL.
JLL’s Sean Flynn, Nigel Freshwater, and Sam Hatcher have been appointed to sell the shopping centre and land at 100 Everglades Avenue, Brabham on behalf of Coles Group Property Developments via an expressions of interest campaign.
Whiteman Edge opened in June 2021 and is anchored by a Coles supermarket, with a diverse mix of 10 specialty retailers including a medical centre, pharmacy and a large freestanding Nido childcare centre.
Located in Perth’s rapidly expanding north-east growth corridor, Whiteman Edge Village sits upon an expansive 2.2089 ha site with an additional 1.4723 ha development site adjacent, representing an unprecedented opportunity to secure control of strategic commercial landholdings in an area primed for further growth.
The new Whiteman Edge Train Station, which is currently under construction, will further increase the desirability and focus of the location, making the site more accessible and expanding the reach of the precinct.
A bizarre job advertisement for a property inspector has been shared online, with many questioning its legitimacy.
The advertisement, for a rental property inspector position with National Rental Inspections (NRI) in Victoria, was posted on Seek last week and lists requirements such as owning “a car that works 96 per cent of the time” and being “able to pay to put fuel in it”.
A sense of humour was also listed as a requirement, alongside owning an iPad “that works” and having a “minor interest in real estate.
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Applicants were also advised they must “be able to alphabet, sentance, punctuate and grammar way better than me, i dont need to, i have staff….(sic)”.
No experience is required for the job, with training provided.
While the advertisement said hours could be built around your family life, “this is not school hours”.
“We can work around your family, but you cannot have three months off over Christmas and two weeks off every other month for school holidays,” the listing said.
“We are actually very awesome to work with/for and have an amazing team but we are just growing and need more inspectors.”
Social media users were unsure about the advertisement’s legitimacy, with one user saying: “This has to be satire, surely?”
Others said they thought such a role would usually be filled by real estate agents.
“I note there is no requirement to know and understand tenancy laws,” one person said.
“This is like a ‘comedy’ sketch, but where nothing is funny,” another person said.
Amid a national housing crisis, many raised concerns about the outsourcing of this role to a third-party provider and about a contractor unknowingly entering their home.
While real estate agents must have a real estate licence, they are permitted to bring a third party onto the property for a purpose such as photography or valuation, according to a Consumer Affairs Victoria spokesperson.
No licence required
An agent’s representative can perform any of the legal functions of that estate agent in Victoria with written authority.
The representative does not need to apply for a licence, but their employer must verify they are eligible to be an agent’s representative.
The education requirements to work as an agent’s representative vary depending on the person’s experience in the industry, but can include up to 15 units of study towards a certificate in Real Estate Practice.
To be an agent’s representative, a police check is also required and being found guilty of fraud, dishonesty, drug trafficking or violent offences may impact eligibility.
An agent’s representative must be at least 18 years old and must not be insolvent under administration, not be the cause of a successful claim against the Victorian Property Fund or a corresponding fund and not be a represented person under the Guardianship and Administration Act 1986.
They also must not be subject to a Victorian Civil and Administrative Tribunal declaration making them ineligible, and not the subject of an order by any regulatory body in or outside Victoria that would disqualify them.
NRI is an independent property inspection service, operating across the country.
A spokesperson for the NRI confirmed the job’s legitimacy, and also that it had previously been posted.
When asked how many agencies the organisation worked for and how many properties were inspected, the NRI spokesperson said that information was “privileged”.
The listing said NRI completed more than 50,000 inspections last year.
The kind of training provided to staff was also “privileged”.
Camden Property Trust, a leading real estate company in the United States, has recently seen an increase in its holdings by Rothschild Investment Corp IL. According to their 13F filing with the Securities and Exchange Commission (SEC), Rothschild Investment Corp IL grew its position in Camden Property Trust by 75.6% during the second quarter of this year.
The firm now owns 10,177 shares of Camden’s stock, which is worth $1,108,000 as of their most recent SEC filing. This reflects an additional 4,381 shares purchased during the period.
Camden Property Trust is an S&P 500 Company that specializes in various aspects of the real estate industry. Their primary focus lies in owning, managing, developing, redeveloping, acquiring, and constructing multifamily apartment communities. Currently, they own and operate 172 properties across the United States, encompassing a total of 58,961 apartment homes.
Investors who hold shares in Camden Property Trust are set to receive a quarterly dividend on Tuesday, October 17th. The dividend amounts to $1.00 per share and represents an annualized dividend rate of $4.00 per share. With an attractive yield of 4.09%, shareholders have much to look forward to.
It’s important to note that for investors to be eligible for this dividend payment, they must be registered shareholders as of September 29th. Consequently, individuals who purchase shares after this date will not qualify for the upcoming dividend payment. The ex-dividend date for this particular payout is set for Thursday, September 28th.
Despite a high dividend payout ratio (DPR) at present standing at 208.33%, Camden Property Trust continues to provide substantial returns to its investors through its robust dividend program.
In conclusion, Rothschild Investment Corp IL has significantly expanded its holdings in Camden Property Trust during the second quarter of this year. As one of the largest real estate companies in the United States, Camden Property Trust remains an attractive investment opportunity for individuals seeking reliable dividend income.
Camden Property Trust
CPT
Strong Buy
Updated on: 27/09/2023
Hedge Funds and Institutional Investors show Interest in Camden Property Trust as Stock Sees Changes
Camden Property Trust, a real estate company focused on multifamily apartment communities, has recently seen changes in positions from several hedge funds and institutional investors. Impact Partnership Wealth LLC acquired a new stake in the company during the second quarter, while Bessemer Group Inc. increased its position in the fourth quarter. Other investors, such as Desjardins Global Asset Management Inc., Institutional & Family Asset Management LLC, and Resurgent Financial Advisors LLC, also acquired new stakes in Camden Property Trust.
These moves indicate a significant interest in the company’s stock by these investment firms. It is notable that hedge funds and other institutional investors own 95.04% of Camden Property Trust’s stock, highlighting their influence on the company.
On September 27, 2023, shares of Camden Property Trust opened at $97.70 on the New York Stock Exchange (NYSE). The company has a current ratio and quick ratio of 0.14 and a debt-to-equity ratio of 0.74. Its twelve month low stands at $97.00 while its high reached $127.60 during that period.
Furthermore, Camden Property Trust has a market cap of $10.43 billion with a price-to-earnings (P/E) ratio of 50.89 and a P/E/growth (P/E/G) ratio of 3.05 indicating potential growth prospects for the company. Its beta value is measured at 0.79.
As an S&P 500 Company, Camden Property Trust specializes in ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities across the United States. The company currently owns and operates 172 properties with a total of 58,961 apartment homes.
Various brokerages have released reports on Camden Property Trust (CPT). Barclays raised their target price to $138 and gave the company an “overweight” rating in their research report on Friday. Piper Sandler also increased their target price to $126.00, while JPMorgan Chase & Co. raised theirs to $133.00 with a “neutral” rating. Citigroup, however, reduced the price target to $118.00 and assigned a “neutral” rating.
Among analysts’ opinions, one analyst has given a sell rating, eight have rated it as hold, and seven have issued a buy rating for the stock. The average rating currently stands at “Hold,” with a consensus price target of $127.44 according to data from Bloomberg.com.
To gain further insights into Camden Property Trust’s performance and outlook, readers can refer to the latest report on the company available for reference.