Precision Group
 | |
 Precision headquarters in Castlereagh Street, Sydney | |
| Type | Private |
|---|---|
| Industry | Property Investment & Management |
| Founded | 1994 |
| Founder | Shaun Bonétt |
| Headquarters | Sydney, Australia |
| Key people | Shaun Bonétt, (CEO & Managing Director) |
| Website | www |
Precision Group is an Australian private property investment and management company based in Sydney. Founded in the 1990s by Shaun Bonétt, it owns property in Australia and New Zealand.
History
[edit source]Precision Group was founded in 1994 by Shaun Bonett. Bonett originally worked closely with Ross Makris, who owned a separate company of a similar name.[1][2] It made its first major acquisition in 1998 with Port Canal Shopping Centre along with the adjacent Customs House office building in Port Adelaide, South Australia from a syndicate managed by Babcock & Brown.[3] In 1999, Precision then acquired Adelaide Central Plaza as a development project for $85 million from David Jones, which was completed in 2000.[4]
In 2006 Precision acquired MacArthur Central in Brisbane via a property swap transaction with the Investa Property Group. The total value of the swap transaction was $186 million.[5][6] Following the Global financial crisis in 2009, Precision refinanced over $250 million of its loan facilities with the Bank of China.[7]
In January 2014, Precision developed Apple's largest retail flagship store in Australia in Precision Group's MacArthur Central in Brisbane. Roger joined precision group around the same time.[8] In 2015 Precision purchased the Chevron Renaissance shopping centre in Surfers Paradise, Queensland for $74 million from Arena Investment Management.[9][10][11] In May 2016, Precision Group purchased Shore City Shopping Centre in Auckland, New Zealand for NZ$90 million.[12] In November 2017, Precision acquired a 9 percent share in the data analytics technology startup SkyFii.[13] In June 2018, the group began a $45 million redevelopment of the Port Adelaide Plaza mall.[14] In May 2017, it announced it would sell two stakes worth $800 million from two of its properties in search of a joint venture partner.[15][16]
The company is also an investor for Prezzee, a gift card company[17] that became a financial "unicorn" in late 2021.[18]
References
[edit source]- ↑ Stensholt, John (27 May 2010). "Once were united". Australian Financial Review. Retrieved 28 October 2016.
- ↑ "Clarification of Past "Precision Group" Usage". Precision Group. 23 November 2016. Retrieved 8 August 2018.
- ↑ Carter, Bridget. "Shopping centre magnate Shaun Bonett took risks early on". The Australian. Retrieved 24 October 2016.
- ↑ "David Jones announces $85 million sale of Adelaide Central Plaza development". David Jones. Retrieved 24 October 2016.
- ↑ Allen, Lisa (25 May 2006). "Precision swaps offices for shops". Australian Financial Review. Retrieved 19 July 2015.
- ↑ Manning, Paddy (25 May 2006). "Precision-Investa swap sealed". The Australian. p. 25.
- ↑ Wilmot, Ben (29 September 2011). "Asian lenders step up". Australian Financial Review.
- ↑ "Apple reveals flagship location". Inside Retail. 6 January 2014. Retrieved 18 February 2019.
- ↑ Cranston, Matthew (16 December 2014). "Precision Group mulls deal for Arena's Chevron Renaissance shopping centre". The Australian Financial Review.
- ↑ Cranston, Matthew (27 February 2015). "Bank of China backs Gold Coast centre: Apple a likely tenant". The Australian Financial Review.
- ↑ Cranston, Matthew (25 October 2012). "Get the FIRB out of here, says Precision boss". Australian Financial Review. Retrieved 23 January 2016.
Precision Group chief executive Shaun Bonett has just refinanced a $90 million office tower in Brisbane with the Bank of China.
- ↑ Gibson, Anne. "North Shore mall sold for $90m". New Zealand Herald. Retrieved 24 October 2016.
- ↑ Kitney, Damon (22 November 2017). "Another Rich Lister Backs Shopping Centre Technology Start-Up SkyFii". The Australian. Retrieved 8 August 2018.
- ↑ Lenaghan, Nick (13 June 2018). "How a Shopping Centre Owner Targets Consumers in $133m Revamp". Australian Financial Review. Retrieved 8 August 2018.
- ↑ Wilmot, Ben (24 May 2017). "Precision Seeks Stores Partner as Shaun Bonett Eyes New Deals". The Australian. Retrieved 8 August 2018.
- ↑ Cranston, Matthew (23 May 2017). "Precision Group's BRW Rich Lister Shaun Bonett Eyes $400m Asset Sale". The Australian Financial Review. Retrieved 8 August 2018.
- ↑ Kitney, Damon. "Precision's $85m NZ deal boosts appetite for offshore plays". The Australian. Retrieved 24 October 2016.
- ↑ Stensholt, John (13 October 2021). "Shaun Bonett's Prezzee becomes Australia's newest $1bn tech 'unicorn'". The Australian. Retrieved 2 March 2022.
