Precision Group
{{Use dmy dates|date=November 2019}}
{{Infobox company
|name = Precision Group
|industry = Property Investment & Management
|logo = Precision Group Logo 2018.svg
|image = 9 Castlereagh Street Sydney.jpg
|image_size = 250px
|image_caption = Precision headquarters in Castlereagh Street, Sydney
|type = Private
|founded = 1994
|founder = Shaun Bonétt
|key_people = Shaun Bonétt, (CEO & Managing director)
|homepage = {{URL|www.precision.com.au}}
|location = Level 25, 9 Castlereagh Street, Sydney, Australia}}
Precision Group is an Australian private property investment and management company based in Sydney. Founded in 1994 by Shaun Bonétt, it owns property in Australia and New Zealand.
History
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.{{cite web |url=http://www.afr.com/business/once-were-united-20100526-jzls0 |title=Once were united |last=Stensholt |first=John |date=27 May 2010 |website=Australian Financial Review |access-date=28 October 2016|quote=Ross Makris and Shaun Bonett used to be the best of friends and business partners. The BRW Rich 200 list members formed Adelaide property developer Precision Group 15 years ago and started buying and developing shopping centres}}{{cite web | title=Clarification of Past "Precision Group" Usage | url=https://www.precision.com.au/_literature_222630/23_November_2016_-_Media_Release_Precision_Group | date=23 November 2016 | publisher=Precision Group | accessdate=8 August 2018}} 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.{{cite news|last1=Carter|first1=Bridget|title=Shopping centre magnate Shaun Bonett took risks early on|url=http://www.theaustralian.com.au/archive/business-old/precision-timing-pays-off/story-e6frg9gx-1111117574440|newspaper=The Australian|accessdate=24 October 2016}}
Timeline
In 1999, Precision then acquired Adelaide Central Plaza as a development project for $85 million from David Jones, which was completed in 2000.{{cite web|title=David Jones announces $85 million sale of Adelaide Central Plaza development|url=https://www2.davidjones.com.au/about/releases/21_February_2000.jsp|publisher=David Jones|accessdate=24 October 2016}}
In 2006 Precision acquired MacArthur Central in Brisbane via a property swap transaction with Investa Property Group. The total value of the swap transaction was $186 million.{{Cite news|url = http://www.afr.com/real-estate/precision-swaps-offices-for-shops-20060525-jflwz|title = Precision swaps offices for shops|last = Allen|first = Lisa|date = May 25, 2006|work = Australian Financial Review|access-date = July 19, 2015}}{{Cite news|title = Precision-Investa swap sealed|last = Manning|first = Paddy|date = May 25, 2006|work = The Australian|page = 25}}
After the 2008 financial crisis, Precision refinanced over $250 million of its loan facilities with the Bank of China.{{Cite news|url = http://www.afr.com/real-estate/commercial/asian-lenders-step-up-20110928-i47du|title = Asian lenders step up|last = Wilmot|first = Ben|date = September 29, 2011|work = Australian Financial Review}}
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.{{cite web | title=Apple reveals flagship location |url=https://www.insideretail.com.au/news/apple-confirms-flagship-location-201401 |date=6 January 2014 |work=Inside Retail | accessdate=18 February 2019}}
In 2015 Precision purchased the Chevron Renaissance Shopping Centre in Surfers Paradise, Queensland for $74 million from Arena Investment Management.{{Cite news|url = http://www.afr.com/real-estate/commercial/sales/precision-group-mulls-deal-for-arenas-chevron-renaissance-shopping-centre-20141216-1294wv|title = Precision Group mulls deal for Arena's Chevron Renaissance shopping centre|last = Cranston|first = Matthew|date = 16 December 2014|work = Australian Financial Review}}{{Cite news|url = http://www.afr.com/real-estate/commercial/investment/bank-of-china-backs-gold-coast-centre-apple-a-likely-tenant-20150226-13q3ly|title = Bank of China backs Gold Coast centre: Apple a likely tenant|last = Cranston|first = Matthew|date = 27 February 2015|work = Australian Financial Review}}{{cite web|url=http://www.afr.com/p/business/property/get_the_firb_out_of_here_says_precision_KihNfNol7qmEE0tIQkBJaI|title=Get the FIRB out of here, says Precision boss|date=25 October 2012|work=Australian Financial Review|accessdate=23 January 2016|quote=Precision Group chief executive Shaun Bonett has just refinanced a $90 million office tower in Brisbane with the Bank of China. |last1=Cranston |first1=Matthew }}
In May 2016, Precision Group purchased Shore City Shopping Centre in Auckland, New Zealand for NZ$90 million.{{cite news|last1=Gibson|first1=Anne|title=North Shore mall sold for $90m|url=http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11648240|newspaper=New Zealand Herald|accessdate=24 October 2016}}
In November 2017, Precision acquired a 9 percent share in the data analytics technology startup SkyFii.{{cite news | last1=Kitney | first1=Damon | title=Another Rich Lister Backs Shopping Centre Technology Start-Up SkyFii | url=https://www.theaustralian.com.au/business/another-rich-lister-backs-shopping-centre-technology-startup-skyfii/news-story/9f201629a3a77361cfdceb6978803b24 | date=22 November 2017 | newspaper=The Australian | accessdate=8 August 2018}} In June 2018, the group began a $45 million redevelopment of the Port Adelaide Plaza mall.{{cite news | last1=Lenaghan | first1=Nick | title=How a Shopping Centre Owner Targets Consumers in $133m Revamp | url=https://www.afr.com/real-estate/how-a-shopping-centre-owner-targets-consumers-in-133m-revamp-20180608-h115xq | date=13 June 2018 | newspaper=Australian Financial Review | accessdate=8 August 2018}}
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.{{cite news | last1=Wilmot | first1=Ben | title=Precision Seeks Stores Partner as Shaun Bonett Eyes New Deals | url=https://www.theaustralian.com.au/business/property/precision-seeks-stores-partner-as-shaun-bonett-eyes-new-deals/news-story/cdfc3ee2db0668896f2716423935d042 | date=24 May 2017 | newspaper=The Australian | accessdate=8 August 2018}}{{cite news | last1=Cranston | first1=Matthew | title=Precision Group's BRW Rich Lister Shaun Bonett Eyes $400m Asset Sale | url=https://www.afr.com/real-estate/precision-groups-brw-rich-lister-shaun-bonett-eyes-400m-asset-sale-20170523-gwavo9 | date=23 May 2017 | newspaper=Australian Financial Review | accessdate=8 August 2018}}
The company is also an investor for Prezzee, a gift card company{{cite news|last1=Kitney|first1=Damon|title=Precision's $85m NZ deal boosts appetite for offshore plays|url=http://www.theaustralian.com.au/business/property/precisions-85m-nz-deal-boosts--appetite-for-offshore-plays/news-story/bfe284d70907be5e4abd7235de093953|newspaper=The Australian|accessdate=24 October 2016}} that became a financial unicorn in late 2021.{{cite web |url=https://www.theaustralian.com.au/business/shaun-bonetts-prezzee-becomes-australias-newest-1bn-tech-unicorn-after-clinching-global-mastercard-deal/news-story/89e1fe4d213b9a0803dbbcecf26222f7 |title=Shaun Bonett's Prezzee becomes Australia's newest $1bn tech 'unicorn' |last=Stensholt |first=John |date=October 13, 2021 |publisher=The Australian |access-date=March 2, 2022}}
References
{{Reflist}}
External links
- {{Official website|http://www.precision.com.au}}
- [https://managedbnbs.com.au/ Property Management]
Category:Companies based in Sydney
Category:Real estate companies established in 1994
Category:Real estate companies of Australia