Frasers Property Limited reveals A$3.7bln annual revenue
Singapore-based, Frasers Property Limited has revealed it took A$3.7 billion in revenue for the past financial year representing a 4.6 per cent increase on the year before and yielding A$830 million profit.
Meanwhile subsidiaries, Frasers Property Industrial and Frasers Property Australia, reported before tax profits of A$826.4 million and A$60.6 million respectively.
Frasers Industrial has more than doubled its assets under management in just two years. Formed as a “strategic business unit” in 2019 and led by chief executive Reini Otter, it develops, owns and manages industrial, logistics, and commercial properties in Australia and Europe, currently operating 154 properties across six countries valued at A$11.5 billion.
Mr Otter said, “sustained growth in the industrial and logistics sector continues to be fuelled by extremely strong tenant demand from the growth in e-commerce, which is driving low vacancy rates and rental growth in key markets across Europe and Australia.
“Building on our current A$765 million development pipeline, we’re rapidly investing in Europe to establish a strong market position there and unlock opportunities for our customers that benefit from our multi-national reach.
“In Australia, five of nine developments underway include innovative Premium Estates, such as The YARDS at Kemps Creek and Vantage Yatala, QLD, which will set a global benchmark for the industrial experience.”
Meanwhile, Frasers Property Australia also grew its development pipeline with roughly 14,000 residential units in the works. The company also has 53 per cent of its corporate funding secured in the form of sustainability linked loans.
Planning and design is underway on the A$2.5 billion Central Place Sydney project, a key component of the NSW Government’s Tech Central innovation precinct, with approvals anticipated in 2022.
Chief executive officer Anthony Boyd said the focus for the business was “enhancing the development pipeline, stabilising newly completed retail assets and driving occupancy in its office portfolio.”
“The Australian residential property market has demonstrated its resilience over the past year, despite ongoing COVID-19 impacts. We achieved higher sales and settlement rates across all markets leading to an approximately 18 per cent increase year-on-year in the value of contracts on hand to A$1.3 billion in FY21.”
“In the coming months, the business will mark several key milestones, including the commencement of our first Build-to-Rent project, Brunswick & Co., in Brisbane and the finalisation of the design for Central Place Sydney, part of Tech Central, the NSW Government’s most significant, large-scale, CBD urban renewal project in the last decade,” he said.
Star casinos team with blockchain textile recycler
Australia’s first ever dedicated textile recycling facility, due to open in Queensland next year, will partner with casino and resort operator Star Entertainment Group to repurpose its old uniforms, linen and towels.
Instead of joining an estimated 780,000 tonnes of used textiles in Aussie landfills every year, the Stars old materials will be given a second life as high grade cellulose and PET pellets that can be used for a range of industry applications.
An initiative of clean technology business, BlockTexx, the facility will operate on a five-step approach to achieving textile recovery, which makes use of blockchain technology.
1. Landfill diversion – Feedstock acquisition from across the textile industry
2. Resource recovery – S.O.F.T. (separation of fibre technology) patent pending process
3. Advanced manufacturing – From waste, industry grade products are created
4. Providence – Blockchain technology validates recycling and product origins
5. Data collection – Textile waste is not adequately tracked in Australia. The digitalisation of product flow delivers supply chain efficiency and bottom-line recovery
“We are delighted that The Star joins our foundation partners, who are forward-thinking companies actively seeking new and proven solutions to convert their waste into a new valuable resource,” BlockTexx co-founder, Adrian Jones said.
More carbon credit options for farmers under new soil carbon partnership
A new partnership between local companies GreenCollar and AgriProve is looking to make carbon farming options more readily available to Aussie farmers and other land managers by combining their expertise in project development and soil carbon sequestration.
Working together the companies hope to increase the potential for farmers to access additional revenue streams by creating and selling carbon credits, along with better environmental and agricultural production outcomes.
The hope is that by unlocking more holistic approaches to land management, carbon farming may be possible on a wider range of properties such as smaller farm holdings, or those in higher rainfall or intensive agriculture areas.
Managing director of AgriProve, Matthew Warnken explained, “the nature of carbon farming projects in Australia has until this stage been largely centered on nature-based above ground solutions including Human Induced Regeneration and Avoided Deforestation.
“Through this partnership, soil carbon projects will be more readily included in carbon farming solutions in Australia, offering farmers greater additionality and bio-diverse opportunities from their land.”
GreenCollar will integrate soil carbon initiatives into its existing and future project portfolio, including its Reef Credit projects, meaning land managers within the Great Barrier Reef
catchment may also see improved rewards for on-farm actions that improve water quality flowing to the Reef.