Precision Group

Precision Group
Company typePrivate
IndustryProperty Investment & Management
Founded1994
FounderShaun Bonétt
HeadquartersLevel 25, 9 Castlereagh Street Sydney, Australia
Key people
Shaun Bonétt, (CEO & Managing director)
Websitewww.precision.com.au

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

Precision Group was founded in 1994 by Shaun Bonett.[1] Bonett originally worked closely with Ross Makris, who owned a separate company of a similar name.[2][3] 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.[4]

Timeline

In 1999, Precision then acquired Adelaide Central Plaza as a development project for $85 million from David Jones Limited, which was completed in 2000.[5]

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.[6][7]

Following the Global financial crisis in 2009, Precision refinanced over $250 million of its loan facilities with the Bank of China.[8]

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.[9]

In 2015 Precision purchased the Chevron Renaissance Shopping Centre in Surfers Paradise on the Gold Coast of Queensland for $74 million from Arena Investment Management.[10][11][12]

In May 2016, Precision Group purchased Shore City Shopping Centre in Auckland, New Zealand for NZ$90 million.[13]

In November 2017, Precision acquired a 9 percent share in the data analytics technology startup SkyFii.[14] In June 2018, the group began a $45 million redevelopment of the Port Adelaide Plaza mall.[15]

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.[1][16]

The company is also an investor for Prezzee, a gift card company[17] that became a financial "unicorn" in late 2021.[18]

See also

References

  1. ^ a b Wilmot, Ben (24 May 2017). "Precision Seeks Stores Partner as Shaun Bonett Eyes New Deals". The Australian. Retrieved 8 August 2018.
  2. ^ Stensholt, John (27 May 2010). "Once were united". Australian Financial Review. Retrieved 28 October 2016. 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
  3. ^ "Clarification of Past "Precision Group" Usage". Precision Group. 23 November 2016. Retrieved 8 August 2018.
  4. ^ Carter, Bridget. "Shopping centre magnate Shaun Bonett took risks early on". The Australian. Retrieved 24 October 2016.
  5. ^ "David Jones announces $85 million sale of Adelaide Central Plaza development". David Jones. Retrieved 24 October 2016.
  6. ^ Allen, Lisa (25 May 2006). "Precision swaps offices for shops". Australian Financial Review. Retrieved 19 July 2015.
  7. ^ Manning, Paddy (25 May 2006). "Precision-Investa swap sealed". The Australian. p. 25.
  8. ^ Wilmot, Ben (29 September 2011). "Asian lenders step up". Australian Financial Review.
  9. ^ "Apple reveals flagship location". Inside Retailing. 6 January 2014. Retrieved 18 February 2019.
  10. ^ Cranston, Matthew (16 December 2014). "Precision Group mulls deal for Arena's Chevron Renaissance shopping centre". The Australian Financial Review.
  11. ^ Cranston, Matthew (27 February 2015). "Bank of China backs Gold Coast centre: Apple a likely tenant". The Australian Financial Review.
  12. ^ Cranston, Matthew (25 October 2012). "Get the FIRB out of here, says Precision boss". The 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.
  13. ^ Gibson, Anne. "North Shore mall sold for $90m". New Zealand Herald. Retrieved 24 October 2016.
  14. ^ Kitney, Damon (22 November 2017). "Another Rich Lister Backs Shopping Centre Technology Start-Up SkyFii". The Australian. Retrieved 8 August 2018.
  15. ^ Lenaghan, Nick (13 June 2018). "How a Shopping Centre Owner Targets Consumers in $133m Revamp". The Australian Financial Review. Retrieved 8 August 2018.
  16. ^ 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.
  17. ^ Kitney, Damon. "Precision's $85m NZ deal boosts appetite for offshore plays". The Australian. Retrieved 24 October 2016.
  18. ^ Stensholt, John (13 October 2021). "Shaun Bonett's Prezzee becomes Australia's newest $1bn tech 'unicorn'". The Australian. Retrieved 2 March 2022.