Precision Group

Precision Group
Private
Industry Property Investment & Management
Founded 1994
Founder Shaun Bonétt
Headquarters Level 25, 9 Castlereagh Street Sydney, NSW 2000 Australia
Key people
 Shaun Bonétt, (CEO & Managing director),
Steve Bonètt, (Executive director),
Jim Hazel, (Chairman),
Edward Piazza, (CFO).
Website www.precision.com.au

Precision Group is an Australian private property investment and management company based in Sydney. It has strong ties with the Bank of China and owns property in Australia and New Zealand. The company is also an investor for Prezzee, a gift card startup.[1]

Corporate history

Precision Group was founded in the 1990s by Ross Makris and Shaun Bonett.[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 Limited, which was completed in 2000.[4]

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.[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 2015 Precision purchased the Chevron Renaissance Shopping Centre in Surfers Paradise on the Gold Coast of Queensland for $74 million from Arena Investment Management.[8][9][10] In May 2016, Precision Group purchased Shore City in Auckland, New Zealand for NZ$90 million.[11]

References

  1. ↑ Kitney, Damon. "Precision's $85m NZ deal boosts appetite for offshore plays". The Australian. Retrieved 24 October 2016.
  2. ↑ Stensholt, John (27 May 2010). "Once were united". The 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. ↑ Carter, Bridget. "Shopping centre magnate Shaun Bonett took risks early on". The Australian. Retrieved 24 October 2016.
  4. ↑ "David Jones announces $85 million sale of Adelaide Central Plaza development". David Jones. Retrieved 24 October 2016.
  5. ↑ Allen, Lisa (May 25, 2006). "Precision swaps offices for shops". The Australian Financial Review. Retrieved July 19, 2015.
  6. ↑ Manning, Paddy (May 25, 2006). "Precision-Investa swap sealed". The Australian. p. 25.
  7. ↑ Wilmot, Ben (September 29, 2011). "Asian lenders step up". Australian Financial Review.
  8. ↑ Cranston, Matthew (Dec 16, 2014). "Precision Group mulls deal for Arena's Chevron Renaissance shopping centre". The Australian Financial Review.
  9. ↑ Cranston, Matthew (Feb 27, 2015). "Bank of China backs Gold Coast centre: Apple a likely tenant". The Australian Financial Review.
  10. ↑ "Get the FIRB out of here, says Precision boss". The Australian Financial Review. 25 October 2012. 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.
  11. ↑ Gibson, Anne. "North Shore mall sold for $90m". New Zealand Herald. Retrieved 24 October 2016.
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