Precision Group is an Australian private property investment and management company based in

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...

. Founded in the 1990s by

Shaun Bonétt Shaun Bonétt (born 1 January 1971) is an Australians, Australian entrepreneur and property developer who founded and is CEO of Precision Group. Early life Shaun Bonétt was born in London, England, to parents of Australian and Maltese peopl ...

, 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. It made its first major acquisition in 1998 with

Port Canal Shopping Centre Port Adelaide Plaza, formerly known as Port Canal Shopping Centre, is a shopping centre located at 200 Commercial Road in Port Adelaide Port Adelaide is a port-side region of Adelaide, approximately northwest of the Adelaide CBD. It is als ...

along with the adjacent Customs House office building in

Port Adelaide Port Adelaide is a port-side region of Adelaide, approximately northwest of the Adelaide CBD. It is also the namesake of the City of Port Adelaide Enfield council, a suburb, a federal and state electoral division and is the main port for the ...

, South Australia from a syndicate managed by

Babcock & Brown Babcock & Brown LP was a global investment and advisory firm, established in 1977, based in Sydney, Australia, that went into liquidation in 2009. Babcock & Brown Securities LLC was an active investment banking firm focused on equipment and proj ...

. In 1999, Precision then acquired

Adelaide Central Plaza Adelaide Central Plaza is a shopping centre located on Rundle Mall, Adelaide, South Australia. Its major tenant is David Jones, and the centre also includes a food court and about 40 retail outlets.Cummins, Carolyn (22 February 2000). "DJs sell ...

as a development project for $85 million from David Jones Limited, which was completed in 2000. 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. Following the Global Financial Crisis in 2009, Precision refinanced over $250 million of its loan facilities with the Bank of China. 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. In 2015 Precision purchased the

Chevron Renaissance Chevron Renaissance is a $400 million development on the Gold Coast, Queensland, Australia comprising 713 individually owned residential lots located above the Chevron Renaissance Shopping Centre. The onsite management of Chevron Renaissance resi ...

Shopping Centre in Surfers Paradise on the Gold Coast of Queensland for $74 million from Arena Investment Management. In May 2016, Precision Group purchased

Shore City Shopping Centre Shore City Shopping Centre is an enclosed shopping centre in the North Shore suburb of Takapuna, Auckland, New Zealand established in 1974. It was previously owned by Westfield Group and is now owned and managed by Precision Group. The mall is ...

in Auckland, New Zealand for NZ$90 million. In November 2017, Precision acquired a 9 percent share in the data analytics technology startup SkyFii. In June 2018, the group began a $45 million redevelopment of the Port Adelaide Plaza mall. 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. The company is also an investor for Prezzee, a gift card company that became a financial " unicorn" in late 2021.

References

External links

* {{Official website, http://www.precision.com.au Real estate companies of Australia Shopping center management firms Australian companies established in 1994 Companies based in Sydney