☕️ Roaring REITs

Good morning.

In sad but perhaps unsurprising news to those currently doing their time in professional services, it was the tech giants who once again topped the Drucker list of the best run companies in the US for 2023. Microsoft, Apple, Nvidia, and Alphabet took out the top 4 spots, with essentially a roll-call of tech-providers following closely behind.

While tech may promise all the bells and whistles like basic employee engagement and development competitive salaries, when it comes to what financial services has on offer, there really is no competing with perks like participating in Blackstone’s Annual Holiday Video. Who could put a price on that?

🏆 LOI Subscriber #TBD

Market movers

Did Jerome Powell’s market confirmation on rate cuts in the pipeline shift investor focus back to REITs?

Real estate investment trusts have been bearing the weight of high interest rates, as investors looked to the higher yields available on 10 year bonds where premiums haven’t been squeezed as hard. As the tide begins to turn, it looks like REITs are already beginning to pivot.

With three REITs and $87.4 billion AUM, Charter Hall has been capitalising on this surge in interest, with stock in its Group fund closing up 11.8% yesterday, while its three REITs also gained between 3-4.3%.

Together with Stake | Invest on Wall St and the ASX

The quick sync

• ACCC doubled down on its argument that synergies in the ANZ-Suncorp deal are unremarkable and not unique to the proposed merger. (Capital Brief)

• Nelson Peltz has nominated himself to Disney’s board, as proxy battle between Peltz’ activist fund and Disney CEO Bob Iger wears on. (Wall Street Journal)

• ANZ has appealed the Federal Court on findings that it breached its continuous disclosure obligations during a share placement in 2015. (Capital Brief)

• Collapsed German fintech Wirecard’s former CFO has been charged with fraud, as trial against other former executives continues. (Financial Times)

• UK has not followed the Fed’s rate decision, holding rates steady and warning there is still a way to go to manage inflation. (Bloomberg)

• AEMO brings forward the closure of all coal power stations by 15 years, accelerating the timeline for elimination of coal to 2038. (AFR)

• Australia is vulnerable and increasingly victim to serious cybersecurity attacks. (Capital Brief)

• Campari buys Courvoisier Cognac for US$1.32 billion. (Financial Times)

Trading floor

M&A

• Axel Springer and OpenAI have entered into a global partnership to leverage artificial intelligence in journalism. (Capital Brief)

• Ausbil plans to vote against a $16bn Allkem-Livent merger. (AFR)

• Waterman Capital nears deal with BGH Capital for Fusion5 sale. (AFR)

• ACCC has announced that it will not oppose Viva Energy's proposed acquisition of OTR Group. (Capital Brief)

• FirstCape plans to offer shares to senior management and 113 financial advisers. (AFR)

• ACCC has raised concerns over Endeavour Group's plans to acquire the Prince Consort Hotel in Brisbane's Fortitude Valley. (BNA)

• Collabosaurus founder Jessica Ruhfus completes female-led tech exit, as Lauren Swidenbank acquires the brand’s collaboration platform. (BNA)

• Trafigura is poised to assume control of Australia's Savannah nickel mine following the administration of Panoramic Resources. (AFR)

• ACCC approved Woolworths' acquisition of 55% stake in PETstock with store divestments. (Capital Brief)

• Orora expects zero profit growth from Saverglass acquisition due to subdued global demand. (AFR)

• National Australia Bank and Jarden Wealth and Asset Management are set to merge their wealth advice and asset management operations in New Zealand, with Pacific Equity Partners taking a 35% stake in the new entity. (The Australian)

CAPITAL MARKETS

• CathRx concludes a $4m bridge round led by Acova Capital and Bioshore Capital. (AFR)

• Silver Lake secures $1.1bn debt refinancing for TEG, led by KKR and Temasek. (AFR)

• OpenInvest secures vital capital from Tayside Group amid pressure. (AFR)

VC

• Andisor raises $1M in pre-seed funding round with support from Antler, LaunchVic, Jam Pad Investments, and retail leaders. (Startup Daily)

• Mist concludes a $1.6M seed round with backing from Investible, Allectus Capital, Archangel Ventures, Seedspace, and The Hunter Angels. (Smart Company)

• Koala Eco has closed a Series A funding round of $3m from US and Australian investors. (AFR)

People moves

• None

The watercooler