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. 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 along with the adjacent Customs House office building in Port Adelaide,

South Australia South Australia (commonly abbreviated as SA) is a state in the southern central part of Australia. It covers some of the most arid parts of the country. With a total land area of , it is the fourth-largest of Australia's states and territories ...

from a syndicate managed by Babcock & Brown. In 1999, Precision then acquired Adelaide Central Plaza as a development project for $85 million from

David Jones Limited David Jones Pty Limited, trading as David Jones (colloquially DJs), is an Australian High-End department store, owned since 2014 by South African retail group Woolworths Holdings Limited. David Jones was founded in 1838 by David Jones, a Welsh ...

, which was completed in 2000. In 2006 Precision acquired

MacArthur Central MacArthur Central, also known as MacArthur Central Shopping Centre, in Brisbane, Australia, is a four level shopping centre that incorporates an English Renaissance styled heritage-listed building known as MacArthur Chambers. MacArthur Central i ...

Brisbane Brisbane ( ) is the capital and most populous city of the Australian state of Queensland, and the third-most populous city in Australia and Oceania, with a population of approximately 2.6 million. Brisbane lies at the centre of the South ...

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 On the evening of January 18, the Danish Parliament agreed to a financial package worth 100 billion Danish kroner (17.6 billion USD). In response, markets panicked yet again. On January 22, the editorial board of ''The Christian Science Monitor'' ...

, Precision refinanced over $250 million of its loan facilities with the

Bank of China The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...

. 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 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 in

Auckland Auckland (pronounced ) ( mi, Tāmaki Makaurau) is a large metropolitan city in the North Island of New Zealand. The most populous urban area in the country and the fifth largest city in Oceania, Auckland has an urban population of about ...

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...

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 The unicorn is a legendary creature that has been described since antiquity as a beast with a single large, pointed, spiraling horn projecting from its forehead. In European literature and art, the unicorn has for the last thousand years o ...

" 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