Precision Group

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] 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]

• Official website