Deals of the Week: 15 February 2019

Deals of the Week: 15 February 2019

BROKEN HILL: The historic 73,299-hectare outback property Netley Station near Broken Hill has been acquired by Swiss Australia Farm Holding (SAFH) for $10.6 million. SAFH’s sole shareholder is Oskar J Schwenk, chairman and former long-running CEO of the Pilatus Group, an 80-year-old company based in Stans, Switzerland that is one of the world’s leading manufacturers of single-engine turboprop corporate and military aircraft.—AFR.

VICTORIA: Australia’s most successful rural property trust, Rural Funds Group, has beefed up its cattle portfolio after buying one of Victoria’s largest cattle stations, Cobungra, at the foot of Mount Hotham, for $35 million. The purchase of the 6,486-hectare renowned alpine beef property and more than 24,000 hectares of adjacent grazing licences, lifts the value of RFF’s cattle stations to more than $250 million and the total value of its portfolio including water entitlements to well over $800 million.—AFR.

MELBOURNE: Melbourne’s wealthy Zagame family has paid $21 million to buy the former premises of the Victorian branch of the Australian Education Union. The Zagames, whose property interests span hotels, pubs, malls and warehouses, plan to refurbish the four-level brick building property and lease it out as high-quality office space with the potential to add a residential component or redevelop the site further down the track.—AFR.

MELBOURNE: Estia Health founder Peter Arvanitis has sold a tower in Collins Street to an Indonesian investor for a tidy profit as he prepares to develop a new hotel in South Yarra. The 18-storey tower sold for $78 million on an initial yield of 4.5 per cent. Mr Arvanitis bought the building four years ago for about $50 million.—AFR.

PERTH: Canada’s Oxford Properties has begun divesting as much as $1 billion in office towers from the former Investa Office Fund with the divestment of a Perth office for $72 million. Property funds house Corval is understood to be the buyer of the building at 66 St Georges Terrace, representing a handy premium to the asset that IOF had held on its books at $65 million.—AFR.