Deals of the Week: 11 October 2019

Deals of the Week: 11 October 2019

PERTH: Momentum is building towards what could become the country’s largest single shopping centre deal as bids are sharpened for the $1.2 billion Garden City mall in Perth. The mall is held in the $5 billion AMP Capital Diversified Property Fund. Its fund manager has been working through options for the super-regional mall at Booragoon south of the CBD, from bringing in an investment partner as a joint owner ahead of a redevelopment, all the way through to a complete exit.—AFR.

BRISBANE: Investec is set to offload its office building on the fringe of the Brisbane CBD with price expectations of more than $90 million – after purchasing it in 2014 for $68.5 million – with plans to recycle the capital. The 11-storey A-grade building at 757 Ann Street, in Brisbane’s Fortitude Valley, was bought new by the now dual-listed Investec Australia Property Fund, which trades on both the Australian and Johannesburg stock exchanges.—AFR.

ASIA: REA Group and 99.co, the Singapore-headquartered digital property marketplace, have announced a joint venture to create the largest customer and listings footprint in Singapore and Indonesia.—The Urban Developer.

SYDNEY: Lendlease has finalised the sale of two distinct Sydney CBD buildings with the Kengo Kuma-designed The Exchange at Darling Square and Barangaroo House on Sydney’s waterfront changing hands for more than $100 million. It’s understood two Asian-backed investment groups secured the CBD assets, with CBRE negotiating both deals for the separate investors.—The Urban Developer.

MELBOURNE: Singapore-based Ascendas REIT has expanded its footprint in the suburban office sector with the $111 million purchase of the Nissan Motor’s site in Melbourne. The group bought the suburban office property site from joint venture partners Frasers Property Australia and ESR Australia. It will add to Ascendas’ wide-ranging logistics and office assets across Australia.—The Urban Developer.

SYDNEY: Joint venture partners Frasers Property Australia and Sekisui House Australia have sold three retail properties at their $2 billion Central Park development in Sydney for $174.5 million at a net yield of 5.5 per cent. Fortius Funds Management and SC Capital Partners Group acting for its RECAP V Fund bought the three assets – Central Park Mall, DUO Retail and  Park Lane Retail – totalling a gross floor area of 14,600 square metres.—AFR.

NORTHERN TERRITORY: One of the Northern Territory’s renowned pastoral holdings, Idracowra Station, is back in local hands after being sold by a company owned by Abu Dhabi’s royal family. The 462,800-hectare pastoral leasehold, about 120 kilometres south of Alice Springs, sold prior to auction for a price close to $10 million, well above the reserve of $7 million.—AFR.