Deals of the Week: 14 February 2020

Deals of the Week: 14 February 2020

SYDNEY: Chinese developer Poly has purchased a 26-storey office tower in the Sydney CBD for $270 million – its second acquisition globally by its new funds management arm as it seeks to expand beyond property development. The property at 59 Goulburn Street was purchased with approval for redevelopment into a 38-storey tower with 407 hotel suites and 90 residential units, retail and office spaces.—AFR.

MELBOURNE: DGIT Systems has sold its whole-floor head office in Melbourne for $3.15 million. CBRE’s Julian White, Alex Brierley, Nathan Mufale and Chao Zhang managed the expressions-of-interest campaign for the 470sq m space at 313 La Trobe Street.—AFR.

SYDNEY: Melbourne-based developer Fridcorp has acquired the remaining 50 per cent share of a $700 million mixed-use project from its partner Wingate for an undisclosed amount to fully own the proposed four-tower “Beyond” development in Hurstville in Sydney’s south. The developer said it had secured unconditional funding in excess of $300 million from a Hong Kong-based financier to buy out Wingate and complete the development at 93 Forest Road by 2021.—AFR.

SYDNEY: Coles has sold a supermarket in Sydney’s West Ryde to a Melbourne-based investor for $23.85 million on a yield of 5.85 per cent. The strata-titled full-line supermarket and Liquorland store on almost 4000 square metres sits below an apartment block. It sold with a new 12-year lease back to Coles.—AFR.

MELBOURNE: Frasers Property has secured Mazda Australia as the anchor tenant for a new industrial estate it is developing in Melbourne’s north. The car maker will lease a 37,235sq m national parts and distribution facility  within Frasers’ 4Ten Epping estate at 410 Cooper Street in Epping on a 10-year term starting in 2021.—AFR.

NATIONAL: Sydney-based non-bank lender and real estate investor Pallas Capital has acquired specialist capital placement advisory firm Gravitas Group for an undisclosed amount, boosting its presence in Melbourne and expanding its funds under management.—AFR.