Deals of the Week: 18 October 2019

Deals of the Week: 18 October 2019

BRISBANE: Property fund manager Centuria has secured an A-grade office tower for $65.4 million in Bowen Hills on Brisbane’s CBD fringe.—The Urban Developer.

SYDNEY: The stratum property of one of Sydney’s most visible Pitt Street mall clubs, The Castlereagh Club, has been sold to fund manager Fife Capital for $20 million on a 6.5 per cent yield.—The Urban Developer.

MELBOURNE: Privately owned developer HB+B Property has secured a major brownfield development opportunity at Dingley in Melbourne’s south-east for $19.75m. CBRE’s David Aiello, Stephen Adgemis and Lachlan Ferguson negotiated the sale of the 39,760sqm, 1-5 Lakeside Drive landholding on behalf of ESR Australia.—CBRE.

NATIONAL: A 360 Capital-run fund has struck an $85 million deal to merge with listed investment company URB Investments, winning backing from the target fund’s major shareholder Washington H. Soul Pattinson.—AFR.

NATIONAL: The Lowy family has stepped up its retreat from shopping centre investments, selling its $815 million stake in Westfield Australia and New Zealand owner Scentre Group on Wednesday night.—AFR.

MELBOURNE: Well-known local investor and horse racing identity Ken Biddick has paid around $25 million to buy a medical centre in Melbourne’s outer northern suburbs in one of the largest deals in the asset class this year. The sale of the Thompson Road Clinic at 2 Woodbine Road was struck on a low passing yield of just over 5 per cent.—AFR.

NEW ZEALAND: Lendlease is set to sell a portfolio of three retail properties in New Zealand, owned through its Real Estate Partners New Zealand fund, and the deal is expected to fetch more than $NZ350 million ($325 million). The portfolio, which is being sold in one line, comprises two outlet centres – Dress Smart Onehunga in Auckland and Dress Smart Hornby in Christchurch – and Meridian Mall, a retail asset in the Dunedin CBD.—AFR.