Deals of the Week: 26 January 2018

Deals of the Week: 26 January 2018

 

NATIONAL: The value of commercial office deals rose to $17.4 billion in 2017—the second strongest year on record—reports Savills Australia, with foreign investors the most prominent buyers and sellers over the year. Almost half of the deals—nearly $8 billion—occurred in NSW with $5.3 billion transacted in Sydney. Melbourne totalled sales of $4.8 billion across the CBD, fringe and suburban markets, its strongest 12 months since 2014.—AFR.

SYDNEY: China’s Wanda Group has sold its One Circular Quay development and is moving to offload its Gold Coast Jewel development in a deal that could top $1 billion. Sources close to the deal say the properties have been bought by Chinese property developer Yuhu, although a spokesman for Yuhu has denied the deal. The Circular Quay site is expected to host a five-star hotel and 190 luxury apartments on completion.—The Australian.

SYDNEY: Sydney-based Chinese investors have sold a 12-storey office tower at 299 Elizabeth Street in the Sydney CBD for $90 million. Xinhua Zhong and Jingru Lin bought the building from the Burcher Property Group in 2014 for $45 million, doubling their money in about four years.—AFR.

SYDNEY: The world’s largest owner of real estate Blackstone is selling its half share in Westpac’s Sydney office headquarters in a deal that could reap more than $800 million. In Blackstone’s ​classic strategy of “buy it, fix it, sell it,” the group purchased the property at 275 Kent Street for $435 million in 2014 from the listed Mirvac Group and quickly renegotiated large leases with Westpac.—AFR.