Deals of the Week: 4 October 2019

Deals of the Week: 4 October 2019

MELBOURNE: A private Melbourne family has paid around $55 million for a landmark Hawthorn office building fully leased to Swinburne University. The 2 Luton Lane building comprises 5,660sqm of office space and occupies a strategic site near the corner of Burwood and Glenferrie Roads. CBRE and Gorman Commercial negotiated the unconditional sale.—CBRE.

HOBART: Queensland government-owned fund manager QIC and its Dutch partner the Schiphol Group has acquired a 70 per cent stake in Hobart Airport. The consortium has acquired 50 per cent of the asset from Macquarie Infrastructure and Real Assets and 19.9 per cent from multi-industry super fund Tasplan Super.—The Urban Developer.

NORTH SYDNEY: Singaporean serviced apartment giant The Ascott Limited has struck a $202 million deal to buy a 252-room hotel in what will be North Sydney’s tallest tower. The Ascott Serviced Residence Global Fund, backed by Middle East sovereign wealth fund, the Qatar Investment Authority, will purchase the hotel component of Billbergia’s 48-storey mixed-use tower under construction at 86-88 Walker Street.—The Urban Developer.

PARRAMATTA: Wentruth Pty Ltd, a private Asian investor and new entrant to the Australian market, has entered into an agreement to buy 1-3 Fitzwilliam Street in Parramatta from Raffles Education for $80 million, which equates to a yield in the low 5 per cent range. Cushman and Wakefield’s Steven Kearney and Colliers International’s John McCann brokered the deal.

NATIONAL: The newly listed Investec Australia Property Fund has bought three industrial assets in South Australia, Western Australia and Northern Territory from the unlisted Charter Hall Prime Industrial Fund for $81 million. Investec said the purchase, on a combined 7.3 per cent initial yield, would increase the number of properties in its portfolio to 31 and the company would hold an $84 million institutional placement of new shares to fund the deal and part of the transaction costs.—AFR.

MELBOURNE: CBRE Melbourne’s Middle Markets team is bringing to market a new freehold office building in one of Australia’s most vibrant office markets, with price expectations of around $30 million. Private developer and builder Pace Development Group, led by Shane Wilkinson, anticipates the 3,082sqm property, which is currently under construction, will be due for practical completion before the end of 2019.—CBRE.

BRISBANE: ASX-listed Desane Group has bought a 2.2-hectare industrial property in Brisbane’s Wacol for $9.5 million, its first foray into the Queensland industrial market. The investor and property manager scooped up the site from the City of Brisbane Investment Corporation.—AFR.

BRISBANE: Malaysian investor HCK has exited its disastrous Brisbane office market play after taking a heavy capital loss on its final divestment. The group sold a 16-level building at 116 Adelaide Street for about $30 million to a local unlisted fund, having paid just under $35 million in 2013.—AFR.