Deals Of The Week: 10 August 2017

Deals Of The Week: 10 August 2017

10 August 2017

DEAL OR NO DEAL? On Tuesday, the AFR reported that China’s Dalian Wanda Group was fielding offers for its two giant development projects in Australia, a $1 billion Circular Quay apartment and hotel tower in Sydney and the $900 million Jewel resort on the Gold Coast. But the following day, John Wei, the managing director of Wanda One Sydney, told The Australian: “News that Wanda is fielding offers to sell the two real-estate projects in Australia are completely false. Wanda has never had any negotiations with any party. The construction of the two projects is moving forward smoothly, and apartment sales remain strong.” Watch this space.—AFR; The Australian.

SUNSHINE COAST: Chinese-owned construction giant John Holland has entered into exclusive negotiations to develop the three of five lots in a $2.1-billion, 53-hectare development at Maroochydore. The core commercial precinct in the Maroochydore city centre will include lots for commercial office buildings, retail space, approximately 600 residential apartments, as well as a new waterway, parks, and plazas.—AFR.

MELBOURNE: Private developer Hamton and superfund Hostplus have been appointed preferred developer for a $2 billion mixed use project at Melbourne’s Moonee Valley race track. The project could eventually deliver up to 2,500 apartments as well as significant amounts of retail and commercial space.—AFR.

ADELAIDE: US private equity and real estate house Blackstone has swooped on a portfolio of properties worth about $500 million held by South Australia’s Motor Accident Commission. The US investment giant will keep the bulk of the portfolio but carve off two properties to funds run by listed Australian groups Charter Hall and Goodman Group. The property sale stemmed from the South Australian government’s move to shift compulsory third-party insurance to the private sector.—The Australian.

LATE NEWS: Global property developer Lendlease has inadvertently released its full-year financial results three weeks ahead of schedule due to a technical glitch. The results revealed an 8.7% jump in full-year profit to $758.6 million, up $60.4 million on the previous year. The development heavyweight is currently working on significant projects at Sydney’s Barangaroo South, the London Olympic Athletes Village, the Sydney Opera House the Petronas Twin Towers and the National September 11 Memorial and Museum.—The Urban Developer.