Deals of the Week: 12 January 2018

Deals of the Week: 12 January 2018

12 January 2018

BRISBANE: In the largest single-asset retail transaction ever recorded in Australia, AMP Capital Shopping Centre Fund and AMP Capital Diversified Property Fund have each acquired a 25 percent stake in the Indooroopilly Shopping Centre, along with management rights, in a deal worth more than $800 million. The single biggest office deal in the country’s history was recorded in Sydney last October with the sale of a stake in mixed-use development, Wynyard Place — The Investor.

SYDNEY: Property giant Grocon has had a $200 million contract for a North Sydney office tower terminated amid a refinancing deal that saw construction scion Daniel Grollo arrange to pump funds into the company. Grollo, the group’s executive chairman, says he had a settlement for work already done and none of the group’s other projects is affected. He finalised a capital injection to the private group shortly before Christmas but did not reveal how much money was involved. Grollo is working to position the group for the future, with the refinancing coming after two loss-making Queensland projects worth about $1 billion — Commercial News.

MELBOURNE: QIC Global Real Estate is set to buy a 50 per cent share in the Werribee Plaza and Pacific Epping shopping centres along with management rights in a deal that could be worth close to $1 billion. The Werribee mall has just completed a $400 million redevelopment and is anchored by Myer, Big W, Kmart, Coles and Woolworths. The Epping mall in Melbourne’s northern suburbs is expected to expand further next year when a 14,000-square-metre Costco opens — AFR.

LONDON: Brookfield Asset Management has made an indicative takeover proposal for IWG, the world’s largest serviced office firm. IWG has a market capitalisation of £2.3B ($3.1B). If the deal to buy IWG, previously called Regus, goes through, it would see the world’s second-largest property manager complete the biggest deal yet in the booming flexible office sector. IWG’s shares jumped 30% after the company confirmed it had received the proposal — Bisnow.