Deals of the Week: 14 December 2018

Deals of the Week: 14 December 2018

GOLD COAST: Australia’s $149 billion Future Fund has sold its 25 per cent stake in the Harbour Town shopping centre on the Gold Coast to a Lendlease-controlled fund for $180 million. The deal reflects a yield of less than 5 per cent.—AFR.

SYDNEY: Real Estate powerhouse Charter Hall Group has made a major play in the heart of Sydney’s financial district by purchasing the freehold title of the city’s prestigious Chifley Tower and Plaza for $98.5 million. The play was made by its $5 billion wholesale fund, the Charter Hall Prime Office Fund, and is likely to see it work closely with Singapore’s GIC Real Estate, which owns the $1.8bn leasehold portion of the complex.—The Australian.

SYDNEY: GPT has locked in insurance group QBE as anchor tenant at its $300 million office development in Parramatta. The insurer will shift out of the Eclipse Tower into the 32 Smith Street project in 2020. QBE will occupy 51 per cent of the 26,400sq m prime grade office building, initially for 10 years.—The Australian.

WOLLONGONG: A landmark office building in Wollongong has set a new benchmark after it sold for a record price of more than $50 million on Friday to private real estate investors Avari Capital Partners. The building sold on a yield of 7.75 per cent and a weighted average lease expiry of 3.5 years. The previous office sale record was set when Sydney-based fund manager Folkestone sold nearby 43 Burelli Street to a wealthy offshore investor for $46.1 million in 2017.—AFR.

MELBOURNE: Upmarket watch brand Rolex is buying the Victorian Liberal Party’s long-time headquarters in Exhibition Street in Melbourne’s central business district for $37.1 million. After 30 years occupying the space, the Liberal Party will vacate the premises at the end of next year.—The Australian.

MELBOURNE: Frasers Property Australia is poised to buy Stockland’s The Grove Estate in Melbourne’s west for more than $200 million in one of the biggest residential land deals of the year. The Singaporean developer is understood to be in exclusive due diligence to take control of the $700 million partially completed residential community in Tarneit with contracts expected to be exchanged before the Christmas break.—AFR.

ADELAIDE: German property funds group Real I.S. has divested an A-grade office tower anchored by the South Australian Government in the heart of Adelaide’s CBD for $103.5 million. Situated in one of Adelaide’s busiest city pockets, the 20-level tower comprises 15,888 sq m of office space and 596 sq m of ground floor retail and onsite basement parking for 37 cars – of which is 96% leased to the South Australian Government. The building was sold with a WALE of approximately 5.1 years.—CBRE.

PERTH: Joint owners Primewest and AMP Capital Wholesale Office Fund have sold their premium-grade office building Exchange Tower in Perth to the Primewest Counter Cyclical Trust for $326 million. The trust is understood to be acting for Singapore’s GIC Real Estate.—AFR.