Deals of the Week: 15 June 2018

Deals of the Week: 15 June 2018

Sydney: Superannuation fund-backed investment manager ISPT has finalised one of the largest office market deals of the year, taking a half-stake in Sydney landmark Westpac Place in a play valuing the tower at more than $1.7 billion. The building is being sold by US private equity firm Blackstone.—The Australian.

Sydney: Technology company SAP has confirmed plans to shift its local headquarters to Winten Property Group’s 1 Denison Street office tower in North Sydney. The skyscraper, to be anchored by Nine Entertainment, is one of a clutch of new buildings rising in the area, with property group Dexus and Zurich Financial Services also developing new blocks. SAP has committed to lease about 6,000sq m in the under construction building, which is slated to be completed in late 2019.—The Australian.

Sydney: The race to get a business foothold in Sydney’s booming west has seen the Marlow family pay $16.5 million for the Peachtree Hotel in Penrith from ASX-listed property developer Boyuan Holdings. The high price reflects the development potential of “The Peachy” as well as the pub’s extensive catchment area.—The Sydney Morning Herald.

Melbourne: Frasers Property Australia has begun building what it claims is the world’s most sustainable shopping centre. The Singaporean developer’s Burwood Brickworks mall in Melbourne’s eastern suburbs will house a commercially operated urban farm on its roof, recycle rain and waste water and generate enough power through solar panels to sell electricity back to the grid. It forms part of a $500 million approved master-planned estate that will include 700 dwellings comprising apartments, townhouses, terrace housing and free-standing homes.—AFR.

Melbourne: A block of adjoining offices in Box Hill was snapped up by an undisclosed buyer for $10.85 million, a local record. CBRE sold the 1,220 sqm landholding at 25-29 Ellingworth Parade, which comprises three office buildings, via an Expression of Interest campaign. CBRE Director Scott Orchard said the sale reflected the strongest land rate achieved this year in Box Hill for a development site.—CBRE.

Perth: ASX-listed Elanor Investors Group has splashed out $125.25 million for the A-grade WorkZone West commercial property in the Perth CBD for a new managed fund, the “WorkZone West Syndicate”. The active investor continues with asset recycling, securing the high quality, 15,602-square-metre modern office building at 202 Pier Street, Perth, following its recent sale of a development-approved 2.6-hectare site in Merrylands in Sydney’s west for $36 million.—AFR.