Deals of the Week: 15 March 2019

Deals of the Week: 15 March 2019

BRISBANE: ASX-listed Perth-based developer Peet has acquired a 15.73-hectare infill development site in Strathpine, north of Brisbane, for $18.5 million. The acquisition has the potential to yield a residential subdivision, townhouses, apartments or aged care and retirement facilities.—AFR.

SYDNEY: LOGOS and the Partners Group have taken advantage of the strong industrial property market with the sale of the last part of the staged sell down of their development at Yennora in Sydney’s west, for $49 million. The joint venture, acting on behalf of its clients, acquired the 32-hectare property on a sale and leaseback in 2015 and have generated a total of $129 million since the first sale in 2016.—SMH.

SYDNEY: Listed fund manager Elanor Investor Group has acquired the Neeta City sub-regional shopping centre in Fairfield in Sydney’s west for $85.3 million, a price below what the Woolworths and Big W-anchored mall last sold for in 2006. The deal was struck on a yield of 7.8 per cent with Elanor noting that the purchase price was “well below its replacement cost”.—AFR.

SYDNEY: Engineering and infrastructure group Downer Group and its partners working on the Parramatta Light Rail project have signed a joint three-year lease for three office floors at 31-39 Macquarie Street in Parramatta to house their project operations. Downer, CPB contractors, NSW Transport and Transdev will occupy 3,012 square metres of the 8,800 square metre tower at a gross annual rent of $450 a square metre.—AFR.

MELBOURNE: Malaysian property developer Hatten Land is investing against the tide, snapping up a parcel of land in Melbourne’s Southbank for $15.8 million. The group is making its maiden move into the Australian property market. Hatten Land intends to develop a mixed-use project that may comprise retail and hospitality units.—The Australian.

ADELAIDE: Global investment giant Credit Suisse hopes to reap more than $150 million from the sale of the 25 Grenfell Street office tower in Adelaide’s CBD, having acquired the asset from GDI Property Group a little more than two years ago for $125 million.—The Australian.