Deals of the Week: 16 August 2019

Deals of the Week: 16 August 2019

16 August 2019

SYDNEY: Listed property giant Dexus, along with equal joint owner Perron Group, has struck an off market deal to sell an Elizabeth Street office tower in Sydney for $630 million to Charter Hall and Abacus Property Group.The off market transaction, struck on a yield of 5 per cent, will be split in two tranches with three quarters being paid by mid-November this year and the remaining 25 per cent subject to a “put and call” option expiring in October 2020—The Urban Developer.

BYRON BAY: Syrian billionaire Ghassan Aboud’s Australian hotel business Crystalbrook has expanded into Byron Bay with the $41.7 million acquisition of the Byron Bay Resort and Spa. It is the first time the trophy asset has changed hands since retail mogul Gerry Harvey opened the 92-key resort on 45 hectares of land in 2005—The Urban Developer.

NSW: Two neighbouring irrigated cotton farms in the Namoi Valley in Northern NSW have changed hands for around $35 million, including water rights. The sales come amid the $300 million offering of cotton giant Auscott’s Midkin aggregation in the Gwydir Valley and with expectations of a smaller cotton crop next year due to the drought.

SYDNEY: Sydney developer Icon Oceania has listed Sydney’s newest CBD hotel, set to open next month, for north of $100 million. The 145-key Vibe Darling Harbour, operated under a management agreement with TFE Hotels, is located at 319-32 Sussex Street in Sydney’s Chinatown. The site was picked up by the developer for $21.35 million in 2016—The Urban Developer.

NATIONAL: Family-owned Canute Investments Limited has listed a range of properties in Queensland and Western Australia for $140 million citing retirement as the reason for the divestments. The assets include three fully-leased neighbourhood shopping centres – Logan Village shopping centre and Ormeau Village in Queensland as well as Carramar Village in WA – a commercial building in Perth, and an 84 property residential portfolio in WA.