Deals of the week: 17 August 2017

Deals of the week: 17 August 2017

FINALLY, IT’S A DEAL! Last week the AFR and The Australian gave conflicting reports on the possible sale of Wanda Australia Real Estate. After Wanda denied its assets were for sale, it backflipped and said it would sell out to Chinese company Dalian Wanda Commercial Properties, controlled by billionaire founder Wang Jianlin and his family. The 1.33 billion transactions are a major shakeup for the Wanda empire, which has attracted intense scrutiny from Chinese authorities over its extensive international purchases and levels of debt.—AFR; The Australian.

NATIONAL: Singaporean developer Fragrance has clocked up $665 million in apartment sales from three of its residential projects in Australia. The projects include the so-called 79-storey, 780 apartment “Beyonce” building in downtown Melbourne, a large apartment project in nearby Collins Street, and an apartment and hotel complex in Murray Street, Perth. The company has a total of nine projects in Australia.—AFR.

SYDNEY: Harry Triguboff’s Meriton Apartments Group has pounced on a prized 11-hectare waterfront development in Little Bay Cove for close to $245 million. The development is expected to have an end value of more than $700 million.—The Australian.

MELBOURNE: Singapore’s Mapletree Investments has snapped up a 10-storey A-Grade office tower on Melbourne’s St Kilda Road for $145 million. This is the highest ever price paid for a building on the leafy boulevard. The purchase is also Mapletree’s first office property acquisition in Melbourne and adds to its $1.1 billion portfolio.—The Australian.

ADELAIDE: A consortium of Macquarie Infrastructure and Real Assets and Public Sector Pension Investments (PSP), Canada’s largest public-sector pension fund, has paid $1.605 billion for the rights to manage South Australia’s lands titles registry and services unit for the next 40 years. The deal far exceeded the initial sale estimate of about $400 and follows the privatisation of NSW’s Land and Property Information unit in April this year.—AFR.

RURAL: Ray White Rural enjoyed a record financial year with $1.4 billion in property sales nationally, up $75 million on the previous year. The company attributed its success in part to high commodity prices, favourable seasonal conditions, and low interest rates.—AFR.