Deals of the Week: 2 February 2018

Deals of the Week: 2 February 2018

COFFS HARBOUR: Unlisted investment fund Fort Street Real Estate Capital fund has snapped up the Toormina Gardens Shopping Centre in Coffs Harbour for $83.3 million on a fully leased yield of 7 per cent. The regional, Coles-anchored Toormina Gardens Shopping Centre was offloaded by retail Landlord Vicinity Centres and financial services group Challenger. They each owned a 50 per cent stake in the centre.—The Urban Developer.

SYDNEY: Global development and construction company Lendlease has extended its grip over a key block in Sydney’s central business district with the purchase of a Spring Street complex for more than $50 million. The group’s main commercial property fund has snapped up its third tower in the strip, after buying two neighbouring properties last year. Lendlease is stocking up on fresh sites for the city’s next cycle as it completes its Barangaroo South precinct and it is also chasing tenant pre-commitments for its $1.5 billion Circular Quay Tower.—The Australian.

SYDNEY: China’s HNA Group has sold an office building on 1 York Street for $205 million to a unit of U.S. based private equity firm Blackstone Group. The sale comes as HNA faces financing strains following a $50 billion acquisition spree over the past two years, which has sparked scrutiny of its opaque ownership and use of leverage. HNA says it had earned $88 million from the sale.—AFR.

MELBOURNE: Manulife Real Estate, the global real estate arm of Canada’s biggest insurer, Manulife Financial, has paid $275 million for the Myer headquarters at 800 Collins Street, Melbourne. The 10-storey, A-grade property was sold by Australian Prime Property Fund (APPF) Commercial managed by Lendlease, and Savills Investment Management, on behalf of their on a yield of about 5.15 per cent.—The Australian.