Deals of the Week: 2 November 2018

Deals of the Week: 2 November 2018

Brisbane: Singapore-listed Mapletree Logistics Trust has snapped up a prime Coles distribution centre for $105 million. In a move that lifted its local portfolio in Australia to 10 assets, the group purchased a complex at Heathwood in Brisbane’s southwestern suburbs in a deal struck at a tight yield of about 5.7 per cent.—The Australian.

Sydney: Property powerhouse Charter Hall has taken over a prime Collins Street site for an office development in a $140 million deal after its Singaporean owner struggled to win buyers for its proposed residential project. The site is a double-whammy deal because the listed fund also owns a neighbouring site at 55 King Street.—AFR.

Sydney: Accounting software company MYOB has agreed terms with joint landlords Dexus and AMP Capital over a 10-year lease for 3,496 square metres of office space at the A-grade building 309 Kent Street in the Sydney CBD, as it moves out of another building on Clarence Street. The building is part of a two-tower complex in the Sydney western corridor, close to Darling Harbour and Lendlease’s Barangaroo. The other building is 321 Kent Street.—AFR.

Melbourne: A Chinese investor has outbid the owners of the nearby Rialto Tower to buy a five-level building on yield of just 2.9 per cent. The fully leased retail and office property at 26-32 King Street, across the road from Melbourne’s most famous office tower, sold for $11.98 million. It last traded for $5.1 million in 2010 on a yield of 7.4 per cent.—AFR.

Melbourne: A private Hong Kong-based buyer has pounced on a suburban Melbourne mall, Burwood One, in the heartland of Melbourne’s east, home to the country’s first Kmart, for more than $180 million as the trade in reliable retail assets defies soft sentiment in the sector. The yield on the deal for is expected to come in below 5 per cent, tighter than the 6.3 per cent yield that sub-regional shopping centres are collecting on average currently.—AFR.

Brisbane: Singaporean billionaire Choo Chong Ngen has acquired his second hotel in Australia after striking a deal with Kuwait’s Sheikh Mubarak A. M. Al-Sabah to acquire the 367-room ibis Styles Hotel in the centre of Brisbane.—AFR.