Deals of the Week: 20 April 2018

Deals of the Week: 20 April 2018

Sydney: The Australian subsidiary of one of Singapore’s biggest tertiary education groups, Raffles Education Corporation, is set to more than double its money on a Parramatta office tower after entering into talks to sell the building for $82 million to ASX-listed real estate trust Propertylink. Raffles acquired the building for $31.9 million less than four years ago.—AFR.

Melbourne: Morgan Stanley’s Prime Asia fund has acquired a half stake in a 10-level office tower at 699 Bourke Street in Melbourne’s Docklands from global funds manager TH Real Estate for $102 million. The Prime Asia fund also has a half stake in the tower next door at 664 Collins Street–developed as part of a two-tower project on one site–which it acquired from Mirvac last year for $138 million.—AFR.

Queensland/NSW: Coal miner Pembroke Resources has beaten local and offshore agricultural investors to acquire the well-known Iffley, Deveril, and Twenty Mile cattle stations near Moranbah in central Queensland for around $50 million. Meanwhile, Dutch-based Optifarm, a fund backed by high net worth European investors, has emerged as the buyer of the renowned cotton property Gundaline Station in the NSW Murrumbidgee Valley for between $60-65 million.—AFR.

Melbourne: Abacus Property Group and Singapore-listed Wing Tai Holdings have purchased a $95 million office tower in Melbourne’s busy St Kilda Road corridor. The deal fits with ASX-listed Abacus’s strategy of buying city fringe assets, with the property group recently picking up other office blocks outside the Melbourne and Sydney CBDs. Abacus lost its respected founder and managing director, Frank Wolf, on Wednesday this week after a short battle with cancer.—The Australian.

Melbourne: Property funds manager and ­developer Newmark Capital has snapped up a suburban Melbourne shopping centre for $135 million from listed landlord Vicinity Centres and co-owner TelstraSuper.—The Australian.