Deals of the Week: 22 December 2017

Deals of the Week: 22 December 2017

NSW & Victoria: Brett Blundy’s Aventus Retail Property Fund has divested two of its smaller regional malls in NSW and Victoria for $60.1m and warned FY18 income growth will be at the lower end of guidance of two to four per cent. The fund, like other retail property landlords in Australia and globally, is selling its non-core assets and focusing on growing its portfolio of bigger, metropolitan assets which are better insulated against the growth of online retailing — The Australian Financial Review.

Sunshine Coast: Listed property player Mirvac has sold a half stake in Kawana Shoppingworld on Queensland’s Sunshine Coast to ISPT for $186 million. The deal was struck on a capitalisation rate of 5.5 per cent — The Australian Financial Review.

Sydney: Charter Hall Group’s $3.85 billion wholesale Prime Office Fund has purchased a commercial office building overlooking Hyde Park in Sydney for about $340 million. Located at 231 Elizabeth Street, the 15-storey A-Grade commercial office building known as Telstra House for its tenant, has delivered its Chinese investors Bright Ruby a shining return after buying it in 2013 for about $201 million — The Australian Financial Review.

Sydney: Stockland, the country’s largest residential developer, has acquired a 184-hectare site in Marsden Park in the growing Sydney north-west region for $398 million for house and land development, in a strong signal that the Sydney north-west housing market continues to show depth — The Australian Financial Review.

Australia: The world’s largest manager of real estate Blackstone is selling a tranche of logistics properties along the eastern seaboard of Australia for about $200 million. Singapore’s ARA Asset Management, which this year snapped up an A-grade office tower at 320 Pitt Street in Sydney’s CBD for $275 million, is in due diligence to buy Blackstone’s collection of 10 industrial properties — The Australian Financial Review.

Melbourne: Malaysian backed developer Beulah International has emerged as the successful purchaser of the prominent BMW Southbank site in a deal valued at more than $100 million. International interest was received in the 6,061sqm property following an Expressions of Interest Campaign conducted by CBRE’s Melbourne City Sales team. The 58 Southbank Boulevard site represents Beulah International’s most significant Melbourne acquisition to date. A mixed-use project is proposed, including a flagship, state-of-the-art BMW dealership.

Sydney: CBRE has sold a 99-year leasehold interest in a heritage-listed commercial property in The Rocks, on behalf of Property NSW, for $7.5 million. Built in 1921 and fully restored in 1970, the historic 16-18 Grosvenor Street office building was sold with vacant possession to a private syndicate following a formal tender campaign.