Deals of the Week: 22 March 2019

Deals of the Week: 22 March 2019

MELBOURNE: Singapore’s Cache Logistics has increased its exposure to Australian industrial property after agreeing to buy a logistics warehouse in Melbourne for $41.2 million. The listed property trust, which owns $1.35 billion-worth of warehouses in Singapore and Australia, will acquire the single-story property at 182-198 Maidstone Street, Altona, from an Abacus and GAW Capital trust on an initial yield of 6.8 per cent.—AFR.

MELBOURNE: The GPT Wholesale Office Fund has taken full ownership of a Southbank office tower in central Melbourne, after buying out the remaining half share of $326.2 million. As the first major institutional deal struck this year, as foreshadowed last month, the deal was struck on a tight 5 per cent yield.AFR.

BRISBANE: Diversified property group Stockland is pushing ahead with plans to sell off about $400m worth of retail assets by offloading two Queensland shopping centres for $143 million. A major centre in the Brisbane suburb of Cleveland was sold to syndicator Haben and the smaller inner-city complex in Toowong, which was slated for three apartment towers, has been bought by interests associated with the private State Development Corporation.—The Australian.

NEWCASTLE: Newcastle looks poised for its first five-star hotel after the local council sold the its brutalist 9-storey “roundhouse” building roundhouse to Syrian billionaire Ghassan Aboud’s Crystalbrook Collection hotel chain for $15.5 million. The hotel chain aims to turn the building, which is not heritage-listed, into a 135-room hotel by 2020.—Newcastle Herald.

SYDNEY: In a move that highlights continued demand for Sydney metropolitan retail assets AMP Capital Diversified Property Fund has sold Crossroads Homemaker Centre to Ashe Morgan for $140 million. The centre, which benefits from proximity to one of Sydney’s two Costco wholesale supermarkets, was developed by AMP Capital after its acquisition of the 143,400sqm site in 2002.—CBRE

MELBOURNE: Global law firm Jones Day Lawyers has secured some of the best views in town after leasing a whole floor near the top of Melbourne’s Rialto Tower. The Ohio-based firm, which established a Melbourne office last year, has struck an eight-year lease to occupy 1,000 square metres at level 48 in the 55-level Collins Street building at a net rent of $925 per square metre bringing its total value over eight years to $7.4 million.—AFR.

MELBOURNE: The GPT Wholesale Office Fund has taken full ownership of a Southbank office tower in central Melbourne, after buying out the remaining half share of $326.2 million on a tight yield of 5 per cent. The unlisted $7.8 billion GPT Wholesale Office Fund opted to exercise its pre-emptive right to buy the remaining stake in 2 Southbank Boulevard after its co-owner, Frasers Property Australia, moved to divest it.—AFR.