Deals of the Week: 25 January 2019

Deals of the Week: 25 January 2019

NATIONAL: Asian logistics platform ESR is stepping up the pressure to complete its $723 million takeover of ASX-listed fund manager Propertylink, declaring its bid to be its best and final offer. Through its local arm, ESR Australia, the Asia-based player now controls 29.29 per cent of Propertylink after sweetening its initial offer from $1.15 cash per share – and a total of $693 million – to $1.20 per share.—AFR.

SYDNEY: Commercial property giant Charter Hall has settled the acquisition of two strategic, high-quality commercial freehold assets in Sydney’s Barangaroo precinct for $804 million. The commercial office assets located at 10 and 12 Shelley Street are leased to Suncorp and Amex respectively and represent the only two freehold office buildings in the immediate King Street Wharf precinct. The transaction marks one of last year’s biggest commercial deals and brings Charter Hall’s total office assets to just under $12.9 billion.—The Urban Developer.

SYDNEY: Software giant MYOB has expanded its footprint in Sydney’s tight office market after securing a 10-year lease for 3,500 square metres spread over three levels at 309 Kent Street in Sydney’s CBD. The building is jointly owned by Dexus and AMP in a 50/50 split. The lease was brokered by Beau Stewart, Director of Corporate Real Estate Services, CI Australia.

SYDNEY: The Sydney apartment market has proven it still has legs after developer Landream snapped up one of the biggest development sites in Sydney since the market cooled, a 1.2-hectare former council depot in Pyrmont worth more than $200 million. The Melbourne-based developer has purchased 14-26 Wattle Street from the City of Sydney council for a mixed-use project.—AFR.

BATHURST: AAM Investment Group has acquired Allied Timber Products’ softwood sawmill and business located in Bathurst for about $25 million. The investment manager has already been making big moves in the agricultural space, buying poultry farms last year. This latest transaction is yet another addition to its diversified, unlisted investment offerings now valued at $160 million.—AFR.

MELBOURNE: MAB Corporation has tapped into strong demand for suburban office space, after selling 90 per cent of strata offices in a recently completed building in Narre Warren in Melbourne’s outer south-east.The developer’s $22 million CubeOne building features 40 strata offices starting from 45 square metres. To date 36 of the offices have sold with 70 per cent of the buyers being local business owners.—AFR.

MELBOURNE: Property giant Lendlease has secured coworking hub operator Spaces in two of the office towers at its $2.5 billion Melbourne Quarter development in Docklands. The hub operator, part of International Workplace Group, which was previously known as Regus, will take 7000 square metres in total, in one of the largest single deals in the rapidly growing coworking sector.—AFR.