Deals of the Week: 27 April 2018

Deals of the Week: 27 April 2018

East Coast: The property arm of global insurer and asset manager Allianz will take a half stake in a new $500 million fund being raised by Scape to back a growing portfolio of student facilities. Scape has 1,600 beds in operation across three facilities in Sydney, Melbourne and Brisbane. It has another 4,000 beds in various stages of development and construction and plans to develop a further 5,000 beds in Australia over the next five years.—AFR.

Sydney: Super fund investor ISPT has swooped on a redevelopment opportunity at Greystanes in Sydney’s west, buying a large site from Boral for about $60 million. The Prospect Masonry property at 44 Clunies Ross Street, used for brick-making, covers close to 13 hectares and includes around 13,200sq m of facility area. The site’s current tenant has a lease until 2020.—AFR.

Sydney: CBRE has sold an Artarmon childcare centre for a record $21 million – representing the largest sale of a single tenanted childcare investment nationally. The three-storey childcare centre at 6 Clarendon Street returned a sharp yield of 6 per cent, indicating the strength of the childcare investment market, which has recently been perceived as oversaturated.—CBRE.

Victoria: One of the world’s biggest almond orchard portfolios has been listed for sale near Robinvale, Victoria, with price expectations of more than $300 million. The portfolio of eight properties has 12,000 hectares planted with almonds and is owned by a consortium of international institutional investors including Swiss-based global private equity manager Schroder Adveq, Danica Pension, one of Denmark’s largest pension funds and US pension fund the Municipal Employees’ Retirement System of Michigan.AFR.

Melbourne: Chinese developer R&F Property Australia has started work on the initial stage of its $750 million, eight-building, Live City residential and mixed-use project in Footscray. The residential and mixed-use project is being built on the dormant Kinnears Ropeworks factory on Ballarat Road and will include up to 1,450 dwellings. R&F acquired the site in 2016 for a reported $60 million and will stage the development over the next six to eight years.—The Urban Developer.