Deals of the Week: 27 July 2018

Deals of the Week: 27 July 2018

National: Retail landlord Vicinity Centres has unveiled a $147 million lift in the value of its shopping centre portfolio, with its largest assets, including Emporium Melbourne, leading the way. An overhaul of Melbourne’s Chadstone mall, which it co-owns with billionaire John Gandel, also poured $324.1m on to Vicinity’s books in the first half.—The Australian.

National: Cadence Property Group is expanding into funds management, with hopes of reaching the $300 million mark in only a few years. The company has been focused on developments in the industrial market in Melbourne’s growing western suburbs, but will now look for value-add office and industrial opportunities around the country.—The Australian.

Brisbane: Listed Charter Hall Long WALE REIT and the Direct PFA fund have combined their purchasing power to acquire a 10-storey office building on central Brisbane’s Tank Street from an Ariadne joint venture for $93 million. The building was refurbished in 2014 and is fully leased to the state government’s police services with 6.3 years average expiry.—AFR.

Melbourne: Frasers Property Australia has started construction of a $46 million cardboard manufacturing and distribution centre in Melbourne’s west for paper giant Visy, owned by Anthony Pratt, the country’s richest person. The new 42,770-square metre facility will sit on a 7.8-hectare site at Truganina and include a 1,025 sq m office and 124 car spaces. Visy will occupy the new premises on a 20-year-lease.—AFR.

Melbourne: Melbourne-based property developer and builder Pace Development Group has snapped up one of Melbourne’s largest suburban apartment projects for a cool $23.85 million. The $150 million “Blackburn Place” project at 160 Whitehorse Road Blackburn, will offer 263 apartments and 3,663sq m of ground level commercial and retail spaces across four separate towers.—The Urban Developer.