Deals of the Week: 28 June 2019

Deals of the Week: 28 June 2019

BRISBANE: ASX-listed car dealer AP Eagers has sold its auto dealership property in north Brisbane for $61 million to Financial Review Rich Lister Kevin Seymour’s Seymour Group. The property at 99 Breakfast Creek Road in Newstead will continue to operate its car business under a seven-year lease-back agreement. The site is on 18,070 sq m of land with gross floor space of 12,485 sq m.—AFR.

SYDNEY: Westfield shopping centre owner Scentre Group has offloaded its Sydney CBD office towers to private equity powerhouse Blackstone for $1.52 billion. The company also announced an $800 million share buy-back on the back of the transaction, as well as its recent sale of a 50 per cent stake in Westfield Burwood, as part of a joint venture with Perron Group.—The Australian.

SYDNEY: Mirvac has purchased a 14-hectare industrial site in Auburn in western Sydney from private property group Payce for $94.2 million, as it pursues its latest development plans. The purchase of the site, earmarked for a $250 million industrial estate and logistics hub, was conducted as a joint venture with an investment vehicle backed by Morgan Stanley Real Estate Investing (MSREI). It strengthens Mirvac’s ties to a platform with which it has done many deals in commercial property.—AFR.

GOSFORD: Barwon Investment Partners has struck a $200 million sale-and-lease-back deal with operator Healthe Care Australia to acquire Gosford Private Hospital on the NSW Central Coast. The acquisition will be held in the Barwon Institutional Healthcare Property Fund,  a vehicle which the boutique fund manager first seeded two years ago, after securing $300 million in equity commitments from five institutional investors.—AFR.

QUEENSLAND: The former Fairfax Media print site at 58-68 Delancey Street in Ormiston in Queensland has sold for $7.425 million, following an expressions of interest sale campaign. Director of signage company SS Signs Steve Lambourne bought the substantial 5.19-hectare asset which features a 5160sq m office/warehouse building.—AFR.

QUEENSLAND: ASX-listed Garda Capital has sold a stand-alone office building in the Queensland TradeCoast’s Gateway Office Park for $17.3 million. The property, Building 2 at 747 Lytton Road, Murarrie, has a weighted average lease expiry (WALE) of 3.1 years, which follows a successful year-long re-leasing campaign to full capacity.—AFR.

BRISBANE: Sentinel Property Group has sold its prominently positioned Citilink Business Centre opposite Queensland’s largest hospital, the Royal Brisbane and Women’s Hospital (RBWH), for $76 million. The deal comes almost four and a half years after Sentinel purchased the near city Bowen Hills property with redevelopment upside and major tenants including the State government and instruments maker Siemens for $62 million.

BRISBANE: Edison Exchange, occupying a significant Brisbane CBD allotment, has transacted for $57 million.  Singaporean-based Investment Manager Firmus Capital has emerged as the successful bidder of the property at 280 Elizabeth Street following an International Expressions of Interest campaign run by Justin Bond and Matt Barker of Knight Frank. 

BRISBANE: Real estate fund manager EG has wound down its core plus fund with the sale of a significant retail asset in Brisbane to a major Perth-based private syndicator. EG originally purchased the Northwest Plaza at Everton Park in north Brisbane from Consolidated Properties for $41.2 million.—The Urban Developer.

PERTH: National property fund manager Primewest has lured major international engineering firm Fugro to one of its West Perth buildings, continuing its strong run of in-house leasing wins.The deal for more than 3000 square metres at 1060 Hay Street is a major coup for Primewest and the building, as large, blue chip tenants are usually attracted to the CBD by the major property groups representing CBD landlords.