Deals of the Week: 29 March 2019

Deals of the Week: 29 March 2019

SYDNEY: Singapore’s Ascott REIT has lifted its Australian hotel portfolio to over 900 rooms after buying the 150-room Felix Hotel at Sydney Airport for $60.6 million. The limited service Mascot hotel, developed by a group of local investors, led by Sydney developer Felix Milgrom, had been on the market since opening for business at the start of 2018.AFR.

SYDNEY: ASX-listed Abacus Property Group has purchased one of Sydney’s oldest cinemas, the historic Metro Theatre in Potts Point. The group exchanged on the property at 28-30 Orwell Street in May and has now settled the purchase for $19.8 million.—AFR.

MELBOURNE: Developer Trenerry Property Group has struck one of the biggest private funding deals in recent times after securing a $250 million senior debt facility from real estate financier Qualitas. With the non-bank funding in place, the Trenerry consortium has commenced construction of its $345 million West End development, which comprises five buildings across a massive 9,200 square metre site at 185 Rosslyn Street in West Melbourne.—AFR.

PERTH: Perth-based fund manager Warrington Property has swooped on a St Georges Terrace office block in an $18.25 million deal funded entirely through equity. The building has a total floor space of 4164 square metres and stands on one of the Perth CBD’s best-known streets.—AFR.

PERTH: The Lendlease-managed Australian Prime Property Fund Industrial has acquired a 1.856-hectare industrial site in Perth for a new $20 million facility, bringing the fund’s total assets to 34. The fund closed the purchase of the site at 45 Boom Street, Gnangara, about 30 kilometres north of the Perth CBD, for $4.1 million last month.—AFR.

NATIONAL: Frasers Property Australia announced today that it has refinanced an existing debt facility using a $600 million five-year loan derived from the LMA/APLMA Green Loan Principles—the first of its kind in Australia. The green loan principles set out a clear framework to promote integrity in the development of the green loan market by clarifying the characteristics of a green loan, based around the following four core components: use of proceeds, project selection and evaluation, management of proceeds and reporting.—The Fifth Estate.

NATIONAL: The Charter Hall Education Trust is acquiring a portfolio of 13 early learning facilities, some still in development, in a $75.5 million deal. The portfolio of centres includes two completed facilities, another five centres to be acquired on completion and six fund-through projects which are being developed by CCLP Consulting.—AFR.