Deals of the week: 29 September 2017

Deals of the week: 29 September 2017

29 September 2017

SYDNEY: AMP Capital, through its office fund, along with its separate account client UniSuper will buy out almost half Brookfield’s $1.8 billion Wynyard Place development in Sydney in the biggest single office deal yet in Australia. The massive deal was struck at a yield of around 4.75 per cent, an extremely tight return on a transaction that will take several years to materialise.— AFR.

BRISBANE: Singapore-listed Ascendas REIT has swooped on a Brisbane CBD fringe office property in Fortitude Valley for $83.8 million at an initial yield of about 8 per cent. The property is fully occupied by the State of Queensland (Department of Health) and three data centre operators. The sale provided a handy $34 million profit to previous owner Keystone Private, who manage the wealth of some of Queensland’s richest families.—The Business Times.

GOLD COAST: Colliers International Research reports that $225.85 million worth of sales were recorded across Gold Coast office, retail, and industrial sectors for 2016/17—a 43 per cent increase from 2011/12. Yields have also compressed during the five-year period, with strong demand expected to continue across the commercial property sectors until December 2018.—The Urban Developer.

SYDNEY: Property funds manager Centuria has tripled its money after selling Sydney landmark Swire House to Lendlease’s powerful investment arm, Australian Prime Property Fund Commercial, in a $270.05 million deal. The tower at 10 Spring Street was purchased in 2013 for $91.64 million by Centuria’s unlisted funds arm. The Spring Street deal comes amid a $1 billion wave of offerings now in the Sydney market. —AFR.

MELBOURNE: Property developer Golden Age is pushing ahead with its $500 million luxury residential tower on the eastern edge of Melbourne’s CBD, slashing the number of apartments and redesigning the project for top-end owner-occupiers. The 39-storey building will now house 145 apartments priced from $698,000 for a one-bedroom to $8 million for the top three-bedroom offer.—The Australian.

RURAL: Institutional investors, including TIAA-CRED Global Ag Properties, and local farming businesses have swooped on one of Australia’s largest portfolios of dryland and irrigated cropping assets. The Sustainable Agriculture Fund portfolio includes 10 properties with a combined area of over 16,000 hectares across three highly coveted agricultural regions—North Star and Darlington Point, NSW, and Lake Bolac, VIC.—The Weekly Times.