Deals of the Week: 3 May 2019

Deals of the Week: 3 May 2019

BRISBANE: Sydney-based property development and investment group Kyko Group has swooped on Brisbane CBD’s 201 Charlotte Street office tower for $126.7 million. Fortius Funds Management and two private funds managed by BlackRock sold the building on an initial yield of 5.94 per cent, as deal-making in the Brisbane office sector continues to heat up.—AFR.

BRISBANE: Fund manager Centuria Capital Group has swooped on a newly-developed three-level, A-grade office building within Queensland’s largest waterfront urban renewal precinct. The building developed by Alceon Graystone changed hands in a $19.74 million deal on a 7 per cent yield.—The Courier Mail.

CENTRAL COAST: Advertising guru John Singleton has boosted his hospitality investments on the NSW Central Coast after buying the Elanora Hotel in East Gosford for about $25 million. The corner pub includes a brasserie and grill and drive-in bottle shop.—AFR.

SYDNEY: Charter Hall has signed the New South Wales state government to anchor its 231 Elizabeth Street building, which the listed fund manager took over two years ago on a short lease expiry. Several NSW government departments will occupy the hub, which covers 21,700 square metres of space on levels 2 to 15.—AFR.

MELBOURNE: An offshore buyer with exposure to the local market has snapped up a 10-storey building at 420 St Kilda Road for an estimated $92 million. Private equity firm KKR and its local partner Vantage Property Investments made a quick but profitable exit on the deal after spending $68 million to buy the property in 2017.—AFR.

MELBOURNE: Boutique property manager Centennial Property Group has acquired a multi-tenanted, industrial park in Melbourne’s inner west for $35 million on a 6.15 per cent yield. The 7.27-hectare industrial asset, known as Brooklyn Distribution Park, was sold by Perth-based syndicator GM Property Group on sharp 6.15 per cent yield.—The Urban Developer.

QUEENSLAND: Adelaide-based developer and investor Greaton has acquired Queensland’s Keswick Island, as the group continues to diversify its portfolio from apartments to hotel resorts. While the price is confidential, the island was listed for sale at just under $20 million. Meanwhile, Linc Energy founder Peter Bond has kicked off a formal campaign to sell Dunk Island off Mission Beach on the Great Barrier Reef with expectations around $20 million.—AFR.

ADELAIDE: Charter Hall’s direct property unit has bolstered its holdings, snapping up a major Adelaide tower from private equity group Blackstone for $82.25 million. The off-market purchase of the tower at 121 King William Street is the largest deal in the city this year. The building will be placed in Charter Hall’s unlisted PFA Fund.—The Australian.