Deals of the Week: 30 November 2018

Deals of the Week: 30 November 2018

MELBOURNE: Still in recovery from an election drubbing, the Liberal Party in Victoria will collect a $37.1 million compensation prize with the sale of its long-held Melbourne headquarters at the top end of town.—AFR.

NATIONAL: Dexus has radically reshaped its balance sheet by spinning off the bulk of its $2 billion industrial property empire into an unlisted fund backed by Singapore’s GIC Real Estate in a fashion that will allow the pair to ride the boom in e-commerce. The group has set up a vehicle that will see the pair specialise in the area while retail supply chains remain under pressure and landlords offer them new facilities to remain competitive.—The Australian.

SUNSHINE COAST: Stockland has sold malls in Bathurst and Caloundra on the Sunshine Coast for a combined $113.1 million at discounts to their book value, in further signs that values are starting to ease in regional commercial property. The diversified property group is selling some of its smaller, non-core retail assets as well as a major residential estate, The Grove in Melbourne, as it looks to reweight its portfolio and raise funds for its on-market buyback of up to $350 million of its securities.—AFR.

NSW: Billionaire hedge fund manager Sir Michael Hintze has sold Glaisnock, a near 1000-hectare mixed farming holding in NSW South West Slopes, for $8.8 million. The property at Berthong, 26 kilometres from the well-known agricultural town of Young, was acquired at auction by a local family farming group at auction.—AFR.

SYDNEY: AEW Capital Management has purchased a Pyrmont office building for $143 million on a yield of 4.87 per cent, a significant commercial acquisition for Sydney’s fringe suburbs. The building, located at 19 Harris Street, was purchased by AEW on behalf of its Value Investors Asia fund series, from UBS Asset Management, which managed the A-grade office tower on behalf of an overseas investor.—The Urban Developer.

MELBOURNE: Elanor Investors Group has set up a new fund with global real estate investment management firm Heitman, seeded with the $178 million purchase of Melbourne’s Waverley Gardens shopping centre. ASX-listed Elanor will co-invest with Heitman and domestic institutional and wholesale capital partners in the fund, which purchased Waverley Gardens in south-eastern Melbourne’s Mulgrave from real estate giant Blackstone.—AFR.