Deals of the Week: 31 May 2019

Deals of the Week: 31 May 2019

BRISBANE: Sentinel Property Group has bought the Makerston House office tower in the Brisbane city centre for $103 million from ASX-listed Challenger. The deal – the largest to date for the Brisbane-based syndicator – was struck on a net passing yield of 7.85 per cent. It will be held within Sentinel’s Regional Office Trust, which holds nine assets worth more than $350 million.—AFR.

QUEENSLAND: The Dexus Australian Logistics Trust (DALT) has settled its purchase of a 9.2-hectare industrial infill development site in Queensland’s Richlands with vendor Heathley Asset Management for $26.5 million. The unlisted fund bought the site late last year as part of a string of east coast industrial purchases including sites in Sydney and Melbourne to replenish its industrial development pipeline.—AFR.

SYDNEY: Global reinsurance giant Swiss Re has paid almost $100 million to buy a Sydney distribution centre offered for sale by embattled furniture retailer Steinhoff in one of the biggest individual warehouse deals of the year. The 35,000 square metre facility at 1 Eucalyptus Place, Eastern Creek, was quietly acquired for $99.6 million in March by Swiss Pillar Investments, a subsidiary of Swiss Re.—AFR.

MACQUARIE PARK: Chinese residential developer Aqualand has sold the office building it bought in Sydney’s Macquarie Park three years ago, offloading the asset for about $70 million. The developer bought the two-level office and warehouse property at 40 Talavera Road in 2016 for $54 million as a long-term development play with interim plans to collect an annual rent of $3.1 million. LaSalle Investment Management bought the 25,000 sq m site on behalf of an investor, on a yield of about 6 per cent.—AFR.

SYDNEY: Property giant GPT Group has snapped up five logistics properties in Sydney for $212 million as it focuses on growth in the sector. The Sydney assets have a total lettable area of 88,200sq m, a combined weighted average lease expiry (WALE) of 8.6 years and initial passing yield of 5.4 per cent.—AFR.

WAGGA WAGGA: A 2500-acre rural property 30 kilometres from Wagga Wagga has hit the market with a price guide of more than $13 million. The “Wirralie” farm in the eastern Riverina of NSW, which is currently run as a commercial stud cattle business but equally suited to prime lambs or dry land cropping, is home to the Cotswold Simmental Stud with a 680 cow Angus beef herd. Located in the Kyeamba Valley, the property is halfway between Sydney and Melbourne and 11 kilometres from the town of Ladysmith.—AFR.

CANBERRA: Fund manager Centuria has bought a recently-refurbished office building in Canberra’s city centre through its unlisted Diversified Property Fund for $35 million. The ‘Optus Centre’, a six-level office property at 10 Moore Street, has 6,700 sq m of net lettable area and is one of the few buildings in Civic with a five-star NABERS energy rating.—AFR.