Deals of the Week: 5 October 2018

Deals of the Week: 5 October 2018

National: Global real estate firm Colliers International has acquired Australian project management firm GMP Management as it expands its project management capabilities. GMP’s services include development, project and design management, feasibility studies and various costing services, comparable to Colliers’ suite of services. Colliers is on a fast-track expansion plan after buying another project management business, NixAnderson, a year ago.—AFR.

Brisbane: The $1 billion-capitalised Charter Hall Long WALE REIT is betting the the Brisbane office market will improve after investing $50 million in a tower opposite the new Queens Wharf casino and entertainment precinct. Along with co-investor, Charter Hall Direct PFA Fund, Charter Hall has acquired a half share in a B-Grade office building known as Capital Hill for $30 million and will spend another $21 million refurbishing it.—AFR.

Sydney: Austral Bricks has sold two adjoining brickwork sites in Southern Sydney for $41 million to a private buyer in a sale-and-leaseback deal. Austral comes under the umbrella of ASX-listed Brickworks, the country’s largest brick manufacturer.—AFR.

Melbourne: Toorak residents the Zhang family have agreed to pay about $50 million for a 160-hectare parcel of farm land at Beveridge, about 50 kilometres from Melbourne, that could support a future housing suburb. The property could potentially yield almost 1,400 new homes as part of the Beveridge South-West Precinct Structure Plan, which has yet to be approved by the state government.—AFR.

Melbourne: Property manager Pomeroy Pacific has added to its pipeline with a $30.5 million acquisition of an industrial site in Mulgrave, in Melbourne’s east. The 4.1-hectare property borders Woolworths’ Victorian head office and distribution facility. The newly acquired Mulgrave site was last traded early last year for $15.5m nearly doubling in value in 18 months.—The Urban Developer.