Deals of the Week: 7 September 2018

Deals of the Week: 7 September 2018

National: Macquarie Group’s agricultural arm is closing in on a deal to acquire the remaining farm assets of Hassad Australia – owned by Qatar’s sovereign wealth fund – for close to $300 million. The sale, which involves more than 100,000 hectares of prime farming land across Australia, will be the biggest farmland deal in Australia since the sale of S. Kidman & Co in 2016 to Gina Rinehart.—AFR.

Brisbane: Fund manager Abacus has bought a Brisbane office tower from Liberman family-backed Impact Investment Group for around $170 million, in a joint venture with global investment manager Heitman LLC. The deal for the K1 building at 1 King Street in Fortitude Valley was struck on a yield just above 6 per cent.—AFR.

Sydney: Mirvac Group has expanded its ties with investment bank Morgan Stanley by selling a half-stake in the Calibre facility at Sydney’s Eastern Creek to the Mirvac Industrial Logistics Partnership for $125.2 million. The vehicle was set up last year and is a partnership between Mirvac and a wholesale fund sponsored by Morgan Stanley Real Estate Investing. The latest purchase of the industrial and logistics estate will see MILP’s combined asset value increase to about $220m.—The Australian.

Sydney: The City of Sydney is selling a 1.2-hectare site in the CBD-fringe suburb of Pyrmont with an estimated $200 million-plus price tag. The former council depot at 14-26 Wattle Street has approvals in place for a 50,000-square-metre mixed-use development that will allow apartments as well as the 91-place childcare centre and indoor recreational centre that will be owned by the City.—AFR.

Melbourne: Diversified property player Mirvac Group has bought a commercial office tower in central Melbourne, home to the Australian Federal Police, for $122 million from developer Sterling Global. Mirvac is keen to redevelop the site, which is just a short walk Flagstaff station and the legal precinct, but will switch the strategy to office use. A 40,000 sq m office tower proposal could eventuate, worth $550 million or more.—AFR.