Deals of the Week: 8 June 2018

Deals of the Week: 8 June 2018

Central Queensland: The Queensland government has approved a $1 billion wind farm for up to 195 wind turbines at Clarke Creek, 150 kilometres north west of Rockhampton, in what is set to become one of Australia’s largest wind farms. The approval comes as part of Queensland’s $20 billion pipeline of energy projects, with almost $4.5 billion already committed to or under way, as the state government focuses on reaching its 50 per cent renewable energy target by 2030.

Sydney: Singaporean developer Wee Hur PBSA Master Trust has paid $52 million for an old office block in Redfern, Sydney’s inner west, for redevelopment into student accommodation. Under the scheme, once approved and completed, there will be about 515 beds in a $150 million development.—SMH.

Sydney: Property developer and manager Mirvac has exercised its pre-emptive rights over a half share of the Westpac headquarters at 275 Kent Street, Sydney, which has been sold by US private equity group, Blackstone for $721.9 million. Mirvac already owns a half stake in the building, giving it the right to match the best offer made for the Blackstone share. With the deal, Mirvac will retain management of the property.—SMH.

Sydney: A Macau-based investor has snapped up prime Sydney CBD real estate for $265 million, a cool $15 million more than the expected transaction price, in Sydney’s thriving office market. The 179 Elizabeth Street office tower, opposite Sydney’s Hyde Park, was owned by Sydney-based real estate group Markham who had sales expectations of $250 million. The passing yield on the deal was 5.17 per cent.

Melbourne: Funds management giant QIC Global Real Estate has bought a half-stake in two key Melbourne centres owned by the Pacific Group of Companies in a deal worth about $1 billion. The off-market deal for the ­Pacific Werribee and Pacific ­Epping shopping centres marks one of the largest retail property transactions of the year and the march of institutional owners deeper into the top end of retail property.—The Australian.

Geelong: Charter Hall Retail REIT, backed by a wholesale partnership, has bought Gateway Plaza shopping centre on Victoria’s Bellarine Peninsula for $117 million from a Vicinity Centres-run fund. The 33,510 square metre mall is in Leopold near Geelong, at the gateway to the Bellarine Peninsula. It was not on Vicinity’s balance sheet, but in a vehicle it manages, the Vicinity Enhanced Retail Fund. The transaction is separate to a $1 billion tranche of smaller malls that Vicinity announced this week that it will look to divest.—AFR.

Sydney: Real estate fund manager EG has snapped up the suburban office building at 7 City View Road in Pennant Hills in Sydney’s northwest for $32 million. The vacant 7124sq m property will join EG’s Yield Plus Infrastructure Fund No.2, which focuses on investments linked to infrastructure.—AFR.

Mornington Peninsula: Melbourne’s Mornington Village Shopping Centre has sold for nearly $40 million, as investor activity continues to ramp up in the idyllic tourism region. A syndicate of Chinese investors acquired the neighbourhood centre on a 5.26 per cent yield, with a passing annual rent income of just over $2 million.—AFR.