Deals of the Week: 8 March 2019

Deals of the Week: 8 March 2019

BRISBANE: In one of the first major Brisbane office transactions for 2019, Heitman LLC and partners Marquette Properties have picked up the 288 Edward Street tower from Canadian investor Quadra Pacific for about. $115 million. Marquette manages $300 million of commercial and retail assets across South East Queensland. The deal brings Heitman’s investment into the local commercial property market to $700 million over the past year—AFR.

SYDNEY: The Bank of Sydney has swooped on a Pitt Street office block in the heart of Sydney’s central business district, buying the complex from Kingsmede for about $50 million. The bank, whose ultimate parent is the Lebanon-based Bank of Beirut, bought the seven-storey building as it looks to expand. The purchase gives it a prestigious corner freehold building in a prime location in the Sydney CBD’s financial core.—The Australian.

SYDNEY: AMP Capital has put a portfolio of three industrial and logistics assets in Sydney up for sale, with expectations they could fetch more than $110 million. The sale comes as the global investment manager develops the $2.7 billion Quay Quarter project at Circular Quay, featuring a premium-grade tower.—AFR.

SYDNEY: The listed GPT Group has secured ACR Supply Partners as a tenant to occupy the whole of its newest logistics facility in western Sydney as it expands in the area. ACR took 31,000sq m on an eight-year term at The Gateway estate in Eastern Creek and the prime-grade distribution centre is now fully pre-committed. The deal continues GPT’s run of speculative developments, capitalising on strong demand from occupiers for space, and chief executive Bob Johnston has ambitions of getting to a $3bn logistics portfolio.—The Australian.