Deals of the Week: 9 August 2019

Deals of the Week: 9 August 2019

NORTH SYDNEY: Australian media company Nine has increased its office space, securing a 25,000sq m lease for 12 years at a 39-storey commercial office building in North Sydney. The media group is extending its original lease from 18,500sq m to combine all of its Sydney divisions into the one office, at 1 Denison the $1.2 billion development by Winten Property group — The Urban Developer.

SYDNEY: Diversified property group GPT has sold a neighbourhood shopping centre in the inner-west Sydney suburb of Leichhardt to a private local investor for $153.2 million. Norton Plaza comprises 11,800 square metres with a Coles supermarket and 50 retailers. It also includes a large-format Harris Farm Market. It is understood the deal was struck on a core cap rate of 5.5 per cent with the asset selling above its book value — The Australian Financial Review.

SYDNEY: EG’s new $800 million fund has made its first acquisition, a $36 million distribution centre in south Sydney. The Sydney-based fund manager acquired the 15,955sq m industrial centre, located about 30 minutes from the Sydney Airport, on an initial yield of 5.8 per cent — The Urban Developer.

GEELONG: WA-based fund manager Primewest has purchased the Geelong Gate Lifestyle Centre in Victoria for $44.25 million for its third Diversified Income Trust. The group raised $25 million to purchase the 19,534sq m large-format retail centre at 470–510 Princes Highway in Corio. It sits on nearly 4 hectares of land — The Australian Financial Review.

GOLD COAST: Sydney-based hotelier Joe Irvin has bought the Coolangatta Sands Hotel on the Gold Coast from former Rich Listers Peter Mattick and Philip Salter for about $15 million. Mr Mattick and Mr Salter, founders of ASX-listed direct market company Salmat, put the multi-storey venue on the corner of Griffiths and McLean streets – a block from the beach – up for sale in February — The Australian Financial Review.

SYDNEY: Sydney’s landmark Chifley Tower and Plaza has become part of the Charter Hall empire, with the listed group taking control of the $1.8 billion office building after striking a partnership with its owner, Singaporean sovereign wealth fund GIC. In one of the largest deals of the property cycle, Charter Hall said two of its wholesale funds would acquire a half-stake in the famous asset at 2 Chifley Square, with the group to take on the asset and property management of the entire tower, lifting its funds under management to more than $33bn — The Australian.