Deals of the Week: 9 March 2018

Deals of the Week: 9 March 2018

National: Asian property powerhouse ARA Asset Management has forged deep into the Australian real estate market by snapping up a 19.5 per cent stake in the listed Cromwell Property Group, in a $405 million deal positioning both companies for expansion locally and offshore. The deal will allow the Australian group to draw on ARA’s deep global networks and help transform its European operations and fledging Asian unit into major players.—The Australian.

Queensland: Brisbane headquartered private equity and syndication firm Altor Capital has purchased Cooloola Cove Shopping Centre north of Queensland’s Sunshine Coast for $12.85 million. The Centre has a lettable area of approximately 4,300 square metres anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.—The Urban Developer.

Sydney: An office suite on Hunter Street in Sydney’s CBD has sold to a private Chinese buyer for a record $16,630 per square metre, breaking the previous strata office record set in September last year. The $1.63 million auction sale of the 98 square metre office space comfortably beat out the $15,234 per square metre record set in September. Ray White Commercial reports the average capital values for strata office space rose 27.9 per cent in 2017 with the average price paid per strata premises reaching $1.142 million.—The Sydney Morning Herald.

Sydney: A consortium of three groups comprising the private Arrow Property Investments, WA-based Pindan Capital and US heavyweight Starwood has finalised its long running deal to buy a seven storey, A-grade office building in St Leonards for more than $160 million from joint vendors Perth-based syndicator Australasian Property Investments Limited and Wingate.—The Australian.

Sydney: Sydney-based Sandran Capital has swooped on an A-grade office complex in Meredith Street in the western Sydney suburb of Bankstown for about $75 million. The private group is expanding its holdings across Sydney’s western suburbs and has properties in Homebush, Bankstown and Penrith, as well as projects as far flung as Darwin. The property is mainly occupied by the NSW Police Force and Centrelink.—The Australian.