Deals of the Week: 9 November 2018

Deals of the Week: 9 November 2018

Brisbane: Charter Hall has emerged as the successful bidder for a QIC-owned Brisbane office tower in a $275 million deal. Through its Direct Office Fund, the listed fund manager has come out ahead of local and offshore investors to take out 61 Mary Street, which the Queensland funds giant put on the market in August.—AFR.

Brisbane: Singaporean billionaire Choo Chong Ngen has acquired his second hotel in Australia after striking a deal with Kuwait’s Sheikh Mubarak A. M. Al-Sabah to acquire the 367-room ibis Styles Hol in the centre of Brisbane. The hotel at 40 Elizabeth Street was developed by the Sheikh’s Dubai-based Action Hotels and opened in March 2016. Insiders put the value of the deal at more than $100 million.—AFR.

Sydney: Singaporean group Mapletree Investments has tied up its purchase of RF CorVal’s Chatswood tower in a $158 million deal that puts on display the strong appetite for Sydney suburban office towers. Mapletree won the bidding for the tower at a price reflecting a 5.7 per cent initial yield despite the fact it is on long-term leasehold land.—The Australian.

Sydney: Student accommodation provider Atira has snapped up a residential site that’s co-owned by construction company Built and Aussie Home Loans’ boss James Symond for just under $24 million. The Sydney site, near the Royal Randwick Racecourse, lies conveniently in the path of the Sydney’s future light rail and was previously approved as a residential development for about 50 dwellings over three buildings.—AFR.

Sydney: TH Real Estate, the property arm of US giant TIAA, has purchased Built’s Sub Station No.164 development for $180 million delivering the builder a super profit. The company Built purchased a disused and derelict site at 183-185 Clarence Street, Sydney, for $22.75 million from Vietnamese Vingroup in 2017. It sold the property on a 5.15 per cent capitalisation rate.—AFR.

Melbourne: Property tycoon John Beville has sold an office block on Melbourne’s leafy St Kilda Road for $163 million to Chinese mainland investor Da Xie. The sale was struck on a fully leased yield of 4.96 per cent and a building rate of $8,300/sq m, setting new benchmarks for the St Kilda road office precinct. Mr Beville’s private vehicle bought the building from Calibre Capital for $84m less than four years ago.—The Australia