Weekly Transaction Update - 10th November


This week we recorded 13 major transactions for a total value of just over $1.4bn.

Early last week came news that Vicinity and GIC completed one of the largest shopping centre swap deals we've seen for sometime with interests across 4 assets worth $1bn changing hands.

Vicinity has agreed to sell GIC a 49% interest in Chatswood Chase in exchange for a 50% interest in QVB, The Galaries and The Strand arcade. Under the arrangements Vicinity will take management control of the all of the Centres. For Vicinity the objective is to obtain a more balanced portfolio with a greater concentration of CBD retail assets which are more resilient to the headwinds facing the traditional malls. Vicinity like the diverse catchment of the CBD assets with office workers, residents and tourists forming key markets for the CBD assets.

For GIC, the deal is about obtaining an interest in a major regional centre which has further development potential.

In another remarkable shopping centre deal this week, private investors have acquired Chester Square Shopping Centre in NSW from the Smorgan Family at a record low yield of 3.8%. The Centre which contains a Woolworths and 30 specialty shops also has the potential for a 6 level residential project (STCA).

Also this week Growthpoint Properties announced the sale of the Woolworths distribution Centre in Mulgrave for $90.75M on a yield of 5.2%.

After acquiring 484 Victoria St, Wetherill Park for around $20M in May 2017, Bob Ell's Leda Holdings has flipped the asset to an owner occupier for $24.8M. Not a bad profit in only 6 months of holding the asset.

Chinese investors are still in the market with one group paying $42M for a residential land subdivision project in Junction Village, 45 km south east of Melbourne. The 30 hectare site was sold by Binns Scott on behalf of Wolfdene.

There were a number of other deals this week. Scroll through the list below or head to RE-Intel for further details.

* indicates unconfirmed price


Capital Management Australia

PO Box R1254

SYDNEY   NSW   1225

Tel: +61 412 173 476

Email: warwick@cmaust.com

ABN: 32 610 910 819

AFSL: 493605

  • LinkedIn Social Icon
  • Wix Facebook page
  • Wix Twitter page
  • Wix Google+ page

Capital Management Australia

© 2016 by Trademark.

Our Expertise, Our Privilege
Your Capital, Your Choice