Weekly Transaction Update - 11th August
Only 7 significant deals were announced this week, totaling $541M.
The largest single deal was the acquisition by Meriton of an 11 hectare parcel of land at Little Bay in Sydney's east. The Malaysian vendor, TA Group commenced marketing the asset in February this year with hopes of circa $300M. Approvals in place allow for a further 600 dwellings to be established across the site. TA Group were originally a JV partner on the land with Charter Hall together completing the estate works, however a dispute arose between the parties which also led to a financing problem and in November 2013 TA group acquired Charter Hall's 50% interest and become the sole developer. Meriton has now agreed to pay $245M for the site.
The second major deal this week was the acquisition by MTAA of Goodman's Ferntree Business Park precinct in Notting Hill, VIC at $168M. The land contains a number of low rise commercial buildings with capacity for further development.
There were a number of other deals this week. Scroll through the list below or head to Propel for further details.
* indicates unconfirmed price