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Weekly Transaction Update - 6th October


This week we recorded 13 major transactions for a total value of just under $300M.

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For the second week in a row AMP Capital came up with the most significant transaction, this time acquiring Market Place Warner in QLD for $78.35M. The price represents a yield of 5.18% and is one of the sharpest yields for a neighborhood centre in QLD in recent years, but on par with the national average for last quarter. The Centre had been held by private investors for the past 15 years. The Centre was upgraded in 2014 to include a new Woolworths and Aldi and now contains 37 specialty shops. The site provides AMP Capital with some development potential or the chance to add other external retailers to the mix. The acquisiton follows AMP Capital's earlier purchase in June of the Marketown Shopping Centre in Newcastle for $163M which it acquired at a yield of 6.2%.

Also this week, 324 St Kilda Rd Melbourne was sold to Glorious Sun for $42M on a yield of 5.8%. The property contains 7,102sqm of commercial space over 8 levels and is leased to the likes of Westfarmers and Veolia with a WALE of 4.6 years. The purchase price represents $5,914/sqm. 324 St Kilda Rd joins 10 other assets on the famous strip that have traded hands over the past 18 months with the weighted average yield dropping from 7.0% in 2016 to 5.8% today. Globally, the Glorious Sun Group hold a number of commercial, industrial and residential buildings in Hong Kong, Mainland China, Singapore, Canada and United States for investment purposes. In late 2015, Glorious Sun also acquired a small site in South Yarra for a residential development but are better known in Australia for their apparel brands including Jeans West, Quicksilver and Roxy.

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

* indicates unconfirmed price