Weekly Transaction Update - 3rd November
This week we recorded only 5 major transactions for a total value of just over $280M.
Hong Kong-based Early Light International Group, is close to buying Blackstone's 1 Castlereagh Street in Sydney for about $220 million on a yield of 4.2%. Early Light set the market alight with the overnight acquisition of 20 Bridge Street earlier this year at $330M on a similar yield.
The 11,432sqm B Grade Asset in Castlereagh St has a 2.4 year WALE and a current vacancy of 7%. The building sits near the Sydney Metro Martin Place station and Early Light would be hoping to capitalise on this location and on the shortage of small office space in the City to push rents higher over time.
Also this week was news that AMP Capital was the frontrunner on $1bn acquisition of Indooroopilly Shopping Centre. Whilst not yet confirmed, AMP Capital will likely be acquiring the asset on a yield of 4.5%.
There were a number of other deals this week. Scroll through the list below or head to Propel for further details.
* indicates unconfirmed price