Weekly Transaction Update - 25th May
This week we recorded 7 major transactions worth $538M.
The largest deal this week was an acquisition by Centuria and the Lederer Group of 80 Grenfell Street Adelaide for $184.6M. Blackstone sold the asset on a 6.3% yield, having acquired it off Sam Alter in December 2015 for $162M. The building is 96% leased to the Bendigo & Adelaide Bank with a 7.3 year WALE and 3.75% fixed annual rental increases. Centuria have proposed a single asset unlisted fund will hold its 50% interest..
The second major sale was the purchase by Gaw Capital of the mixed use asset at 215 Bell Street, Preston Vic. The acquisition at a price of $160M was from Elanor Investments. Gaw Capital have previously teamed up with Abacus in the acquisition of 2 industrial assets in Chullora and Altona North. Gaw Capital is a Hong Kong listed private equity firm.
The third major asset sale this week was the announcement that Firmus Capital was acquiring 127 Creek Street Brisbane from Blackstone for $130M on a passing yield of 6.24%. The property has 11% of vacancy and a WALE of just 2.6 years. Firmus Capital is headed by ex co-founder of Rockworth Capital Partners, Mr Lim Su Kiat. Blackstone picked up the asset as part of a GE Portfolio in 2013 for $71M.
* indicates unconfirmed price or apportionment of a portfolio sale