Weekly Transaction Update - 1st June
This week we recorded 9 major transactions worth $539M.
The largest deal this week was the sale by Markham of 179 Elizabeth Street Sydney to a Marcau based private investor for $265M. The 16-level, A-grade Elizabeth Street tower has 16,520sq m of office space with an average lease expiry of 3.9 years. The asset was previously sold by LaSalle Investment Management in January 2016 for $148M at a 7% yield. The recent sale provides Markham with a handsome $117M capital gain.
Also this week was the sale of 601 Bourke Street Melbourne by Private European fund Crowley Bourke P/L. The purchase by an unknown source at $70M reflects a 5% yield for the asset which has a 5.6 yr WALE. Centuria Capital previously sold the asset to the European Fund in December 2012 for $29.1M.
Interest in North Sydney assets continue to be strong with AEW now confirmed as the buyer of 54 Miller Street. Acquland acquired the property in 2016 for $52.3M but only able to secure $59.4M from AEW, reflecting some of the heated activity from offshore buyers that took place in 2015/16.
Scroll through the list below or head to ReDataSource for further details.
* indicates unconfirmed price or apportionment of a portfolio sale