Property Council of Australia 1H20 Office Market Report shows vacancy in Sydney, Melbourne, still tight

The Property Council of Australia released its twice annual Office Market Report today. The national stock comparison showed vacancy in Adelaide and Perth improved since the 2H19 (known in industry circles as ‘the July’) OMR. Melbourne’s CBD had he highest occupancy rate of any capital – at 96.8 per cent. The PCA said more than

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Texas owner to close 19 Australian EB Games stores this month

The Dallas-based owner of video entertainment chain EB Games intends to close 19 of its 300-plus Australian stores by the end of the month. GameStop – the world’s biggest video game retailer – sent suppliers emails overnight confirming the news. Gaming website kotaku.com.au broke the story this morning, with this item. News of which stores

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Scape pays $2 billion for Urbanest’s Australian student accommodation portfolio

Scape Australia is paying $2 billion for a portfolio of student accommodation units in Sydney, Melbourne, Brisbane and Adelaide. The property deal with Urbanest – owned ultimately by the Washington Investment Board care of M3 Capital Partners’ Evergreen Real Estate – is Australia’s biggest this year. It comes less than three months since Scape Australia

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Centuria spends $236.2 million on Arnott’s factories in Brisbane and Adelaide

Centuria Industrial REIT (CIP) is paying $236.2 million for two Arnott’s factories, in Brisbane and Adelaide. The sale-and-leaseback agreements come five months after the biscuit maker was acquired by US-based global investment house KKR in a $3.14 billion deal. KKR immediately appointed UBS and CBRE to sell three of Arnott’s owner-occupied properties. With a total

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ICD Property to build 35-storey tower as part of $400 million Central Market Arcade redevelopment

City of Adelaide has appointed ICD Property as partner for the $400 million Central Market Arcade redevelopment. Council held a two year long global expressions of interest campaign before appointing the Melbourne-based builder. The Adelaide CBD project will include a 35-storey tower with retail and residential components. Two office buildings, of 13 and 16 levels,

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Centuria buys Edinburgh logistics facility for $19.5 million

Centuria Industrial REIT (CIP) has settled on the $19.5 million purchase of an Adelaide logistics facility. The 6.5 hectare property at 32-54 Karuna Avenue, Edinburgh, sold following an off-market campaign managed by CBRE’s Jordan Kies, Craig Klemich and Chris O’Brien. Centuria Property Funds No 2 Limited (CPF2L) – CIP’s responsible entity, announced the deal in

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Charter Hall resets leases with Coles for distribution centres in Adelaide, Perth

EXCLUSIVE In a surprise and strategic move, Charter Hall Group and Coles have extended tenancy terms for major distribution centres in Adelaide and Perth. The 15-year deals, which kick in on January 1, 2020, will see the leases for both properties expire at the same time, in December, 2034. Coles’ rental agreement at Adelaide was

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Mair Property Funds spends $27.55 million on commercial real estate investments in Adelaide, Perth

Mair Property Funds (MPF) has spent $27.55 million on commercial assets in Adelaide and Perth – its fourth and fifth major real estate acquisition this year. With these deals, the 35-year old West Perth-based commercial property trust and managed funds group has assets under management valued at more than $260 million. It controls them via

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APPF sells Westfield Marion half-stake to Singapore’s SPH REIT for $670 million – the year’s highest priced shopping centre deal

Lendlease-managed Australian Prime Property Fund (APPF) Retail has sold a half share of Adelaide’s Westfield Marion for $670 million – a 2.9 per cent discount to its 30 September, 2019, book value. The asset was expected to trade for about $740 million when it hit the market in April, which would have been about consistent

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Moelis Australia sells Adelaide’s Hollywood Plaza Large Format Retail complex for $12.95 million

Moelis Australia Asset Management has sold a homemaker centre in Adelaide’s north. The Hollywood Plaza Large Format Retail complex is trading to a local private investor for $12.95 million. On a 3.7 hectare site at 155 Winzor Street, Salisbury Downs, the asset includes two buildings, with 8080 sqm of lettable area – fully leased, to

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Blackstone sells Adelaide’s Rundle Place, lists Melbourne’s Brimbank Central

Blackstone is understood to be close to selling Adelaide’s Rundle Place shopping centre for close to $250 million. The private equity group has also listed for sale a suburban Melbourne shopping centre, Brimbank Central, which is speculated to be worth more than $170 million. According to this item in The Australian, funds manager AMP Capital

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Third time lucky for Starwood Capital with $480 million bid for Australian Unity Office Fund

It may be third time lucky for Starwood Capital in its attempt to buy the Australian Unity Office Fund. Following failed bids in March and July, the US-based investment group is offering $2.95 per unit – equating to $480 million – for the fund which controls nine assets across the country. The latest offer represents

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Cohen family banks $27.6 million selling portfolio of seven Godfreys-leased assets

Interests associated with the Cohen family, founders of vacuum cleaner chain, Godfreys, have pocketed $27.64 million from the sale of seven retail assets across Australia. The portfolio – shops predominantly tenanted by Godfreys – hit the market last month. Promoted as investments, with leases in place, some of the sites offered medium term and medium

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