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The week in global real estate - 10 November 2020
A weekly update of the biggest real estate news from around the globe.
Oxford Properties Group has taken a 50% stake in office landlord Investa. Investa has $12B in assets. The interest was previously owned by Macquarie Group. More info here.
Mirvac and joint venture partner John Holland have lodged plans for a mixed-use over-station development in the urban regeneration zone of Waterloo Metro Quarter. The $900M plan includes 35,000 sqm of office space, an apartment building with affordable housing, and a student accommodation building in partnership with the NSW government. More info here.
China’s most indebted property developer China Evergrande will be selling a USD$2.2B stake in an investment group to help finance future projects. More info here.
American Tower, one of the largest REITs globally, will be buying InSite Wireless’ portfolio of 3,000 communication towers across Canada and the USA for $3.5B. American Tower owns 181,000 communication towers which it leases to telecoms. More info here.
Azerbaijan’s state fund SOFAZ has sold a 25-storey office building asset in Seoul, South Korea to local company Shinhan Card. The deal is worth $480M. More info here.
280,000 sqm of office space has been put up for sublease in New York. Most of it comes from start-ups in the tech sector. Manhattan office leasing is on track to end the year with the lowest transaction volumes in 20 years. More info here.
A 20-storey office tower under construction in New York has sold for $952M. 410 Tenth Avenue will be completed in 2021. Amazon and First Republic Bank have signed on as tenants. More info here.
New York University has renewed its 59,000 sqm lease at One Park Avenue in New York for the Langone Medical Centre. More info here.
Geelong, south-west of Melbourne, will become home to the largest lithium-ion batteries in the southern hemisphere. The battery will have a storage capacity of 450-megawatt hours. The plan is part of Victoria’s move towards sustainable energy. More info here.
Australian investor, Abacus Property Group, has added the remaining 75% interest in Storage King to its $1B portfolio of self-storage properties. More info here.
Lowe’s Home Centre has signed a lease for over 100,000 sqm of industrial space in Pennsylvania for a new warehousing and distribution facility. The location is strategically placed between Pittsburgh and Philadelphia. More info here.
Westfield-owner Scentre Group has reached rental agreements with 89% of its tenants under ‘good faith’ principles in Australia. Occupancy across the mall portfolio is at 98.4% and rent collections at 96% for October. More info here.
New York landlord Vornado Realty Trust filed a lawsuit against Planet Hollywood for $5.5M in rental arrears at its Times Square location. Vornado has recently sued other tenants over unpaid rents. More info here.
Hotel and tourism
Coolangatta’s first on-site airport hotel has opened. The Rydges Gold Coast Airport is a 192-room hotel. More info here.
MGM Growth Properties has expressed interest in purchasing The Venetian, a Las Vegas Strip casino. The casino was recently put on the market by Las Vegas Sands. MGM would require an operator for the property before finalising the purchase. More info here.
In the United States, the number of new multi-family (build-to-rent) mortgages was 47% lower in Q3 2020 than a year prior. This is also down 12% on the immediately prior quarter. More info here.
Private investor Starwood Capital Group has purchased two affordable multi-family housing portfolios in the US. The portfolios total 4,618 units with a value of $644M.
Miscellaneous interesting stuff
An 85-year old heritage primary school in central Shanghai was lifted and moved 62 metres to a new location by using a ‘walking machine’ system. The 7,600-tonne five-storey building was moved so the site could be redeveloped with 360,000 sqm of mixed-use development. More info here.
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