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The week in global real estate - 12 October 2020

The week in global real estate  12 October 2020  hero

A weekly update of the biggest real estate news from around the globe.

Institutional investors

  • UK mall and office owner British Land has announced it will resume paying dividends in November. Dividends will be on a semi-annual basis where they were previously quarterly. More info here.
  • Blackstone is offering potential purchasers of a 8,400 property portfolio in Spain a reimbursement of up to 10% of the sale price if the values drop by more than 10%. The portfolio was acquired in 2017 and is reportedly worth more than €1B. Blackstone is proposing the arrangement to assist with selling the portfolio. More info here.
  • Avanath Capital Management and MacFarlane Partners in the US have jointly created the first REIT that will focus on affordable and workforce multifamily properties. They are two of the largest African American owned real estate companies in the US. More info here.

Office

  • Short-term office provider IWG is looking to close at least one-fifth of its 52 centres in New York in parallel to preparing to put its subsidiary Regus into bankruptcy in the UK. As of last week, Regus has put 103 of its centres around the US into bankruptcy. More info here.

Hotel and tourism

  • Airbnb is aiming for a US$30B valuation for its IPO in December. It is seeking to raise $3B in new capital. In April the company was valued at $18B when it raised $2B from investors. More info here.
  • Developer Limitless is planning a 173-room medical-hotel in Chermside, Brisbane. Medical developments have proven popular in Brisbane during the pandemic. More info here.
  • Sebel will open The Sebel Yarrawonga in regional Victoria during November. The first stage features 63 guest rooms. More info here.
  • Sydney’s Crowne Plaza has opened in Darling Harbour. This the first time in mor than a decade that the brand has operated in Sydney. More info here.

Retail

  • Starbucks have renewed a lease at One Bryant Park, Manhattan for a further 10-years. They have occupied the 110 sqm ground floor space since 2011. More info here.

Housing

  • Student housing developer Wee Hur has had a $64M development fast-tracked under the New South Wales shovel ready project program. The Redfern development will have 488 student rooms in an 18-storey tower. More info here.
  • Mirvac have acquired the two remaining residential development sites in Sydney’s Green Square Town Centre urban redevelopment project. The new suburb will have over 30,000 new dwellings when completed. More info here.
  • Sheng Le Group has listed for sale a 6,200 sqm site in Southbank, Melbourne. They were previously planning a $900M mixed-use development for the site. The approved scheme features 733 apartments, 188 guest rooms and 5,000 sqm of office space. More info here.
  • Frasers Property Australia and Mirvac will develop the first two affordable housing projects in Brisbane under the Queensland Government's build-to-rent program. The two projects will offer 744 apartments, of which 243 will have discounted rent. More info here.
  • Washington DC is getting its first modular build-to-rent development. Modo is a four-storey development. 80% of it will be constructed off-site.

Related Experts

William Silk

Analyst | Stategic Advisory

Auckland

William joined the Strategic Advisory team as an Analyst  in the Auckland CBD office in 2019, after completing studies at The University of Auckland. 

Specialising in research, reporting and analysis to support strategic commercial proprety decision making. 

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