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The week in global real estate - 16 February 2021

The week in global real estate  16 February 2021

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

Institutional Investors 

  • Greystar has secured a $1.3B fund to undertake various build to rent projects in Australia. The fund has two seed projects commencing this year in Melbourne creating 1,300 rental units and 2,000 jobs. Greystar has $48B in assets and manages over 700,000 dwellings in the USA. More info here. 
  • Care home investor Target Healthcare REIT is trying to raise £50M to help fund new projects. Target Healthcare has identified £224M worth of projects for existing and new care homes. This will include £47M dedicated to acquisitions. More info here. 

Office 

  • Mirvac has appointed Shop and Woods Bagot to design a $1.5B commercial tower in Sydney, Australia. The tower will comprise 60,000 sqm of office space with a maximum height of 232 metres. The tower will span three addresses which Mirvac have owned since 2003. More info here. 
  • Boohoo is searching for a larger office in London between 5,574 sqm and 7,432 sqm. Their current office space in Manchester is 1,393 sqm. Boohoo is expanding having recently purchased Debenhams, Arcadia Divisions Burton, Dorothy Perkins and Wallis.  More info here. 
  • Spotify has offered its employees the option to permanent remote work. Spotify currently anchors 4 World Trade Centre and has offices in 16 countries worldwide. More info here. 
  • Silverstein Properties, Brookfield Properties, Omni New York and Dabar Development Partners have won a bid to develop a 144,928 sqm mixed-use tower at the World Trade Centre, New York, USA. The tower will include apartments and office space. More info here. 

Industrial 

  • Bridge Development Partners is developing a class A industrial facility in Belleville, USA. The 33,313 sqm facility is designed for e-commerce and warehouse distribution users with 58 dock doors and parking for 94 trucks. More info here. 
  • Oracle is planning a data centre in Jerusalem. The 14,000 sqm facility will be located 50 metres below ground with five levels of car parking and a 17-storey building above. More info here. 

Retail 

  • DFS has signed a deal for more than 100 brands to join the Queens Wharf development in Brisbane, Australia. The three-level luxury shopping galleria will include 6,000 sqm of retail space and 16 standalone stores. The development is expected to open in 2022. More info here. 
  • The owner of Westfield's USA operations expected to downsize in the USA due to the impact of the pandemic. Westfield's Australian operations are owned by a different entity, Scentre Group, so are not affected by the plan. More info here. 
  • Fresh World has signed a 4,830 sqm lease in Woodbridge, USA. Fresh World will become the new anchor tenant for the retail centre. More info here. 

Hotels and tourism 

  • Developer Tim Gurner is planning a $600M hotel in Surfers Paradise, Australia.  The hotel will also include 600 apartments. The site was originally planned for a twin-tower development by Ralan before the company’s collapse in 2019 due to debts of $560M. More info here. 
  • The Busccini/Pollin Group has raised $6.2M via CrowdStreet to develop a 235-room hotel in Washington, USA. The 13-storey hotel is already under construction. More info here. 

Housing 

  • A group of landowners has partnered with Newland Developers to develop a 1,000-hectare site into a master-planned community in Geelong, Australia. The new community will include 15,000 homes, five town centres, 10 schools and various community facilities. The estimated end value of the development is $11B. More info here. 
  • Plans have been lodged for a 12-storey mixed-use residential building in Melbourne, Australia. The development will include 131 apartments, two levels of retail and office space and two levels of basement car parking. The site was last sold for $5.28M in July 2014.  More info here. 
  • A consortium of investors led by Wharf Holdings has purchased an underdeveloped site from the government in Hong Kong for $935M. The 50,58 sqm site is zoned for a floor area of 13,192 sqm. The site will likely be developed with luxury residential. More info here. 

Related Experts

Renee Lintott

Strategic Analyst

Auckland

Renee was the recipient of the Blair Hargrave/Colliers  Scholarship in 2019 before joining the  Strategic Advisory team as an analyst in the same year. Renee worked part time in the team for 2 years whilst completing  her tertiary qualifications and joined full time in mid 2021. 

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