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The week in global real estate - 20 July 2020

20 July 2020 global real estate  hero

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

Institutional investors / REITs

  • Cromwell Property Group, a Brisbane based fund manager, is launching a $1B fund for focused on data centres in Europe and the Asia-Pacific region. They have partnered with Status Data Centres who will be responsible for the project delivery of the data centres. More info here.
  • Blackstone Group is winding down a mortgage-backed securities fund after a 24% decline in the fund in March. At the start of the year the Blackstone Real Estate Income Master Fund had around $900M in CMBS. More info here.


  • JC Penny has confirmed it is laying off 1,000 employees and expects to now close 152 stores as part of its bankruptcy restructuring. More info here.


  • WeWork has leased 10,200 sqm of office space in the Goldman Sachs building in Jersey City. The space will be occupied by Organon & Co, a subsidiary of pharmaceuticals company Merck.WeWork currently has $47B of lease commitments over the next 15 years. The lease will be guaranteed by the Merck (parent company of the end user). More info here.
  • Baker McKenzie, a London law firm, has pre-leased 13,900 sqm of office space in the heart of London. Their new building is currently being refurbished and they will move their 1,000 employees in late 2023. More info here.
  • Canary Wharf Group have lodged plans for a new development with 232,000 sqm of office space at North Quay. It the largest undeveloped site remaining in Canary Wharf. The project will also feature 700 apartments. More info here.


  • ESR, a Hong Kong-listed developer, has purchased a 79 hectare site in outer Melbourne. It plans to turn it into a premium logistics hub with an end value of $450M. The purchase is part of the company's $1B develop-to-hold fund. More info here.
  • Charter Hall has expanded its logistics portfolio with purchase of a 30.6 hectare property in Sydney. The $210M purchase represented a 4.76% yield. More info here.
  • Amazon has leased a 27,870 sqm distribution centre in Chicago for last mile delivery. It will be their 12th warehouse in Illinois. More info here.
  • Amazon is also investing $250M into another facility outside Austin, Texas. The new fulfilment centre will be at least 76,000 sqm. More info here.
  • Amazon have also purchased 5.8 hectares of industrial land in Sand Island, Hawaii. They have not yet disclosed what they intend to use the land for. More info here.


  • AirBnB is reviving plans for an initial public offering as part of the strategic plan to bounce back from the effects of the COVID19 pandemic. More info here.
  • InterContinental Hotels is taking over the management of the Grand Pacific Hotel in Suva, Fiji in 2022. The property, built in 1914, will undergo a refurbishment before opening. More info here.


  • Los Angeles City has opened its Emergency Rental Assistance Subsidy Program to provide temporary rental assistance to residential tenants affected by COVID19. The program has $103M allocated to it and is expected to help 50,000 households. More info here.
  • Europe’s biggest 3D printer has been used to build a two-storey house in Belgium. The 91 sqm building will be used as a demonstration of how technology can be used in the construction industry at expos. More info here.

Related Experts

William Silk

Analyst | Stategic Advisory


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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