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The week in global real estate - 23 February 2021

The week in global real estate  23 February 2021

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

Institutional Investors

  • Australian superannuation fund Aware Super has taken a 25% stake in Lendlease’s retirement village portfolio. The portfolio has more than 75 villages with 16,000 residents across Australia. More info here.
  • CoStar Group has made an offer of US $6.9B for CoreLogic Inc. The bid is higher than another offer from private equity firms. More info here.


  • DropBox has had US $400M of impairment charges on its real estate assets as the company transitions to a ‘virtual first’ working model. The company is also preparing to sublease some of its offices. More info here.
  • Tenacity has been granted consent for a 33-storey office tower in London. The tower will have 73,000 sqm of office space, retail and a public galley with gardens on levels 29 and 30. More info here.


  • Amazon has leased more space for a last-mile delivery centre in Queens, New York. A former 1,850 sqm supermarket will be replaced with the new purpose-built building. More info here.
  • Motorola has opened a new 12,600 sqm production centre in Dallas, Texas. The building will be used for the manufacturing of video security systems. More info here.
  • The Wall Street Journal reported that owners of industrial and retail property in US states where marijuana has been legalised have been able to charge up to three times the market rates when leasing property to businesses in the cannabis industry. More info here.


  • Niecon Plaza Mall in Broadbeach, Gold Cost is for sale. The 1990s mall is offered with a 14-storey office building and two other buildings. The site is nearby to the Star Entertainment Group’s $2B development. More info here.
  • Valentino allegedly owes its former landlord US $207M for breaking its Fifth Avenue lease in Manhattan, New York. The space was leased till 2029. Valentino has already taken up a lease of an alternative site in Manhattan. More info here.

Hotels and tourism

  • IHG Hotels and Resorts have signed a management agreement with Pro-Invest Group to open a Hotel Indigo and Voco Hotel in Brisbane. Both hotels will open in refurbished buildings. The two hotels will offer a combined 306 rooms on completion. More info here.
  • Amber Property Group has begun construction on Peppers Melbourne Richmond. The hotel is expected to open in 2022 with 80 rooms. It will be the third Peppers hotel in Melbourne. More info here.
  • The Star Entertainment Group has broken ground on its second tower in the $2B master-planned development at Broadbeach, Gold Coast. Management of the 63-storey hotel building is still being negotiated. More info here.
  • Acore Capital has raised US $1B to make rescue investments of North American hotels. Occupancy rates in 2020 were 44% in the US. 20% of hotels financed with commercial mortgage-backed securities (CMBS) are late on payments. More info here.


  • Southbank by Beulah will have the world’s tallest vertical garden at the 365m-high apartment development in Melbourne. The building will have more than 15,500 sqm of landscaping on completion. More info here.
  • Research from Ascend Properties has shown build-to-rent stock in the UK has increased 135% in four years to 54,000 units. This is around 1% of the total private rental market in the UK, up from 0.4% in 2017. More info here.
  • London based Avanton has announced it will invest £500M in land acquisitions for build-to-rent developments in London. The investor-developer plans to deliver 5,000 build-to-rent units between 2021 and 2023. More info here.

Related Experts

Chris Farhi

Director | Strategic Advisory

Auckland CBD

Chris is a Director within the Strategic Advisory team. The team helps you with your big property decisions and complex transactions.

Chris' advisory work focuses on:

  • Decision making processes (eg property strategy, business cases, feasibilities, etc)
  • Tenant representation for large lease transactions (office,  industrial and specialist-use)
  • Multi-site networks (eg consolidation strategies, optimisation, etc)

Chris’ background in brief:

  • Property strategy advisor for some of New Zealand’s most successful private sector, public sector and non-for-profit organisations.
  • Tenant representative (tenant-paid lease negotiator) for organisations ranging from small-to-medium enterprises through to major listed companies and government agencies.
  • Specialist skills in commercial leasing, financial analysis and market research.
  • Part-time lecturer at the University of Auckland Business School and commercial leasing trainer for the Royal Institution of Chartered Surveyors.

Chris’ qualifications include Honours degrees in both Civil Engineering and Property from the University of Auckland, and a Master of Philosophy from the University of Cambridge, UK. He is a Chartered Member of the Royal Institution of Chartered Surveyors.

Outside of work, Chris is a combat engineer in the NZ Army Reserve and a keen baker.

View expert

William Silk

Analyst | Stategic Advisory

Auckland CBD

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 reseasrch, reporting and analysis to support strategic commercial proprety decision making. 

View expert