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The week in global real estate - 24 March 2021

The week in global real estate  24 March 2021

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

Institutional investors

  • Pro-invest Group has launched a fund aimed at distressed hotel properties to assist with funding recovery of the sector. They are initially targeting a $500M capital raise. More info here.
  • Blackstone has made a takeover offer of $8B for Crown Resorts. The bid represents a 19% premium on the average price of shares since its first-half results. More info here.
  • Dexus has announced its $10B Dexus Wholesale Property Fund will merge with AMP Capital’s Diversified Property Fund under a stapling agreement. The merger is set to deliver further economies of scale in management, procurement and leasing activities. More info here.
  • CapitaLand has announced it is splitting its real estate development and fund management units. The result will be a new CapitaLand Investment Management entity which will be listed on the Singapore Exchange. More info here.

Office

  • Singaporean mall owner Mercatus in partnership with Dexus has purchased Cbus Property’s 33% stake in 1 Bligh Street, Sydney for $375M. The 43,000 sqm office tower was completed in 2011. More info here.
  • CA Corporation has lodged plans for a 54-storey mixed-use tower in Perth’s Elizabeth Quay precinct. The tower will have ground-floor retail, 60,000 sqm of office space and apartments. More info here.
  • The city to be developed adjacent to the new Western Sydney Aerotropolis will be named Bradfield. It is named after an engineer who helped shape Sydney. More info here.
  • WeWork is ditching a 4,400 sqm office lease in Hollywood that was set to expire in 2029. WeWork pre-leased the space in 2016 and was to be the anchor tenant. More info here.
  • Flexible working operators are likely to lease around 280,000 sqm of office space across six Indian cities in 2021. Operators leased 270,000 sqm of space during 2020, mostly to large scale enterprises seeking more space. More info here.
  • The federal cabinet of the United Arab Emirates has approved a system that will allow professional to reside in Dubai while working remotely for overseas employers. The law changes have been made to attract wealthy foreigners to boost its economy. More info here. 

Industrial

  • Amazon’s robotic fulfilment centre in Western Sydney is on track for completion by the end of the year. The warehouse will be the largest in Australia at 200,000 sqm over four levels. More info here.
  • Intel has announced they will spend US$20B to build two new chip manufacturing plants in Arizona. The plants will act as a manufacturing partner to other chip companies. More info here.
  • Sri Lanka is now unlikely to grant the Chinese a 99-year extension to a lease to run Hambantota Port in the Indian Ocean. The location makes it a potential key maritime hub in the area. More info here.

Hotels and tourism

  • A six-star eco-tourism resort is being planned for the abandoned former McLarens Landing on the Gold Coast’s Stradbroke Island. The plans include up to 40 glamping tents, recreational and function facilities. More info here.
  • A Scottish coal mine will be transformed into a hotel and wellness retreat. The Barony in East Ayrshire will offer tree-house style cabins and spa treatments on the former 44-hectare industrial coal mine. More info here.

Housing

  • Australia’s $1B National Housing Infrastructure Facility has now funded four projects in Melbourne. The funding is supporting HousingFirst to create 316 homes in Brighton and St Kilda to accommodate people on the social housing waitlist. More info here.
  • ABC’s former headquarters site in Brisbane has sold for $43.5M. Development is permitted to 15-storeys. The 1.5-hectare site previously had plans for a three-tower residential development designed by Zaha Hadid. Those plans did not eventuate. More info here.

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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