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The week in global real estate - 24 November 2020

The week in global real estate  24 November 2020

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

Institutional investors

  • Australian developer, Grocon, has appointed administrators after losses from the Barangaroo project in central Sydney. The company is in a legal dispute with Infrastructure NSW relating to the project. More info here.
  • Simon Property Group has reduced the purchase price on a deal for an 80% stake in rival mall owner Taubman Centres Inc. The price was reduced by 18% due to the impact of the pandemic on retail property values. The revised deal is worth $2.65B. More info here.
  • Philippine developer DoubleDragon Properties is planning a $305M REIT listing. It will be the country's second REIT. More info here.

Office

  • Brookfield Properties and Oxford Investa have completed a $200M renovation of the 38,000 sqm 388 George Street office tower in Sydney. A five-storey retail pavilion was added and the office space refurbished. More info here.
  • China Investment Company has acquired the additional half interest in Sydney’s Grosvenor Place building from Dexus. The deal is worth $925M. The price was at a 5% discount on the June 2020 book value. More info here.
  • Construction has topped out at Google’s Hudson Yards campus expansion. The 120,000 sqm addition to the campus has 9,300 sqm floorplates and incorporates a disused rail terminal building. More info here.

Industrial

  • Developer MAB Corporation has released plans for a $3.3B business park next to Avalon Airport in Geelong, Melbourne. The development covers 780 hectares. Subject to planning permissions, construction will begin in 2022. More info here.
  • Centuria has secured a three-asset portfolio of cold-storage facilities worth $171M on a 5.62% yield. The assets in Sydney, Melbourne and Brisbane are 100% occupied. More info here.
  • Charter Hall has purchased six Bunnings assets in a partnership deal that takes their total number of Bunnings assets to 59. The deal was worth $353M. More info here.
  • Amazon has leased 19,600 sqm of newly developed industrial space in Brooklyn for a last-mile delivery depot. More info here.

Retail

  • The Beverly Hills Saks Fifth Avenue department store will be sold in a foreclosure sale. The sale of the 15,000 sqm store near Rodeo Drive is being forced due to missed mortgage payments. More info here.
  • 7-Eleven has leased three new Manhattan sites. The sites at Times Square, NoMad and Tribeca became available due to the impact of the pandemic on other retailers. More info here.

Hotels

  • The Crown Plaza brand has returned to Adelaide with a 329-room hotel within a mixed-use towner development. The hotel features the WorkLife room concept with clearly segmented space for relaxation, sleep and work in the rooms. More info here.
  • French Polynesia will have its third Hilton hotel in early 2021 with the opening of the Hilton Tahiti. The 171-room hotel will be renovated before re-opening. More info here.

Housing

  • Mirvac and Milieu have lodged plans for a 527-unit build-to-rent development in Melbourne. Local feedback on the development expressed the desire for long tenure and the ability to personalise their homes. More info here.
  • Moda Living has been given approval in Birmingham to develop 722 units including affordable and build-to-rent units. The site has been undeveloped for 70 years and will include new public and retail spaces. 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