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The week in global real estate - 28 October 2020

The week in global real estate  28 October 2020  hero

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


  • WeWork's credit rating has been reduced from CCC+ to CCC. Both scales are non-investment grades. More info here.
  • Brookfield Properties has been given approval for a $367M mixed-use development in Elizabeth Quay, Perth. The plans include two towers totalling 52,000 sqm of office space, 1,800 sqm of retail, 237 apartments and a hotel. More info here.
  • Canadian REIT Northwest Healthcare is raising $150M to finance three major projects in Australia worth more than $500M. The REIT manages $4B of property in Australia and New Zealand. More info here.
  • Dexus has bulked up its healthcare portfolio with the purchase of the Australian Bragg Centre for $446M. It is the largest single-asset private healthcare deal to date and pushes Dexus’ exposure to more than $1B in the sector. More info here.
  • London’s iconic Scalpel office tower has been listed on the market for £820M. The office building completed in 2018 has 60,000 sqm of office space over 42 levels. More info here.
  • Brookfield Asset Management plans to buy a 1.1M sqm office portfolio in India from RMZ Corp for $2B. RMZ Corp plans to use the proceeds to fund portfolio expansion to more than 7.8M sqm over the next six years. More info here.

Hotel and tourism

  • Developer Sam Chang sold a newly completed hotel for USD$147M in Chelsea New York. The hotel has 531 rooms and was considered one of the largest hospitality projects under construction in 2019. More info here.
  • Montage International has acquired the Carbide and Carbon Building in Chicago. The building was designated a Chicago landmark in 1996 and has operated a 364-room hotel since 2018. More info here.


  • London landlord Shaftesbury is looking to raise £297M from a share placement via existing shareholders. The funds would aid reducing debt while rental income is under pressure due to the pandemic. More info here.
  • Furniture company JLA Home has purchased four condos at 60 Guilders and Carlyle Group’s office conversion in New York for $35M. They plan to use the 4,645 sqm spaces as showrooms. More info here.
  • Gap will close 350 stores by early 2024. Gap will focus on outlets and e-commerce instead of malls for the remaining 80% of stores. More info here.


  • Airtrunk is expanding its cloud-based infrastructure with plans for a $472M data centre in Sydney’s West. The centre would span 161,730 sqm of floor space over four floors, contain 16 data halls and 10,000 sqm of office space. More info here.
  • Mapletree has purchased a Brisbane industrial property from Blackstone for $118M. The 110,000 sqm industrial property has two buildings and is anchored by Woolworths. More info here. In the same industrial estate ESR has purchased an 18 ha infill site for $90M. More info here.
  • Blackstone Group is acquiring Simply Self Storage for $1.2B from Brookfield Asset Management. With this deal Blackstone Group will become the third largest owner of storage not listed on a real estate group stock exchange in America. More info here.
  • An industrial hemp growing trail has been approved in Victoria, Australia after a taskforce spent 12-months examining the potential for the industry. Last year Cannatrek was given approval to develop a $160M, 160,000 sqm medicinal cannabis facility in Northern Victoria. More info here.
  • Amazon has begun work on an 186,000 sqm expansion of their fulfilment centre network in Kansas. The project across two sites is expected to be completed in 2021 and provide 1,000 jobs. More info here. Amazon are also working on another 65,000 sqm fulfilment centre in Waco, Texas. More info here.
  • Hines and Cale Street are investing $592M to acquire and develop 250,000 sqm of former industrial land in Milan which is part of the MilanoSesto project. This investment comes after many attempts over two decades to begin development in the area. More info here.


  • Tower Capital has obtained a $56M construction loan for their single-family rental community development ‘The Village’ in Arizona. The development consists of 332 apartments across 12 ha. More info here.
  • Property investor Curlew Capital has committed £60M to fund the development of a 185-room purpose-built student accommodation building in London. The development is expected to be finished in 2023. 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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