The week in global real estate - 29 June 2020

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

Institutional investors / REITs

  • Investment companies, Ivanhoé Cambridge Holdings, Bouwinvest Real Estate and Greystar Real Estate have announced a joint venture focused on funding purpose-built student accommodation in the Greater Paris region. The venture has an investment capacity of €1B. More info here.
  • Singaporean investors, Peakstone have purchased a 32,000 sqm office tower in Sydney from Dexus for $530M. More info here.

Office

  • Tech company Atlassian has announced plans for the world’s tallest hybrid-timber tower to be built in Sydney’s new Tech Central precinct. The 180m, 40-storey tower will cost more than $1B to construct. More info here.
  • NASA is renaming its headquarters building after Mary W Jackson, the first female African American engineer to work for the agency. More info here.
  • WeWork is abandoning plans to move into a Manhattan office it agreed to lease two years ago. WeWork planned to retrofit the 10,600 sqm space before moving in. More info here.
  • WeChat owner Tencent is continuing plans for its master planned commercial district in Shenzhen, China. The development will have 2,000,000 sqm of floor area and prioritise green space and self-driving vehicles. More info here.

Retail

  • Valentino are suing their New York landlord to terminate their lease. Valentino claim that the lease has become void as it requires the store to be able to continuously trade under its brand, which has not been possible due to the COVID19 pandemic. More info here.
  • GNC has filed for bankruptcy and has announced it will close 1,200 stores as it looks for a buyer. The vitamin supplement company had declining sales before the pandemic. More info here.
  • British mall owner Intu have appointed administrators after struggling to secure a deal with creditors. The company had high net debt prior to the lockdown. Reduced rental income has added further pressure. More info here.

Industrial

  • Amazon has agreed to lease a 93,000 sqm warehouse to be built on the site of a former paper-making factory in New York. The new multi-storey Queens warehouse will include rooftop parking and will function as a delivery station. 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