The week in global real estate - 3 November 2020

The week in global real estate  3 November 2020  hero

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

Institutional investors

  • Moody’s investor services said the outlook for Australian REITs is stable with industrial assets best placed for growth due to robust demand. Sydney is considered the strongest market due to a limited supply of space. More info here.
  • Property data and analytics company CoreLogic has received multiple takeover bids that value the company above $80 per share. More info here.

Office

  • Tenants have begun moving into the 39-storey 1 Denison tower in North Sydney. The tower was recently completed by Winten Property Group. It is the tallest building in North Sydney with a floor area of 60,799 sqm. Tenants include SAP, Nine Entertainment and Microsoft. More info here.
  • $661M of office property was sold in Silicon Valley last week. The largest deal was a 33,800 sqm office park tenanted by Apple for $346M. More info here.

Hotel and tourism

  • McSam Hotel Group has sold a newly completed hotel development in Chelsea, New York for $147M. The 531-room hotel was planned to be operated under a Marriott brand. More info here.

Retail

  • Home Depot will be moving to a new Upper East Side location in New York on a 20-year lease. The company will occupy 11,100 sqm of space that was previously occupied by Bed Bath and Beyond. More info here.

Industrial

  • Amazon has committed to a new 37,000 sqm fulfilment centre in a Dexus industrial estate in Melbourne. The deal more than doubles their floor area in Melbourne. More info here.
  • Frasers Property and Altis will develop 118 hectares of industrial land in Western Sydney in their first joint venture. The new estate will accommodate up to 400,000 sqm of logistics and industrial space worth around $1B. More info here.
  • Funds managed by Blackstone have acquired a large industrial portfolio from Prologis for £473M. The portfolio covers 400,000 sqm of buildings and 12.5 hectares of consented development land in England. More info here.
  • Amazon has signed three new leases for delivery stations in New York. These new sites will open during the first half of 2021. More info here.
  • Amazon will also open its first fulfilment centre in Nebraska in 2021. The 65,000 sqm facility is being established in collaboration with local government bodies. More info here.

Housing

  • Mixed-use developer First Base and investor Patron are acquiring the landmark Saxon Court site in Milton Keynes. They plan to develop it as build-to-rent homes, office, retail and community spaces. The scheme aligns with plans for Milton Keynes to be a net-zero carbon city by 2030. 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