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The week in global real estate - 7 December 2020

The week in global real estate  7 December 2020

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

Institutional investors

  • Australian GPT Group has sold its 25% stake in Sydney’s 1 Farrer Place to Lendlease for $585M. The deal was done at the GPT’s current book value of the stake. GPT is repositioning to focus on logistics. More info here. 
  • Charter Hall has sold their 14,500 sqm North Sydney office tower at a 10% premium to the June 2020 valuation at $212M. The A-grade property was sold on a passing yield of 5.21%. More info here.
  • Credit Suisse is winding down and liquidating their Real Estate Fund at a discount of more than 20% of the underlying asset value. The decision to liquidate has come against a backdrop of low trading volumes and the impact of the pandemic. More info here.


  • Landsec has sold their 1 & 2 New Ludgate office and retail development in London for £552M. The company completed the 36,200 sqm development in 2015. It generates £23.7M annually in rental income. More info here.
  • A former courthouse in London will be transformed into a mixed-use office space with the city’s first urban forest rooftop. More than 100 trees will be planted on the rooftop which will include community gardens and a swimming pool. More info here.


  • Core Logistics Partnership has purchased a South Sydney Bunnings for $70M. Bunnings will be vacating the premise with a surrender package. More info here.
  • Stockbridge Capital Group in partnership with the National Pension Service of Korea has purchased a portfolio of 23 industrial properties across the USA for $2B. The portfolio covers 1.3M sqm and is largely leased by e-commerce companies. More info here.
  • Blackstone has purchased a 13-property portfolio covering 195,000 sqm of industrial space from Iron Mountain for $358M. The deal features a 10-year leaseback period with options to extend 20 years. More info here.


  • Administrators have been appointed to Arcadia Group, owner of Topshop. The company’s property arm owns the leasehold interest in its 9,300 sqm West End flagship store on London’s Oxford Street which may be sold off. More info here.
  • UK fashion chains Peacocks and Jaeger has also been placed into administration. They have 500 stores between them in the UK. The stores will likely be shut if the companies are not sold. More info here.
  • Home Depot will remain in its Flatiron District location in Manhattan for another 15 years after signing a lease extension for the 11,100 sqm store. They have occupied the site since 2004. More info here.

Hotel and tourism

  • SkyCity has opened its new Adelaide Casino and Hotel, the 120-room EOS by SkyCity. The precinct incorporates a refurbished heritage building and a 12-storey new build with restaurants and bars. More info here.
  • Marriott International has signed three hotels for its new Courtyard by Marriott brand, two in Melbourne and one in Brisbane. The brand aims to provide a highly efficient, no-fuss stay for guests. More info here.
  • IHG Hotels has signed an agreement with Sydney developer Conquest to rebrand two of their hotels under IHG’s Crowne Plaza and Holiday Inn Suites brands. The Holiday Inn & Suites Paramatta will be the debut of the brand in Australia. More info here.
  • Element Property has lodged plans for a 23-storey hotel tower built above the 1930’s Universal Pictures building in Sydney CBD. The 220-room hotel is the latest in a series of plans for the former studio building. More info here.


  • Canada’s Oxford Properties has begun its first build-to-rent project in Melbourne, with the acquisition of a 7,000sqm development site. The company has plans for a 700-unit, $450M development in partnership with Investa who has delivered build-to-rent projects in the US and UK. More info here.
  • British organisation Love to Rent has sent a letter to the British PM asking for a Minister of Renting to be appointed to “oversee and raise standards for millions of people currently in rental accommodation”. The letter was backed by leading names in the build-to-rent sector. 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