The week in global real estate - 8 September 2020

The week in global real estate  8 September 2020  hero

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

Industrial

  • Americold Realty Trust has acquired 17 million cubic feet of cold storage across three facilities in Florida and Texas for $107M. It is the largest publicly traded REIT focusing on temperature-controlled warehouses. More info here.
  • Hines Global has acquired a manufacturing campus in Silicon Valley with 38,700 sqm of industrial space for $107M. The four building campus is fully leased to ten tenants. More info here.

Office

  • The City of San Diego has stopped rent payments on an office tower that it has not been able to move into due to asbestos. The City intended to move 1,100 employees into the building it acquired through a lease-to-own agreement before detecting traces of asbestos. More info here.
  • US investor RFR has purchased an office block in Midtown, New York City from Morgan Stanley for $350M. The 53,000 sqm building accommodates the headquarters for their wealth management division and has a three-year leaseback deal in place. More info here.
  • British Land is planning 65,000 sqm of new office space in London that will target net zero carbon in construction. The project features one 35-storey and one 20-storey office tower near Liverpool Station. More info here. 

Retail

  • IKEA's largest franchisee, IKEA Retail, has made its first US real estate purchase of a mall in San Francisco. The 23,200 sqm shopping centre has been closed for 5 years. More info here.
  • Ingka Group, the owner of the largest number of IKEA stores, is investing €600M into sustainability related investments over the next 12 months. It has the goal of being climate positive by 2030. More info here.
  • New York landlord Vornado has taken legal action against a clothing retailer after they pulled out of a lease in Midtown, New York City. Vornado are seeking $14.8M in future rent payments. More info here.
  • Singapore mall owner Frasers Centrepoint Trust is planning raise $1.4B in equity to fund the acquisition of AsiaRetail Fund. The acquisition would add five malls to its current seven property portfolio and increase its floor area to more than 210,000 sqm. More info here.

Hotel and tourism

  • Accor Hotels has signed a new management contract under its Mantra brand in Melbourne. Mantra Melbourne Melton will have 41 rooms and overlooks the Tabcorp Park harness racing facility. More info here.
  • The Queensland Government has withdrawn plans for an expressions of interest campaign for a $1B global tourism hub in Cairns. A 10,500 sqm expansion to the Cairns Convention Centre will however go ahead at a cost of $176M. More info here.

Housing

  • A private developer in Melbourne has plans for a $275M build-to-rent project on a 2 ha site. The plans include 300 apartments and 34 specialist accommodation units. It will be one of Australia’s largest privately held build-to-rent projects on completion. More info here.
  • Oxford Properties and Delancey’s build-to-rent investment platform DOOR now has £1.2B of equity committed to it. The platform's Get Living portfolio is targeting up to 14,000 homes. 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