This week we recorded $888m of transactions across 16 different deals. The largest deal this week was Manulife Real Estate purchase of the the Myer headquarters in Docklands for close to $300 million. Manulife is the global real estate arm of Canada’s biggest insurer, Manulife Financial. The vendors, Lend Leases’ Prime Property Fund and Savills Investment Management acquired the asset from Bovis Lend Lease who completed the building in 2010 with an end value of around $180M. The property is predominantly leased to Myers and Latitude Financial Services with a WALE of approx 6 years. Also announced this week was Mirvac’s acquisition of 75 George Street Parramatta from Corval for $86.3m. Mirvac acquired the 9,568sqm asset which has a 3.3yr WALE on a yield of 5.56%. The sale delivered Corval with an impressive result for their 5 year holding period with an equity IRR of in excess of 50%. The property comes with a scheme to redevelop the building into a 36-level tower on a 2,668sq m site which along with its location and the fact that Parramatta has one of the lowest vacancy rates in Australia, makes this acquisition a significant opportunity for Mirvac. Develotek and Shokai Ausbao have formed a JV to develop a one-hectare site at 14-38 Cowper Street, 21-41 East Street and 5-5a Rowell Street. Develotek has spent the last two years acquiring the sites under option and has now settled the amalgamated site for $80 million. The site is capable of developing 680 apartments which adds to the significant number of apartments being developed around the Granville railway station precinct. There were a number of other deals this week. Scroll through the list below or head to RE-Intel for further details. * indicates unconfirmed price
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