This week we recorded 25 major transactions worth close to $740M. The largest single deal announced this week, was the acquisition by IProsperity of the Pullman on the Park Hotel in Melbourne from Brookfield Asset Management. IProsperity paid close to $200M for the five-star Hotel which contains 419 rooms, conference facilities, a 1000-person ballroom and parking for 215 cars. Brookfield spent $12.5M on the lobby and bar areas in advance of the listing earlier this year. The Hotel sits in a prominent position just 500m east of the CBD with views overlooking Fitzroy Gardens and the MCG. Also in Melbourne this week, Mirvac acquired 383 LaTrobe Street from Sterling Global. The property has housed the Australian Federal Police who will move to CBUS 311 Spence Street in late 2019. The AFP Lease was to expire in Mid 2017, but is likely to have been extended prior to the sale to allow for the transition to 311 Spencer Street. Mirvac have acquired the asset for $122M on a 5.7% yield which is 75% higher than Sterling’s acquisition from Investa in July 2015 of $70.7M. Sterling subsequently obtained approval for a 70 metre hotel and residential tower which Mirvac may seek to change for commercial uses. Also this week Charter Hall have acquired another industrial asset with the $71.6M purchase of 55 Yarrunga Street Prestons from Soul Pattinsons and URB Investments. The development is due for completion later this year and will be leased to Mainfreight upon completion. The yield is reported to be around 5%. Scroll through the list below or head to ReDataSource for further details. * indicates unconfirmed price or apportionment of a portfolio sale #ReDataSource
Related Articles
