Weekly Update 29/11/2021

Welcome to this weeks Property News.

This week we leant of the decision by Independent Board of the AMP Capital Wholesale Office Fund electing to retain AMP Capital as its investment manager. While the recommendation is not unexpected, it is yet be put to the unit holders and so may not be supported by investors who would hope for a better future with the other candidates. 

This week we also saw Dexus sell its 383 Kent Street building to neighbours Charter Hall, giving them full control of a larger site which could accommodate a major redevelopment in years to come. Charter Hall paid $385m reflecting an initial passing yield of 5.1%. 

The other significant transaction completed this week was Altis’ recapitalisation of the AREEP3 portfolio. The re-cap involved the transfer of $750m of office and industrial assets to a new fund with fresh capital from Arrow Capital Partners and Starwood replacing funds from existing investors. As part of the recapitalisation, Altis have managed to retain control of the management of the portfolio.

With only 4 weeks till the end of the year, there is likely to be a flurry of deals pushed across the line. 

Many people (me included) are looking forward to the new year break to take a breath and power on into 2022.

If you have any news, information or research reports you’d like us to share with the market, please feel free to send me an email at info@propertymarkets.news or simply submit an article for us to review here.

Until next week


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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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