This Month
Heavy office tower exposure drags down Cbus’ annual returns
But the construction industry super fund stood by its heavy allocation to the asset class, even as its financial year returns fell below rivals.
- Hannah Wootton
Changes at the top: Brookfield promotes trio of local operatives
The Canadian private capital giant has elevated three of its long-serving senior staff: Sophie Fallman, Ruban Kaneshamoorthy and Danny Poljak.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Local REITs outpace broader market despite sagging asset valuations
Goodman Group was the standout performer in the 12 months to June 30, buoyed by rising demand from investors for exposure to data centres.
- Updated
- Kylar Loussikian
Tim Gurner, Qualitas take control of Jam Factory after $180m raising
The acquisition of the remaining 50 per cent interest in the Chapel Street site by Gurner/Qualitas sees Chris Langford’s Newmark Capital exit the landmark project.
- Larry Schlesinger
Pub tsar more than triples money in $30m Griffith sale
Jim Knox sold the Area Hotel in Griffith to budding entrepreneur Trent Middleton for $30m, having paid $8m for it in 2019.
- Larry Schlesinger
Nearly 3000 building companies go broke in a year
The construction sector remains by far the single largest category of insolvency as builders carry the ‘largest risk’.
- Larry Schlesinger
Crown Group founder fails to raise funds to buy back 473-unit site
Crown Group co-founder Paul Sathio had won the tender to buy the site but was unable to accrue enough funds by the settlement date.
- Campbell Kwan
Quintessential’s $250m Brisbane office deal confirms valuation slump
Quintessential’s $250m purchase of 240 Queen Street in Brisbane from Brookfield crystallises a 17pc fall in the tower’s value from its peak.
- Larry Schlesinger
June
- Exclusive
- Architecture
‘Huge demand’: Australia’s largest design firm expands worldwide
Architecture practice Woods Bagot is focusing on growing demands for luxury and non-traditional consultancy services for design firms.
- Michael Bleby and Patrick Duffy
Mirvac sells $1.3b stake in new tower to Mitsui
The transaction is the latest evidence of the company’s efforts to trade out of lower-quality office assets and focus on new, premium ones.
- Michael Bleby
Stirling Property in talks to buy HomeCo’s McGraths shopping centre
Street Talk understands the trust has been in discussions to offload its McGraths Hills centre in Sydney’s North West to Stirling Property Funds.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Bidding wars for bakery and vet as investors chase affordable assets
A Bakers Delight shop in Rosanna in Melbourne’s north-east sold for $943,000 on a low 3.9 per cent yield after 40 bids at a portfolio auction.
- Larry Schlesinger
Sydney landmark Luna Park hits the market
Canadian property giant Brookfield is stepping off the ride at the famed harbourside attraction and is ready to hand the fun times over to a new owner.
- Updated
- Campbell Kwan
- Exclusive
- Office
Minters to sit atop Mirvac’s 55-storey office tower
The top-tier law firm will take up the top floors of 55 Pitt Street, as Sydney’s legal eagles vie for the best perches across the CBD.
- Campbell Kwan and Maxim Shanahan
Macquarie joins rush into land lease sector after $2.9b raising
Macquarie Asset Management’s new global fund will invest in a land lease business on the East Coast alongside investments in logistics and rental housing
- Larry Schlesinger
Rich Listers sign up Marriott for $500m Gold Coast marina project
Marriott will operate the new Marina Mirage hotel under its Luxury Collection brand after signing an agreement with developers the Makris family.
- Larry Schlesinger
Banks’ pullback from offices, hotels opens door for non-bank lenders
With the bank sector reducing exposure to assets like commercial property, residential subdivisions and tourism, alternative players can now grab them.
- Larry Schlesinger
WeWork’s exit opens opportunity for new co-working hub
The owner of 66 King Street in Sydney’s CBD has taken over the space from WeWork and decided to run his own co-working office there under a belief that he can do it better.
- Campbell Kwan
AirTrunk’s ‘competitive’ auction has huge $15b payday in reach
AirTrunk’s investors had no way of knowing just how good their timing was when they invested in 2020.
- Anthony Macdonald
- Exclusive
- Rich Listers
Rich List Snow family sets sights on Canberra’s next landmark
It is the first major project launched by Capital Property, the owner of Canberra Airport, since Terry Snow stepped down from active management last month.
- Nick Lenaghan