🏙️ A$780M of Goodman Industrial acquired by Barings and Rest Super

Morning. ☕

As always, it’s been a busy week in real estate. Here’s the agenda for today:

• Deals and Projects

• Investment Banking & Private Equity

• Economics & Data

• Policy

Lets dive in.

Deals and Projects

BTR, Co-Living and Student Accommodation

• Joint-venture partners Brookfield and Citiplan Partners have submitted revised plans for a 33-storey student accommodation tower in Brisbane. (TUD)

• AsheMorgan's A$240M Docklands project, Australia's largest BTR development, features over 900 apartments across two towers. (TUD)

Residential

• Salvo has started demolition for its 56-storey Moray House in Melbourne. (TUD)

• Peet is adding a 4-storey apartment block to their St Clair development in Adelaide. (TUD)

• A consortium of ten landowners has secured rezoning approval for a 3.8-hectare mixed-use precinct in Leumeah, near Campbelltown. (TUD)

• SP Setia has submitted plans for a 71-storey skyscraper in Melbourne's CBD, a site recently purchased from Mirvac. (TUD)

• Willow Capital received approval from the NSW Land and Environment Court to build a 26-story mixed-use tower in Chatswood. (TUD)

• Cushman & Wakefield are managing an expressions-of-interest campaign for a site in Redcliffe approved for an oceanfront 12-storey tower. (TUD)

• Blaq Projects has revised a Wollongong shoptop development to include 152 apartments in two 12-storey towers. (TUD)

• Skyhold has settled on purchasing a 23,265 sqm site in Brisbane for its A$150M precinct project. (TUD)

Retail

• Griffith Group has received approval from the City of Casey for its first Victorian greenfield project. (TUD)

• Centuria Capital Group acquired Halls Head Central, a 19,373 sqm sub-regional shopping center in Mandurah, WA, for around A$70M at a 40% discount. (TUD)

Office

• A property development company has acquired a waterfront office building in Broadbeach for A$10.8M. (APJ)

Industrial

• Barings, in partnership with Rest Super, secured a A$780M industrial portfolio from Goodman Group. (TUD)

• Charter Hall has successfully sold a 4.84 ha industrial site in Brisbane's Brendale for A$23.8M, after acquiring it for A$19.7M in October 2021. (RE Source)

• Centuria has acquired the Katunga Fresh glasshouse in Victoria for approximately A$100M in an off-market leaseback deal. (RE Source)

Hotels & Pubs

• The Coogee Bay Hotel's developer secured approval from the Sydney Eastern City Planning Panel for a A$111M redevelopment. (TUD) 

Childcare

• Tipalea Partners is filing for approval for a second childcare center in Tasmania. (TUD)

Alternatives & Land

• A local farming family acquired the Bowen Park farm in NSW's Macquarie Valley irrigation district for c. A$30M. (APJ)

• A historic three-storey medical-commercial building in Brisbane is being sold via an EOI campaign and features a leaseback to its current tenant.(TUD)

• Real Asset Management acquired a commercial site for A$51.25M and is converting it into a 58-bed private mental health hospital through a 25-year lease with iMH. (TUD)

• AL Restructuring, through JLL Capital Markets, facilitated the sale of a 760-bay car park in Melbourne's CBD. (APJ)

Investment Banking & Private Equity

Barings and Rest Super acquire $780m Goodman industrial portfolio

• Barings, in partnership with Rest Super, secured a A$780M industrial portfolio from Goodman Group.

• The deal encompasses 12 assets, housing 17 tenants over 70 hectares of land in Sydney and Melbourne. (TUD)

PGGM commits A$700M to Apt.Residential

• Dutch pension fund manager PGGM has committed A$700M to Matt Carolan's startup, Apt.Residential, to develop 2500 BTR apartments across Sydney, leveraging a total development budget of A$1.5B for the project's first phase. (AFR)

Dexus Raises $300M for Real Estate Opportunity Fund

• Dexus has successfully raised A$300M for its Dexus Real Estate Partnership 2 (DREP2) fund, with plans to raise a total of A$1B in equity.

• The capital raise attracted both domestic and international investors, reflecting strong interest in opportunity-style investing in the current market environment. (Dexus)

Gurner-Roberts Construction merger falls through

• The proposed merger between Tim Gurner’s company and Andrew Roberts’ Roberts Co collapsed due to surging construction costs and a lack of alignment in values and personalities, despite potential benefits such as in-house construction capabilities.

• Both parties ended talks acknowledging the challenging market conditions, leaving open the possibility of a future combination for integration benefits. (AFR)

Aware Super in talks with Lendlease over A$112M tax payable

• Aware Super, a major investor in Lendlease, is currently in early discussions with Lendlease regarding a substantial A$112M tax bill issued by the ATO.

• This tax assessment pertains to Lendlease's share transactions in a retirement living business between 2012 and 2015. (AFR)

Sponsored: Hubspot

Unlock the full potential of your workday with cutting-edge AI strategies and actionable insights, empowering you to achieve unparalleled excellence in the future of work. Download the free guide today!

Economics & Data

RBA holds cash rate at 4.35% but signals no rate cuts anytime soon

• The RBA held the cash rate steady at 4.35% at its latest meeting but signaled that rate cuts aren't expected soon.

• With the rate of inflation remaining high, the RBA remains cautious of potential risks and maintains that bringing inflation within its target range of 2-3% will take time, possibly until mid-2026. (AFR)

92% of executives expect increased demand for flexible workforce in Australia and New Zealand

• According to a survey by the World Employment Confederation, 92% of senior executives anticipate a greater need for workforce flexibility over the next two years, driven by technological disruptions and the desire to address labor market gaps, with Australian and New Zealand respondents aligning closely with this global trend. (APJ)

Sponsored: Value Investor Daily Newsletter

Learn from investing legends

Warren Buffett reads for 8 hours a day. What if you only have 5 minutes a day? Then, read Value Investor Daily. We scour the portfolios of top value investors and bring you all their best ideas.

Subscribe with one click.

Policy

Albanese Government allocates A$11.3B for social and affordable housing

• Albanese government to invest A$11.3B in housing, including A$1B for crisis accommodation and focus on increasing purpose-built student accommodation.

• Budget measures include increased grants for crisis housing, funding for new homes, doubling of Commonwealth homelessness funding, and ambitious target of building 1.2M homes by the end of the decade. (APJ)

Victoria adds A$700M to home buyer scheme

• Victoria has announced an additional A$700M injection into its shared-equity housing scheme while simultaneously phasing out the program, aiming to facilitate regional home purchases up to A$700K. (AFR)

WA Budget Surplus Directs $840M towards social housing

• Western Australian treasurer Rita Saffioti's budget includes an investment of over A$840M in social and affordable housing and homelessness initiatives, featuring an additional A$400M expansion of the Social and Affordable Housing Investment Fund and various grants and support for community housing providers. (APJ)

WA offers A$5K incentive to owners of vacant homes to ease housing shortage

• The WA government is offering a A$5K incentive to owners of vacant homes to encourage them to make these properties available for long-term rentals, aiming to alleviate the state's tight housing market with a focus on regional areas. (AFR)

Refer a Friend

Help us grow and refer a friend

Get free stuff by refering your friends & colleagues to this newsletter 👇

• 2 referrals - Access to our Jobs + Internships Newsletter

Or copy and paste this link: {{rp_refer_url}}

{{rp_personalized_text}}