🏌️ Avid Property Group targets A$1.4B land lease portfolio with new acquisition

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

Residential

• Trinium Group is developing a high-end apartment block in Nelson Bay, NSW. (TUD)

• Lendlease plans to add three towers to Melbourne’s Docklands in the Collins Wharf project, with a total cost of A$521M. (TUD)

• Mirvac completed its Sky Precinct in Brisbane with 31-storey tower, part of a A$1 billion, 20-year project. (TUD)

• Young Assets Holding Pty Limited's submission of plans for 127 apartments in Frenchs Forest is valued at A$670M. (TUD)

• JD Property Group has received planning approval for its A$100M mixed-use project in Byron Bay. (TUD)

• SP Setia aims to modify a 71-storey skyscraper plan in Melbourne's CBD, originally owned by Mirvac. (TUD)

Retail

• Salta Properties and Vicinity Centres have received planning approval for their joint A$780M redevelopment of the Victoria Gardens shopping centre in Melbourne. (TUD)

• Vicinity Centres is marketing Victoria Park Central in Perth, which expected to fetch over A$30M. (TUD)

• Kinstone Group unveiled a A$380M masterplan for Rochedale in Brisbane. (TUD)

• A high net worth Chinese investor purchased a row of Sydney shops on Quay Street, Haymarket, for A$19.28M. (RE Source)

• The Leigh Creek Outback Resort, a well-established hospitality destination in South Australia, is up for sale. (TUD)

Office

• A waterfront office block in Broadbeach, Gold Coast, with its own pontoon has been sold for A$10.8M. (TUD)

Industrial

• Capital Prudential has secured planning permission to develop a 46-unit warehouse project at 100 Prinsep Road in Perth's Jandakot area. (TUD)

• Dexus divested a Melbourne property for A$92M, acquired by a KordaMentha fund backed by PGIM. (RE Source)

• Dexus sold a Port Melbourne warehouse for A$61M (11% premium) to a private investor. (RE Source)

• Dexus sold a c. A$53M Brisbane industrial property. (RE Source)

• Trilogy Funds purchased a Brisbane industrial property for A$29M from Charter Hall, who had bought it for $32.25 million in 2021. (RE Source)
  

Hotels & Pubs

• NRMA acquired the Blue Dolphin Holiday Resort in Yamba for over $40 million. (AFR)

Retirement

• Avid Property Group has entered the land lease market with the acquisition of eight operational assets and development of six new sites. (AFR)

Alternatives & Land

• A project valued at A$68M in Perth will feature a four-storey specialist hospital focused on orthopaedics. (TUD)

Investment Banking & Private Equity

Avid Property Group targets A$1.4B land lease portfolio 

• Avid Property Group has entered the land lease market with the acquisition of eight operational assets and development of six new sites, targeting a portfolio worth over $1.4 billion primarily in south-east Queensland. (AFR)

Lendlease sells 50% stake in its Asia Pacific life sciences platform to Warburg Pincus for A$147M

• Lendlease sold a 50% stake in its Asia Pacific life sciences platform to Warburg Pincus for A$147M, reflecting a move towards restructuring and refocusing its operations. (AFR)

Lendlease Chairman Michael Ullmer to Step Down

• Lendlease's chairman Michael Ullmer is stepping down amidst a board overhaul, facing challenges including disgruntled investors, a major tax dispute, and a decline in share price, with pressure mounting for strategic changes and board renewal. (AFR)

Proptech Investment Opportunity: Ryse

Missed out on Ring and Nest? Don’t let RYSE slip away!

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.50 has opened. 

They have generated over 20X growth in share price for early shareholders, with significant upside remaining as they just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and Nest, and their exclusive deal with Best Buy puts them in pole position to dominate this burgeoning industry.

Secure your stake before the offer closes.

Economics & Data

Stamford Capital: Lenders are focusing on smaller luxury resi deals

• Cautious lenders favor funding smaller luxury developments over larger affordable housing projects.

• This preference hampers the government's goal of delivering 1.2 million new homes by 2029.

• Due diligence processes have intensified, leading to increased loan application times and challenges for developers in the affordable housing sector. (AFR)

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Policy

Budget forces universities to pair growth with accommodation

• Treasurer Jim Chalmers' third budget speech highlighted the significance of international education, valued at $47.8 billion to Australia's economy.

• Universities face new requirements to cap overseas enrolments and build suitable accommodation, linking international student numbers to housing capacity.

• The sector faces challenges and uncertainties regarding investment, planning systems, taxation, and policy alignment between government levels, impacting the private sector's role in addressing housing undersupply. (TUD)

Billbergia partners with Homes NSW to deliver 1300 homes

• Billbergia has partnered with Homes NSW to deliver 1300 new homes across Greater Sydney in the next two years, focusing on social and affordable housing. (TUD)

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