🏢 Mirvac sells $1.3b stake in new tower to Mitsui

Morning. ☕

It’s been a busy week in real estate. Here’s the agenda for today:

• Deals and Projects

• Capital Raises

• Economics & Data

• Policy

Lets dive in.

Deals and Projects

Residential

• Samma has filed to convert its 40-storey Southbank tower in Melbourne to 100% affordable housing, featuring 312 homes. (TUD)

• Vicinity Centres received approval for a $1.57 billion, seven-tower precinct in Box Hill, Melbourne, set to deliver 1,700 homes with 10% affordable housing. (TUD)

• Goldfields' Spindrift estate in Margaret River sold out its third release of 20 lots in 48 hours. (TUD)

Office

• Mirvac sold a two-thirds stake in its planned A$2B Sydney office tower at 55 Pitt Street to Mitsui Fudosan. (AFR)

• Dexus and Canada Pension Plan Investment Board sold their joint half stake in Sydney's 5 Martin Place to Cbus Property for A$310M, marking a 24% discount from the office building’s peak value. (AFR)

• Mirvac confirmed the sale of its 367 Collins Street tower in Melbourne and 40 Miller Street in North Sydney for a combined A$485M. (AFR)

Industrial

• Harmony Property Investments acquired a 1.53-hectare site with a 5642 sqm warehouse in Canning Vale for A$12.3M from Westbridge Funds Management. (RE Source)

Retail

• Stirling Property Funds is in advanced discussions to buy McGraths Hill Home shopping centre from HomeCo Daily Needs REIT for about A$55M. (AFR)

• Australian Unity has listed Busselton Central in WA for sale after a $45 million redevelopment. (TUD)

• Scentre Group and Barrenjoey Capital Partners acquired a 50% stake in Westfield Tea Tree Plaza and Tea Tree Plus in Adelaide for A$380M.

Retirement & Land Lease Communities

• GreenFort Capital and Ga

Hotels & Pubs

• Gerry Ryan has listed his nearly completed $50 million luxury hotel and glamping resort at Monarto Safari Park, featuring 78 guestrooms and 20 glamping tents. (AFR)

Alternatives & Land

• Sydney's heritage-listed Luna Park is for sale for the first time in 20 years, with a price tag around A$70M, including the business, buildings, and long-term lease on the land. (TUD)

• Capital Property Group plans to convert a Canberra carpark into a 65,000sq m commercial precinct featuring two 12-storey towers and two seven-storey blocks. (TUD)

Capital Raises

Macquarie Joins Land Lease Sector with A$2.85B Fund

• Macquarie’s real estate arm plans to invest in a new platform for developing, owning, and operating land lease housing communities on Australia's east coast, funded by A$2.85B raised for its second opportunistic real estate fund, targeting affordable housing for the growing over-55 demographic. (AFR)

Economics & Data

Housing Costs Drive Australia's Inflation to 4%, Potential Rate Hikes Loom

• Australia's inflation rose to 4% in the 12 months to May, driven by a 5.2% increase in housing costs, prompting potential interest rate hikes by the Reserve Bank of Australia as construction activity slows and housing supply remains tight. (TUD)

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Policy

Developers Rush for $350M Queensland Fund to Boost Housing Density

• Developers swiftly applied for the A$350M Queensland government fund, resulting in over 220 applications within two weeks for projects totaling more than 12,000 homes and 4,000 lots, with nearly 90 applications for 6,350 dwellings in Brisbane alone, emphasizing the need for tax reforms to incentivize housing supply and reduce development barriers. (AFR)

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