MaxCap Group founder and executive chairman Wayne Lasky (Image: MaxCap)
An Australian healthcare investment leads today’s look at real estate news from around Asia Pacific, as a pair of local fund managers team up for a hospital acquisition. Also making the list are a Pune office park deal and a bidding war for a Seoul tower.
MaxCap Teaming With April to Buy Sydney Hospital for $82M
Commercial real estate fund managers MaxCap and April have teamed up to acquire the RPAH Medical Centre in the inner-Sydney suburb of Newtown for A$117 million ($82.3 million).
They bought the property at 100 Carillon Avenue from Australian Unity and will capitalise on its position next to the Royal Prince Alfred Hospital and the University of Sydney. The location puts the fully leased purpose-built medical facility at the heart of one of Australia’s major healthcare and research precincts. Read more>>
Nuvama-Cushman Fund Buys 51% Stake in Pune Office Tower for $115M
Prime Offices Fund, a commercial real estate vehicle jointly managed by Nuvama Asset Management and Cushman & Wakefield, has acquired a 51 percent stake in TenSteps, an office development in India’s Pune, with Singapore-based Keppel retaining the remaining interest.
Keppel Land signed a forward-purchase deal with developers Kohinoor Group and Mahalaxmi Group in January 2023 to acquire the 1.1 million square foot (102,193 square metre) asset for close to INR 10 billion ($115 million), with the project having been delivered in January this year. The Pune deal marks Prime’s entry into its third Indian city, expanding its portfolio to 3.8 million square feet across Delhi NCR, Chennai and Pune. Read more>>
Hana, Hanwha and Shinhan REITs Place Bids for Seoul’s Emart Tower
A second attempt to sell Emart Tower in Seoul’s Jung district has drawn five or six bidders, with Korea Investment Real Asset Management, Hanwha REIT and Shinhan Alpha REIT joining a competitive auction managed by Genstar Mate and Cushman & Wakefield Korea.
The 19-storey prime office building at 37 Sejong-daero 7-gil spans a gross floor area of 34,173 square metres (367,800 square feet) and sits within walking distance of Seoul, City Hall and Chungjeongno stations. NH-Amundi acquired the tower from ARA Korea Asset Management for KRW 252 billion ($173 million) in 2020 and expects to book gains of KRW 100 billion after six years of ownership. Read more>>
Goodman Breaks Ground on 90MW Sydney Data Centre as Power Bank Reaches 6GW
Goodman Group has commenced construction on SYD01, a 90-megawatt data centre in Artarmon, northern Sydney, as the developer’s power bank expands to 6 gigawatts across 16 metropolitan markets.
Set on 1.4 hectares (3.5 acres), the first 12.2MW phase is due for completion in the second quarter of 2028, with the facility designed for modular, staged expansion. Data centres now account for 73 percent of Goodman’s work in progress, with the group targeting 0.5GW of data centre capacity in development by the end of fiscal 2026. Read more>>
BTR Specialist Novus Wins Approval for $115M Sydney Project
Sydney-based BTR developer and fund manager Novus has won approval for a 46-storey build-to-rent project in Sydney’s Chatswood area, the company’s second in the suburb.
The decision by the NSW Independent Planning Commission allows Novus to move ahead with development of an A$163 million ($114.8 million) project at 410-416 Victoria Avenue, adding an expected 260 apartments to its portfolio. Read more>>
Gateway Capital and Invesco Sign Anchor Tenant for $61M Sydney Warehouse
Gateway Capital and Invesco Real Estate Australia have signed beverage giant Refresco as an anchor tenant for their Revesby Rise multi-level industrial facility at 61 Milperra Road in Sydney’s Revesby suburb, targeting a September 2027 lease commencement.
Refresco has committed to a 10-year prelease for the 25,500 square metre (274,480 square foot) ground floor of the project after Gateway Capital and Invesco acquired the Revesby site for A$100 million ($61 million) in early 2023, planning to redevelop it into a multi-level logistics estate with an end value of A$300 million. Read more>>
Australia’s Cbus Property Marketing Adelaide Office Tower for $184M
Cbus Property has launched the sale of 83 Pirie Street, a 22-level office tower in Adelaide’s city centre, targeting A$300 million ($184 million) — a level that would shatter the city’s existing office record of A$203 million set when Mapletree acquired a tower from Dexus in 2017.
RWC and CBRE are managing the sale of the 30,000 square metre (322,900 square feet) building, which Cbus developed at a cost of A$265 million, completing construction in August 2022. The target sale price represents a return of 13 percent on the development cost. Read more>>
Australia, Canada Pensions Sign First Deal to Boost Investment
More than a dozen Canadian and Australian pension giants have signed a first-of-its-kind agreement to ramp up investment between the countries, home to two of the world’s largest retirement systems.
The initiative was announced in Sydney on Wednesday during Canadian Prime Minister Mark Carney’s visit to Australia. Under a memorandum of understanding — the first between the two systems — funds will cooperate to channel more pension capital into opportunities in both markets, according to a statement from eight of Australia’s largest pension funds. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply