Steve Bulloch, head of Australia at PGIM Real Estate
Elanor and PGIM Real Estate’s plan to redevelop a Melbourne last-mile logistics site hits a wall after Woolworths elects to stay put, while developer James Milligan calls in KPMG administrators even as his landmark Halo tower in Sydney’s city centre presses forward. Also today, Starbucks and Boyu Capital close their $4 billion China joint venture, and New World Development retreats from a Causeway Bay acquisition.
PGIM Melbourne Logistics JV Stalls at Final Hurdle
Elanor Investors and PGIM Real Estate’s A$155 million ($107 million) bid to acquire a 19 hectare (47 acre) logistics site in Melbourne’s Mulgrave suburb has stalled after Woolworths exercised a lease extension option on the 68,144 square metre (733,576 square foot) distribution centre, blocking redevelopment plans.
PGIM confirmed it had not exited the joint venture. Elanor, recently completing a A$125 million debt restructure with Rockworth Capital Partners, declined comment. Original seller Harry Stamoulis paid A$90.8 million for the site in 2017. Read more>>
Milligan Calls In KPMG Administrators but Sydney’s Halo Tower to Press On
Developer James Milligan has placed his private companies into voluntary administration under KPMG but is pressing ahead with Sydney’s A$1.8 billion ($1.2 billion) Halo hybrid timber office tower, with lenders and co-owner Cbus Property continuing to back the 55-storey project.
The project’s total loan carries a value of A$420 million, with Merricks Capital holding roughly half. Administrators David Hardy and Amanda Coneyworth of KPMG are overseeing a restructure due to complete within four to six weeks, with construction continuing toward a 2030 delivery. Read more>>
JD.com Partners on $19M Wigan Distribution Centre Acquisition From Asda
Chinese e-commerce giant JD.com, alongside development manager Prime Box, is acquiring a 322,198 square foot (29,933 square metre) regional distribution centre in Wigan, northwest England, from British supermarket group Asda for £14.2 million ($18.8 million). The Wheatlea Industrial Estate warehouse is being transferred with full vacant possession following the end of a tenancy last year.
Prime Box and JD.com plan to fully refurbish the asset, with Colliers brokering the deal as part of Asda’s property rationalisation strategy. Read more>>
AEW Capital Sells Melbourne City Centre Tower to BayleyStuart for $115M
US fund manager AEW Capital Management has sold 31 Queen Street, a 19,219 square metre (206,871 square foot) tower in Melbourne’s city centre, to BayleyStuart for A$167 million ($115.3 million). The campaign attracted 13 bids from a diverse investor pool, according to sole agent Cushman & Wakefield.
Agent Nick Rathgeber cited the building’s upgrade and tenant retention as drawcards. AEW acquired the 22-floor tower from Challenger for A$200 million in 2021 and spent A$30 million on a revamp. Read more>>
Singapore’s Cambridge RE Partners Closes First Fund for 916-Bed Perth Student Project
Singapore-based fund manager Cambridge RE Partners has closed its first private credit fund, deploying capital into Yugo Perth University Campus, a 916-bed purpose-built student accommodation development at the Curtin University precinct in Perth.
Construction of the project, developed by Perth-based Exal Group and to be operated by global student housing provider Yugo, is 60 percent complete. Cambridge said the investment is part of a pipeline targeting student accommodation and living sector assets across Sydney, Melbourne, Brisbane and Perth. Read more>>
Macquarie Provides $132M Debt Facility to UK’s Places for People
Macquarie Asset Management has provided £100 million ($132.3 million) in debt financing to Places for People, one of the UK’s largest social housing providers, which owns and manages 262,000 homes across England and Scotland.
The financing takes the form of an eight-year unsecured private placement bond under Places for People’s Euro Medium-Term Note Programme. Macquarie’s credit and insurance division has now deployed more than €2 billion in debt to social housing providers and local authorities across the UK and Europe. Read more>>
New World Shelves Causeway Bay Acquisition Amid Uneven Recovery
Hong Kong’s New World Development has shelved plans to acquire remaining stakes in three commercial sites in Causeway Bay, signalling continued caution among developers despite improving demand in the city’s core office market.
The withdrawal adds to a series of retreats by the debt-laden developer, which completed a bank loan restructuring in 2025 after reporting a HK$19.7 billion ($2.5 billion) net loss for the year ended June 2024 — its worst since its founding in 1970. Read more>>
Starbucks and Boyu Capital Close $4B China Joint Venture
Starbucks has closed its joint venture with Beijing-based Boyu Capital, giving the investment firm a 60 percent stake in Starbucks’ China retail operations at an enterprise value of $4 billion, with Starbucks retaining 40 percent and continuing to own and license the brand.
The venture oversees 8,000 company-operated coffeehouses in China, which will transition to a licensed operating model, with a shared long-term goal of growing to as many as 20,000 locations. The transaction was first announced in November 2025. Read more>>
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