Today
What a cash rate hold means for REITs
Office landlords face further asset write-downs this earnings season, but there may be little pain after that as interest rates stabilise, says Barrenjoey.
- Campbell Kwan
X to close flagship San Francisco office
Elon Musk will move X to Texas, after California banned schools from requiring teachers to notify parents if children change their gender identification.
- Kate Conger and Ryan Mac
Ex-RBC banker launches real estate IM with Iris Energy deskmate
Street Talk understands co-founders Bom Shin and Kevin Ghazi have just come off an Asia roadshow and are actively looking at deals.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Yesterday
This 23-floor Manhattan office building just sold at a 97.5pc discount
It is the latest and perhaps most surprising sign of how the pandemic has upended the state of office buildings in New York, the largest CBD in the US.
- Matthew Haag
Centuria buys into Nvidia boom with office-friendly data play
It has acquired a half stake in data centre operator ResetData for $21 million, to repurpose its underperforming offices and jump on the AI bandwagon.
- Campbell Kwan
This Month
- Exclusive
- Pubs
Lenders tried to sell Jon Adgemis’ pubs to Justin Hemmes’ Merivale
Merivale was shown internal financial spreadsheets by one major lender, but ultimately decided against exploring a deal, sources said.
- Primrose Riordan and Sarah Thompson
- Analysis
- Due diligence
DroneShield: a capital markets plaything or the real deal?
Even as sceptics question its valuation, the drone detection and jamming group has a near $1 billion market capitalisation.
- Jemima Whyte
German chancellor lines up crisis talks with property titans
Germany’s real estate market is beset by the failure of major developers and a crash in investment and financing as real estate prices slump.
- Tom Sims, John O'Donnell and Matthias Inverardi
- Exclusive
- Construction
The banker and the builders want subcontractors to get Paid
Former Bendigo Bank boss Mike Hirst has invested in an app that could protect subcontractors – and shake up the lucrative market for building contracts.
- Michael Bleby
Ex-QIC boss Damien Frawley sells organic cattle farm for $25.5m
The new owners of Gowan Station near Blackall are Chinchilla-based cattle breeders Shane and Helen Hutton.
- Larry Schlesinger
- Exclusive
- Hotels
Why Australia’s biggest hotel is bringing in maggots
The Hyatt Regency at Darling Harbour is the first in the world to use the fly larvae to dispose of its food waste – and it certainly won’t be the last.
- Larry Schlesinger
The big switch: tenants take up more space in top towers
The demand for better-quality space is helping make the business case for a new generation of office landmarks.
- Nick Lenaghan
DWS sells Brisbane CBD office for $24m less than it paid for it
The property fund manager’s acquisition of 120 Edward Street is yet another sign that office values have dropped at least 20 per cent due to WFH headwinds.
- Campbell Kwan
Mitsubishi partners with ESR on first Aussie logistics project
The Japanese property giant will add logistics to a local portfolio which includes investments in luxury apartments, build-to-rent and land lease estates.
- Larry Schlesinger
July
Record leasing, higher rents lift earnings at Centuria industrial fund
Centuria Industrial REIT leased more than 20pc of its portfolio over FY24 and generated average increases of 43 per cent as rents were reset to market rates.
- Larry Schlesinger
Rest, Barings to build $400m industrial estate by end of 2025
The site will provide much needed warehouse space in Sydney, which has the world’s second-lowest vacancy rate.
- Campbell Kwan
US office loan pain is only starting to ramp up
More than $145 billion of US commercial real estate is distressed. A further $418 billion at risk of slipping into that category.
- Neil Callanan
Scentre, Barrenjoey pin down another Adelaide shopping mall bargain
A month after they struck a deal at Tea Tree Plaza, Scentre Group and Barrenjoey Private Capital Management are back, buying a 50 per cent stake in an Adelaide mall.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Overhaul for Adgemis’ Public Hospitality Group after refinancing
The Jon Adgemis-chaired pubs empire has completed its refinancing with Deutsche Bank, with the former KPMG dealmaker to focus on redeveloping its pubs.
- Kylar Loussikian
A solution to the athletes village conundrum might be on the Gold Coast
Paris’ capital-light infrastructure plan for the 2024 Olympics has been a great success. But plans to turn the village into new housing faces a new hurdle.
- Michael Bleby
