Real Estate

Cromwell Property Group has sold its remaining 50 per cent stake in an office building in Sydney's Chatswood at the discount price of $87 million.

Russell Kennedy has lured a partner from Mills Oakley to join its Sydney commercial litigation and dispute resolution practice.

Property giant Dexus has acquired a 25 per cent stake in Australia’s second-largest regional shopping centre from Scentre for $683 million.

Malaysian property developer SP Setia is strengthening its presence in inner-city Melbourne, acquiring the largest development site in Carlton for $114 million.

The body corporates for beachfront blocks on the Gold Coast have failed in their bid to knock back two land valuations by a combined $28 million, with a Land Court member finding oceanfront land fetches a higher premium.

Real estate returns are rebounding across all sectors, with the office sector entering a recovery cycle, led by the Sydney CBD, according to a new report from Dexus. 

A court has found that United Petroleum is not bound by the terms of a signed lease offer sent to a neighbouring Gold Coast pharmacy operator, ruling the company’s property consultant had no authority to negotiate or enter into a new lease on its behalf. 

Brookfield has scooped up a 19.9 per cent stake in real estate investment manager Cromwell Property Group.

Joining CBRE Investment Management in fast-tracking developer Aliro Group’s flagship industrial vehicle, Canadian super fund PSP Investments has committed up to $800 million for investment.

Abacus Storage Kings will open its books for a consortium of Ki Corporation and New York Stock Exchange-listed Public Storage, which lobbed a $2.2 billion takeover offer last week.