Check out the 10 most expensive commercial property portfolio deals of 2021, according to Real Capital Analytics.
10. Swiss Re office portfolio deal – $341 million
EG paid about $450 million to acquire three office buildings located across Sydney CBD and North Sydney in June 2021.
EG is understood to have paid about $341 million to AMP Capital on behalf of Swiss Re, as well as about $107 million to Brookfield for the outstanding stake in one of the assets.
The portfolio comprised 32,454 sqm of net lettable area (NLA) in total, a 93% total occupancy and a 2.9-year weighted average lease expiry (WALE).
2021 in review
9. Lendlease retirement portfolio deal – $474 million
Aware Super bought a 25% interest in Lendlease’s Australian retirement living business in February for about $474 million, according to RCA.
The deal included the portfolio, which held 75 retirement villages that were home to more than 16,000 residents across the country, as well as its operating platform and development opportunities.
Following the deal, Lendlease held a 50% stake in the business, while APG Asset Management and Aware Super each held a 25% interest.
8. Ascott Capital warehouse and office portfolio deal – $682 million
Ascott Capital sold a portfolio of 24 industrial and office properties located across Australia to GPT Group for $681.7 million, reflecting an initial yield of 4.3%.
The deal comprised 23 fully let logistics properties totalling 161,700 sqm of gross lettable area (GLA) and a WALE of 9.8 years.
The sale also included a 10,200 sqm office building located in the Canberra CBD, with a WALE of 4.7 years.
7. AIP Asset office and industrial portfolio deal – $780 million
Charter Hall acquired a portfolio of three office buildings and one life science/industrial asset located across the country from AIP Asset for $780 million in May 2021.
The 69,503 sqm portfolio included the Services Australia building in Tuggeranong, ACT; the Australian Taxation Office (ATO) building in Box Hill, VIC; the Australian Red Cross Building in Alexandria, NSW; and the ATO Building in Albury, NSW.
The portfolio was purchased in joint venture between Charter Hall Long WALE REIT, which would own 50% of each asset, alongside the Charter Hall Direct Office Fund, the Charter Hall Direct PFA Fund and the Charter Hall Direct Industrial Fund No.4.
6. Blackstone-Fife industrial portfolio deal – $825 million
PGIM Real Estate and Manulife joined forces to buy a 90% stake in the Fife industrial and logistics portfolio from Blackstone for about $825 million in April 2021.
The portfolio held 20 industrial and logistics assets, located largely in Sydney and Brisbane.
5. Jandakot Airport portfolio deal – $875 million
In September, Dexus and APN Industria REIT acquired a portfolio of quality industrial properties including Perth’s Jandakot Airport for about $875 million.
The portfolio held 49 modern prime industrial properties leased to more than 54 tenants across about 360,000 sqm.
The deal was part of a $1.5 billion investment from the partners to acquire properties situated across Western Australia, New South Wales and Victoria.
4. Qantas industrial and development portfolio deal – $1.67 billion
A consortium made up of Logos, Ivanhoé Cambridge, AustralianSuper, TCorp and AXA IM Alts bought Australia’s largest intermodal logistics facility at Moorebank in south-western Sydney from Qube for about $1.67 billion in July 2021.
The portfolio included approximately 243 hectares of land to be developed into industrial real estate and infrastructure, including the potential of up to 850,000 sqm of warehouse real estate.
3. DALT portfolio deal – $2.072 billion
Blackstone purchased GIC’s 49% stake in the Dexus Australian Logistics Trust for about $2.072 billion in December 2021.
The DALT portfolio had exposure to 77 assets with a circa 90% exposure to the strong performing Sydney and Melbourne markets.
The portfolio was weighted to traditional logistics facilities, which were leveraged to the growth of e-commerce.
2. AMP Capital Retail Trust portfolio deal – $2.2 billion
UniSuper and Cbus Property teamed up with AMP Capital in November to take majority ownership of Pacific Fair in Queensland and a 50% stake in Macquarie Centre in NSW in a retail deal worth $2.2 billion.
The deal marked the largest retail transaction in Australian history, as well as one of the largest global retail deals since 2018.
Under the deal, UniSuper and Cbus Property would join the AMP Capital Retail Trust (ACRT), with AMP Capital continuing to manage both shopping centres.
1. Milestone industrial portfolio deal – $3.763 billion
ESR joined forces with GIC to buy the Milestone industrial portfolio from Blackstone for $3.763 million in April.
The portfolio comprised 45 industrial properties spanning 1.4 million sqm of GLA on a 3.6 million sqm parcel of land, providing significant development opportunities.
ESR said at the time that the deal would elevate the company to the third-largest logistics landlord in Australia with assets under management (AUM) increasing to $7.9 billion.