Real Estate

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.

Developer Dennis Family Corporation has been hit with class action by purchasers of apartment units in Brisbane who allege their contracts were wrongly terminated after the market value of neighbouring properties soared by 40 per cent.