Listed Australian property developer Charter Hall is buying the casino assets of Star Entertainment Group while investment manager Centuria Capital Group has partnered with ASX-listed MA Financial Group to acquire Blackstone’s Adelaide office.
Charter Hall buying casino assets for $187m
Listed Australian property developer Charter Hall has reportedly agreed to buy Star Entertainment Group’s Treasury hotel and casino in Brisbane in a sale and leaseback deal worth A$248 million ($187 million).
Under the terms of the deal, Charter Hall will acquire both Star’s Treasury Casino and Treasury Hotel buildings, as well as the Queen’s Gardens Car Park. The casino building deal is expected to be completed in the first half of 2023.
Star will lease back the car park and the Treasury Hotel building for an initial term of 30 years with 2 x 15-year options. The lease terms imply an initial cap rate of 4.7% and include fixed annual rent increases over the term of the lease.
The three assets will be placed into Charter Hall’s unlisted A$9 billion wholesale Charter Hall Prime Office Fund.
Centuria teams up with MA Financial to acquire Blackstone’s Adelaide office
Australian investment manager Centuria Capital Group has partnered with ASX-listed financial services group MA Financial to acquire an office building in Adelaide from global investment giant Blackstone for A$166 million ($125 million).
Locally known as “The Black Stump”, the 24-storey building is 90% occupied. It is considered a landmark within Adelaide’s CBD skyline. The A-grade property comprises 25,000 square meters of net lettable area, with floor plates ranging from 1,044 sq m to 1,078 sqm.
Centuria and MA Financial have agreed to commit an equal A$83.3 million to the acquisition and will actively pursue other value-add opportunities.
Blackstone put the property on the market soon after it took over Singapore-listed property trust Soilbuild REIT in April.