SINGAPOREAN developer Wee Hur has settled on the sale of a Brisbane development opportunity to Mirvac.
Wee Hur initially sold the 62-80 Ann St building to Mirvac for $65 million but later also sold 71-97 Turbot St in Brisbane, for a total of $79 million.
The Singaporean developer had originally intended to build a 36-storey, 900-room student accommodation tower on the site.
And last month Mirvac secured M&G Real Estate as joint venture partner for its $836 million 80 Ann St tower, as well Suncorp as the anchor tenant.
M&G Real Estate will be a 50% partner in the project, with the transaction being struck at $418 million, based on a capitalisation rate of 5.00%. It will fund 50% of the development costs via a fund through agreement throughout the construction period, while Mirvac will pay M&G a coupon rate of 5.255 in that time.
Mirvac will provide development and property management services for the asset.
Australian Property Journal
