SC Capital Partners to acquire Melbourne office

UEM Sunrise Bhd is proposing to sell a property asset in Melbourne, Australia, to Acme Co No 4 Pte Ltd for A$107.09 million ($72.55 million), according to an exchange filing with Bursa Malaysia.

The 16,258-square-meter (175,000-square-foot) property is located at a strategic corner site of St Kilda Road and Bowens Crescent, one of the main arteries into the Melbourne central business district and flanked by a mix of office, residential and mixed-use towers. The site currently accommodates a 21-story building with panoramic views overlooking the Royal Botanic Gardens to the north, Fawkner Park to the northeast and Albert Park as well as Port Philip Bay to the south and southwestern aspects.

It also has 174-space car park. The building is currently vacant, with the planned refurbishment to commence in early 2020 and available for occupation in first quarter 2021.

“The proposed divestment allows UEM Sunrise to immediately unlock the property’s value at a gain i