AIMS APAC REIT has acquired Woolworth’s headquarters and data center, located in New South Wales, Australia, for A$463.25 million ($336 million). The seller was Inmark Asset Management.
The asset sits on 9 hectares (22 acres) of freehold land within the Norwest Business Park, with good connectivity and direct access to the Sydney CBD. The precinct houses a community of established domestic and multinational corporations, such as Australia Post, Resmed, IBM and Optus, and data centers for the Reserve Bank of Australia and Commonwealth Bank of Australia.
AIMS APAC REIT said the property has undergone significant capital investment over the years, with upgrades to the office fit-outs and amenities and ground-floor reception foyer. The property was designed for future site expansion for additional buildings, which will increase the lettable area and provide additional income stream and stability to AA REIT’s portfolio.
“This proposed acquisition will strengthe
