A unit of Singaporean fund manager Cambridge RE Partners has struck a deal to purchase 400 Kent St., a building in Sydney, occupied by Central Queensland University (CQU) for a A$111.58 million ($72.53 million), according to media outlets.
The 11-story block was bought from Terraform Capital, which managed the asset on behalf of a Hong Kong group. The building’s 11 floors comprise more than 10,000 square meters (107,639 square feet) of lecture rooms and study areas, in addition to basement parking. It has more than seven years remaining on the lease to the university, with fixed annual rental growth.
CQU is one of Australia’s largest regional universities. The property is near Town Hall Station and the new Gadigal Metro.
“The transaction of CQU’s Sydney campus is further evidence of education-anchored assets continuing to be more sought after and targeted by Global Asset Managers backed by their experienced investors as evidenced by this deal to a spec
