Canada’s PSPIB acquires Melbourne office tower for $570m

Oxford Investa Property Partners (OIPP) and the Investa Property Fund has sold the 47-story, class A commercial office tower at 242 Exhibition Street in Melbourne’s central business district.

The sales price was A$830 million ($570 million).

The office tower was jointly acquired by Charter Hall and Canada’s Public Sector Pension Investment Board.

“The deal follows a record financial year for investment in office assets nationally, which helped push overall Australian commercial real estate transactions to a new high,” said Josh Cullen, Cushman & Wakefield’s head of capital markets, Australia and New Zealand, who represented the seller.

The office tower is situated in the northeastern precinct of Melbourne’s CBD and is currently 100 percent occupied by Telstra. The building comprises approximately 709,000 square feet of net leasable area, including 27,000 square feet of retail and 346 parking spaces. The sale followed a recent A$67 million