Foreign investors buy Australian office assets for $475m
In separate deals, two Australian office properties are under contract to be sold for a combined A$651.5 million ($474.8 million) in sales price.
South Korea–based property investment and advisory firm Inmark Asset Management and its joint venture partner Millinium Capital Managers have agreed to purchase the Woolworths National Support Office in Sydney for A$336.5 million ($245.2 million). The seller is Mirvac Fund Management.
The 482,529-square-foot office complex is 100 percent leased to supermarket chain Woolworths and serves as its headquarters. The property includes three buildings and a 2,340-space parking lot.
The second office property to be acquired by a foreign investor the 292,738-square-foot Innovation Place in Sydney. Singapore-based Ascendas REIT will purchase the property for A$315 million ($229.6 million). CBRE represented the Salteri family, which is selling the property.
In September 2015, Ascendas purchased a $1 bill