Investa pays A$443m for Australian office stake
Investa Property Group has acquired a 75 percent interest in an office property in Sydney from Fortius for A$442.5 million ($337.2 million) on a core yield of 5.3 percent.
The class A, 31-story building at 420 George St. comprises 405,670 square feet of net leasable area with floorplates averaging 12,917 square feet and a Five-Star, Green Star Design and As-Built Rating.
Micah Schulz, assistant fund manager at Investa, said in a statement: “The strengthening value and appeal of this location cannot be overstated. The City of Sydney has committed more than A$220 million [$168 million] to public domain enhancements as part of the A$2.1 billion [$1.6 billion] light-rail project. As a result, George Street is set to be transformed into a low-traffic pedestrian hub, with improved street-level activation and outdoor dining options.”
The building is 100 percent occupied, with a weighted average lease expiration of approximately six years and a mi