SC Capital Partners buys landmark Canberra office complex
SC Capital Partners, on behalf of its RECAP Fund series, has entered a binding agreement to purchase the landmark office complex, Finlay Crisp Center, in Australia’s capital city of Canberra for A$62 million ($43 million).
Singapore-based SC Capital Partners has joined forces with local asset manager, Artifex Property Group, who will undertake a major A$50 million ($35 million) refurbishment to take advantage of its strategic location and Canberra’s favorable office leasing market.
“This acquisition underlies our confidence in both the underlying property fundamentals and Canberra’s defensive office occupier market,” said Suchad Chiaranussati, chairman of SC Capital Partners. “With prime-grade office vacancy less than 6 percent, coupled with strong tenant demand from government and related service providers, the property is well-poised to deliver strong performance.”
Occupying an entire city block in the prime Civic CBD precinct, Finlay Crisp Cente