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Transactions - DECEMBER 16, 2016

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Two foreigners buy Australian offices for A$230m

by Andrea Waitrovich

Charter Hall Office Trust has sold two of its commercial assets for A$230 million ($168 million). The firm sold Avaya House at 123 Epping Road in Macquarie Park and 5 Queens Road in Melbourne.

Avaya House was acquired by partners B1 Group and China-based Shimao for A$118 million ($86 million). It is a class A, 10-story commercial and industrial building with three levels of basement parking for 534 cars. Its major tenants include Avaya Australia, Amgen, Hitachi Australia and Biogen Australia.

And 5 Queens Road has been sold for A$116.6 million ($85 million) to Singapore-based developer Tong Eng Group. The office is an 11-story hexagonal glass and granite building with basement parking for 323 cars. Tenants include Beca AMEC Ltd., Unico and PPD Australia.

Melbourne is experiencing a phase of extraordinary positivity that is extending across all of its property markets, according to JLL.

JLL’s analysis of intra-regional cross border trans

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