Investa pays A$443m for Australian office stake
Investa Property Group has purchased a 75 percent interest in an office property in Sydney from Fortius Funds Management for A$442.5 million (US$337.2 million), on a core yield of 5.3 percent. The acquired stake is for the firm’s Investa Commercial Property Fund.
The grade A, 31-storey building at 420 George St comprises 37,688 square metres of net leasable area with floorplates averaging 1,200 square metres, and boasts a 5-Star Green Star (v2) design, As-built rating and a NABERS 5-Star rating. Built in 2010, the property is home to Virgin Active’s new state-of-the-art health club, which features a custom-designed 25-metre pool. The building can be accessed through MidCity Shopping Centre (Pitt Street Mall).
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 [US$168 million] to public domain enhancements as part o