Publications

- June 1, 2016: Vol. 8, Number 6

To read this full article you need to be subscribed to Institutional Real Estate Asia Pacific

Investa pays A$443m for Australian office stake

by Andrea Waitrovich

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?