BLUE SKY INVESTS IN NEW YORK OFFICE TOWER

Written on the 3 March 2016 by Brisbane Business News

BLUE SKY INVESTS IN NEW YORK OFFICE TOWER BLUE Sky Alternative Investments (ASX: BLA) has made a significant property purchase in Manhattan through a New York City-based company it has invested in. 

Cove Property Group and Blue Sky's joint-venture investment vehicle will acquire an office tower located in Manhattan, which will be added to Brisbane-based Blue Sky's broader portfolio.

The purchase is said to represent an important milestone in Blue Sky's US operations.

The transaction value exceeds $280 million and is expected to settle within the next two months, with the majority of the equity provided by a US-based institutional investor.

Blue Sky holds a 38 per cent economic interest in Cove Property Group, which was established in 2015 to acquire and manage commercial real estate assets with an initial focus on investment opportunities in New York City.

Cove Property Group's team is said to have significant experience repositioning older assets and transforming them to achieve significant uplifts in rental yield and tenant quality.

Blue Sky does not anticipate the transaction will have any material impact on guidance in relation to its full-year 2016 earnings of $14 million to $16 million, or its fee-earning assets under management which it expects will exceed $2 billion at June 30, 2016.

Pictured: Blue Sky Alternative Investments founder and managing director Mark Sowerby.



Author: Brisbane Business News Connect via: Twitter

Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter