SINGAPORE FIRM SELLS OFF FIVE PROPERTIES ON EAST COAST FOR $720M
Written on the 16 November 2017 by David Simmons
SINGAPORE-BASED TrustCapital Advisors has sold five office assets in Australia totalling $727.5 million.
One of the major sales was of 850 Collins Street (pictured), a 17,337 sqm A-grade building in Melbourne's Docklands precinct which was sold for $156.1 million.
Also in Melbourne, at 575 Bourke Street, a 16,152 sqm multi-let, recently refurbished office tower in Melbourne CBD's western core, was sold for $140.2 million.
Both 850 Collins Street and 575 Bourke Street were sold to PA Realty (a joint venture between MEC and CLSA Real Estate).
Premises at 150 Charlotte Street, in Brisbane's sought-after Golden Triangle precinct, was sold to Australian Unity for $105.7 million. The 11,011 sqm tower is home to several major tenants including Rio Tinto and Boeing Defence Australia.
AEW purchased Sydney's 50 Pitt Street for $165 million. The 9,873 sqm B-grade asset had a $20 million makeover since 2008 and occupies a prime corner in the Sydney CBD.
CBRE's Mark Coaster, says the massive campaign on behalf of TrustCapital Advisors generated significant interest from both local and international players.
"The sale of the TCA portfolio exemplified the strength of the markets across the eastern seaboard of Australia," says Coaster.
"It also showed the depth in interest from both local and international capital sources. With a significant amount of capital building on these assets remaining unsatisfied, we expect to see pricing continue to firm for the rest of the year and into 2018."
TCA's Kevin Kang, deputy CEO, says the campaign exemplified the strength of the assets under management at TCA.
"We are pleased that the assets attracted keen interest and competition from the market and that we delivered a strong result for our investors across both of our funds."
Business News Australia
Author: David Simmons