Dexus Property Group has sold its 40 Market Street property in Melbourne to
MTAA Super for $105 million, which is more then double what it paid less than two years earlier.
Over that period Dexus secured Powercor Australia as a tenant on a 15-year lease, driving a dramatic lift in the value of the asset.
MTAA Super, a $7.5 billion fund picked the Market Street property up following Dexus' plan to offload part of its office portfolio.
The nine-level B-grade building has a net leasable area of 12,000 square metres and sits on a prime corner location.
The purchase, brokered though CBRE’s Mark Coster and Luke Etherington, reflected a capitalisation rate of about 6.25 per cent.
The superannuation fund, chaired by former Victorian premier John Brumby, has a portfolio that includes a half stake in 60 Margaret Street in Sydney, NSW, Canberra complexes 121 Marcus Clarke Street and the R.G. Casey Building and property in WA and Queensland.