OfficeStaff WriterFri 19 Sep 14
Dexus Sells Melbourne Office In Deal Double What It Paid
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.
