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Singapore Firm Sells Australian Office Portfolio for $727m

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Singapore-based TrustCapital Advisors (TCA) has sold five prime office assets along Australia’s eastern seaboard totalling over $727 million as it exits its Australian holdings.

The properties were listed in July of this year which were being sold in accordance with the funds’ strategy and intended timeline. TCA completed its first purchase in Australia of 469 La Trobe Street, Melbourne for $84 million back in 2011.

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150 Charlotte Street, Brisbane sold to Australian Unity in October.

150 Charlotte Street Brisbane sold to Australian Unity for $105.75 million. The 11,011 square metre tower is located in Brisbane’s sought-after "golden triangle" and is home to several major tenants including Rio Tinto and Boeing Australia.

AEW purchased Sydney’s 50 Pitt Street for $165 million. The 9,873 square metre B-grade asset had benefited from $20 million capex since 2008 and occupies a super prime corner in the Sydney CBD.

[Related reading: Singapore-based TrustCapital Advisors List Five Australian Office Assets worth $700m]850 Collins Street and 575 Bourke Street in Melbourne were both purchased by PA Realty (a joint venture between MEC and CLSA Real Estate). 850 Collins Street is a 17,337 square metre A-grade building in Melbourne’s Docklands precinct that was sold for $156.1 million.

575 Bourke Street is a 16,152 square metre multi-let, recently refurbished office tower in Melbourne CBD’s western core that sold for $140.2 million.

469 La Trobe Street in Melbourne sold to an AMP capital separate account client for $160.5 million. The 19,864 square metre tower had been recently upgraded.

CBRE and JLL steered the international expressions of interest campaign for the properties, which are held across two private equity funds managed by TCA.

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469 La Trobe Street sold for $160.5 million.

CBRE’s Mark Coster said that the campaign generated significant interest from a range of local and international investors.

“The sale of the TCA portfolio exemplified the strength of the markets across the eastern seaboard of Australia. It also showed the depth in interest from both local and international capital sources. With a significant amount of capital bidding on these assets remaining unsatisfied, we expect to see pricing continue to firm for the rest of the year and into 2018,” Coster said.

JLL's Rob Sewell said that the portfolio saw strong demand from both portfolio and individual asset buyers.

The end result was four individual buyers acquiring five of the assets, three of the parties were offshore parties who have only just commenced investing in Australia," he said.

 

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850 Collins Street, Melbourne sold for $156m.

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Article originally posted at: https://theurbandeveloper.com/articles/singapores-trustcapital-advisors-sells-australian-office-portfolio-for-over-720-million