Stockland has sold its office building at 78 Waterloo Road in Macquarie Park, in Sydney’s North West, for $72 million to CorVal on behalf of a club of wholesale investors.
John Schroder, Group Executive and CEO Commercial Property at Stockland, said the asset sale was in line with its 30 June 2013 book value.
“This sale is consistent with our strategy of optimising securityholder returns by actively managing assets and recycling capital that can work harder elsewhere in our commercial property portfolio,” Mr Schroder said.
Completed in June 2009, 78 Waterloo Road is an eight level, 14,983 square metre office building featuring a central atrium and 286 car parks.
The 5-Star Green Star v.2 rated building is anchored by Schneider and is located in the heart of the Macquarie Park precinct.
The property has dual frontage access to Waterloo Road and Byfield Street, and is located diagonally opposite the Macquarie University and Macquarie Park railway station.
CorVal is a specialist property fund manager and investor.