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Global fund manager TH Real Estate has sold its 50 per cent interest in a Mirvac-managed building in Melbourne.
The real estate investment manager said in a statement that it had achieved its target investment returns on the 699 Bourke Street asset.
The Morgan Stanley Real Estate Investing platform has acquired TH Real Estate’s stake in the tower. Mirvac owns the other 50 per cent, having retained a half stake in the tower.
The building, located at 699 Bourke Street, was completed in 2015 and was constructed on a suspended deck built over part of the Southern Cross Railway Station. It is fully-occupied by electricity provider AGL.
TH Real Estate originally bought into the asset through Mirvac in 2014 for $74.5 million as a forward funding development. The recent sale saw them receive $102 million for their stake.
Related reading: TH Real Estate Eyes Debt Strategy and Build-to-Rent in Australia
The company has also sold an A-grade office building at 20 Hunter Street in Sydney’s CBD, which transacted in November 2017.
TH Real Estate executive director Nick Evans said their portfolio focused on quality, sustainable assets.
The six-star energy rated building fronts the Bourke Street pedestrian overpass and comprises 10 levels, including a roof top terrace and indoor conference area.
TH Real Estate is the seventh largest office real estate owner globally, with more than three million square metres under its name and US$109 billion ($140 billion) in assets.
Its other prime holdings in Australia include a half stake in 101 Miller Street and the Greenwood Plaza in North Sydney, as well as investments in Myer Bourke Street in Melbourne, and a 75 per cent interest in Mount Ommaney Shopping Centre in Brisbane.
