Singapore property group CDL and its co-investor HThree City Australia have acquired a A$236m (€154m) office building in southeastern Australia for A$236m (€154m) from an AMP Capital separate account.
AMP Capital managed the 330 Collins Street building for more than a decade on behalf of the industry super fund, Sunsuper, now part of Australian Retirement Fund.
The super fund bought the 17-level office tower in 2011 for around A$107m.
The building came to market early this year after Sunsuper moved its mandate from AMP Capital to Mirvac in 2021.
Sherman Kwek, CDL Group CEO, said the acquisition marked the firm’s expansion into the Australian office sector and “complements our focus on strengthening our recurring income”.
Kevin Kang, CEO of HThree, said: “We believe Melbourne’s CBD will continue to bounce back strongly, and that 330 Collins Street is well-placed to benefit from the increasing demand for well-located, quality office space.”
Following completion of the acquisition, HThree will manage the asset with a focus on driving value appreciation through active leasing and asset enhancement initiatives.
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