Charter Hall flagship Charter Hall Prime Office Fund (CPOF) has acquired the freehold of a commercial precinct in central Melbourne for around A$65m (€45m).
The development on the 13,350sqm site is known as Collins Place, which comprises two towers, including 100,000sqm of office space, and a Sofitel Hotel.
The leasehold of Collins Place is owned by the AMP Wholesale Office Fund and is the fund’s largest single asset.
David Harrison, Charter Hall managing director and group CEO, said: “Collins Place presents a unique opportunity for CPOF investors to secure one of the largest, freehold title, prime CBD sites nationally.
“This extends the large precinct holdings owned by CPOF which includes Chifley in Sydney, together with two other Paris end Melbourne CBD precincts in the 10,000sqm Wesley site and recently purchased 9,000sqm Southern Cross Towers.”
Harrison said Charter Hall had long recognised the value of freehold land and precincts, demonstrated by the 2019 purchase of the Chifley Tower office precinct in Sydney.
To read the latest edition of the latest IPE Real Assets magazine click here.