Australian real estate investment trust Dexus has sold two office buildings – one to Wentworth Capital and Assembly Funds Management (AFM) and the second to Aware Super for a combined total of almost A$445m (€273m).
Real estate private equity firm Wentworth Capital and Assembly jointly bought the 100-130 Harris Street asset in Sydney for A$229.3m.
Australian industry superannuation fund Aware Super bought 145 Anne Street in Brisbane for A$215.5m. The Brisbane building is jointly owned by Dexus and Canada Pension Plan Investment Board.
Dexus said its ownership interest in the Sydney and Brisbane office buildings represented A$336.3m and the sale price was line with last stated book values, reflecting a 0.8% weighted average discount to the 30 June 2024 valuations.
Paul Apostoles, executive director of Wentworth Capital said: “This acquisition is in line with Wentworth’s proven strategy of acquiring irreplaceable, prime assets within strategic locations, especially where there is significant government infrastructure spend.”
Tim Meurer, CIO of AFM said: “We view this acquisition as a unique opportunity to strategically allocate to Sydney’s office sector at an interesting stage in the cycle. Acquiring a building of this quality, in a growing precinct, underpinned by committed infrastructure investment.”
Aware Real Estate head of investment and capital transactions, Pete Carstairs, said the acquisition was aligned with its strategy to target office opportunities along the Eastern seaboard. The acquisition marks the fund’s entry into the Brisbane office market.
To read the latest IPE Real Assets magazine click here.
