Grosvenor Group and Propertylink have launched an office fund, buying four assets from Blackstone in Sydney.
The Propertylink Office Partnership 3 (POP 3) fund follows two previous jointly held vehicles.
Grosvenor committed AUD40m (€25.7m) of equity to POP3, with Propertylink bringing in other investors to the vehicle.
Chris Taite, investment director at Grosvenor, said the vehicle was another opportunity to secure access to “good assets” in Australia, with strong income and upside potential.
Four properties near North Ryde train station in Sydney have been bought for AUD94m from Blackstone, and Propertylink intends to introduce other investors to POP3 over time, targeting similar high-quality strategic assets.
The 24,480sqm portfolio has a 5.02 year weighted average lease expiry (WALE).
Tenants include Revlon, BOC and Rexel Group.
Stephen Day, Propertylink managing director, said: “We are positive about the future for office investments in the Sydney CBD and major non-CBD markets such as North Ryde, North Sydney, Parramatta, Chatswood and Macquarie Park.
“With the tremendous development of Sydney’s rail and road infrastructure and tenant demand, we will target further investments in these key markets.”
