A new Lendlease-managed value-add Australian real estate fund has bought two older city office blocks in Melbourne for about A$300m (€194m).
Lendlease Real Estate Partners 4 (REP4) bought the buildings at 440 Collins St and 459 Little Collins St from the Julliard Corporation, a private real estate investor, controlled by the Werdiger family.
The two 17-storey office towers, which sit directly behind each other, were built more than 50 years ago.
Paul Snushall, head of private equity, at Lendlease Investment Management, said: “These towers in the heart of Melbourne are a great addition to our portfolio and we look forward to capitalising on the core location as we bring Lendlease’s expertise and placemaking skills to the assets.”
A Lendlease spokesperson told IPE Real Assets that the two Collins Street buildings were the second acquisition for the fund, launched last year.
The close-ended REP 4 fund, which has a 10-year fixed life, has an investment capacity of A$1.5bn.
In February this year, Lendlease together with Marquette Properties bought a 36-level office building at 12 Creek Street in Brisbane from Dexus for A$391m. The fund took a 49% stake in the partnership led by Marquette Properties.
REP4 is also reported to be eyeing an office tower in Perth, 108 St Georges Terrace, which is on the market for about A$350m.
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