Singapore-based real estate investor Trust Capital Advisors (TCA) has bought an Australian office building from a fund managed by GPT for A$383m (€216m).
The asset at 750 Collins Street, Melbourne, has been held in the GPT Wholesale Office Fund (GWOF) since 2014, when GPT acquired the property for A$249.5m, as part of a portfolio from the former Commonwealth Property Office Trust.
The 41,110sqm property is currently occupied by Monash College with an unexpired lease term of approximately 10 years.
Micah Schulz, GWOF fund manager and head of investment management, office, said: “The divestment of 750 Collins Street aligns with GWOF’s strategy to thoughtfully recycle capital for redeployment into opportunities that will drive performance for investors.
“This result underscores our disciplined approach to capital management, while the strong sales result reflects improving office fundamentals and the confidence in Melbourne’s commercial office market as the sector’s recovery gains momentum.”
The sale of the property supports GWOF’s strategy to actively rebalance and curate its significant A$8.4bn portfolio to position the fund for long-term outperformance.
Chris Cheah, TCA executive chairman, said: “TCA has always regarded Australia as a long-term strategic investment destination, and this acquisition emphasises the confidence that we have in the Australian real estate market.”
Over more than a decade, TCA has acquired office buildings in capital cities on the Eastern seaboard and purpose-built student accommodation.
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