This article is from the Australian Property Journal archive
SINGAPORE’S Ascendas-Singbridge Group has made a foray into Australia’s office market with the $300 million plus acquisition of Innovation Place in North Sydney.
The purchase of 100 Arthur St North Sydney builds on the group’s portfolio in Australia following the $1.073 billion acquisition of 27 logistics properties by Ascendas Real Estate Investment Trust (A-REIT) and 6-20 Clunies Ross St Greystanes for $76.6 million.
The latest transaction increases Ascendas-Singbridge’s assets under management in Australia to about S$2 billion.
100 Arthur St was sold by Townwood Pty Ltd, a company owned by the Salteri family, which has owned the site for more than 50 years.
Ascendas-Singbridge chief investment office Jonathan Yap said the property was a compelling investment proposition.
“With this entry into the commercial office market in Australia, we hope to replicate the success we’ve had with our other asset classes. While we continue to derive value from the best-in-class assets we invest in, we continue to be on the lookout for others that will bolster our growth.” Yap said.
The property comprises a 20 levels building which was completed in 2007, and it comprises a net lettable area of 27,395 sqm and 137 car park spaces. The building is fully leased to a mix of government tenants and corporate tenants, including the NBN.
The property will be renamed Ascendas Innovation Place and will be held by a newly launched fund which invests in core office real estate in Singapore, Australia, South Korea and Japan.
Australian Property Journal
