This article is from the Australian Property Journal archive
US private equity giant Blackstone has sold off the 990 La Trobe Street office building in Melbourne’s Docklands to Charter Hall for $114.5 million.
Blackstone had acquired the seven-level, 12,700 sqm headquarters of Melbourne Water as part of its $500 million purchase of a portfolio of 11 properties from South Australia’s Motor Accident Commission.
Two have been on-sold, including the La Trobe Street asset. Goodman Group is believed to be the buyer of the other asset, an industrial facility in on Talavera Road in Sydney’s Macquarie Park with a 5,000sqm warehouse and 2,600 sqm of office space.
Charter Hall’s $3.5 billion wholesale Prime Office Fund acquired the A-grade 990 La Trobe Street fully leased to Melbourne Water with a 10-year weighted average lease expiry and 4% fixed annual rent increases.
The initial MAC portfolio included seven commercial properties and four industrial sites across five states, and included a half-share in the Brisbane’s 37-level 400 George Street office tower; Perth’s 226 Adelaide Terrace low-rise A-grade commercial complex and three properties in Melbourne’s western suburb of Laverton North.
Earlier this week, Blackstone announced a $435.54 million takeover bid for ASX-listed Astro Japan Property via its managed fund Jetsons Holdings II Pte.
The offer comes at $7.181 per security, at a premium to its previous closing price of $6.35 and values the 27-asset Astro portfolio at $1.1 billion.
Astro’s board unanimously urged shareholders to accept the proposal.
Australian Property Journal
