This article is from the Australian Property Journal archive
A subsidiary of Singapore’s Cambridge RE Group has purchased the Central Queensland University building in Sydney for $111.58 million on a yield of 7%.
Located at 400 Kent Street, the property was sold by Terraform Capital, on behalf of a Hong Kong investor, who acquired the asset from Credit Suisse for $111.8 million on a yield of 4.5% in 2018.
The 11-storey building comprises 10,000 sqm of space and operates as the city campus for the CQU, which has seven years remaining on the lease.
Meanwhile London-based M&G Real Estate has snapped up the Unilodge Royal Park in Melbourne from Invesco for $97 million.
The sale is a major windfall for Invesco, which acquired the asset for $20 million in 2017.
These latest transactions follow two major PBSA deals this week, after Singapore-based private equity real estate firm SC Capital Partners has sold a purpose-built student accommodation asset to the UNSW.
Last week Shanghai-based asset management group Morning Crest Capital acquired a facility in Sydney’s north as reported by Australian Property Journal.