This article is from the Australian Property Journal archive
A MELBOURNE CBD building home to RMIT University has been acquired by Sydney-based Futuro Capital over two separate deals worth a combined $206 million.
Backed by investment partners Baring Private Equity Asia and SGX-listed SLB Developments, Futuro has just settled on its acquisition of 14 levels at 235-251 Bourke Street in a $133 million sale and leaseback deal with the university, put to the market last year as tertiary organisations scrambled to find ways of releasing capital in the absence of lucrative international student fees.
Now, the investment group has picked up the Tivoli Arcade, shops and car park within the building for $73 million from Venton International. It intends to refurbish the arcade into a high-end retail space.
Together, Tivoli Arcade, the adjoining shops and car park have about 6000 sqm of building area, while there is just over 23,000 sqm of office and teaching space taken up by RMIT over levels four to 17, on a five year leaseback with options.
Swinburne University recently sold its Flinders Lane building in its own bid to claw back capital, for about $40 million – below what it paid just two years ago for the asset.
Futuro Capital is jointly owned by Ben Hopkins and Philip George. It recently acquired four buildings in Sydney’s Crows Nest $51 million.
