This article is from the Australian Property Journal archive
STOCKLAND has bolstered its stake in the Optus Centre in Sydney, buying a 20% stake from UniSuper for $75 million.
The acquisition will boost Stockland’s interest in the asset to 51%. At the same time, the Stockland Direct Office Trust No.2 (SDOT2) has sold its 49% stake in the asset for $184 million to Singapore’s AIMS AMP Capital Industrial REIT (AA REIT).
Last year investors in SDOT2 voted to sell the 49% interest and have the trust wound up.
Stockland group executive and CEO commercial property John Schroder said the Optus Centre purchase follows the sale of an eight-level office building at 78 Waterloo Rd in Macquarie Park for $72 million and the proceeds have been redeployed into the Optus Centre.
“The Optus Centre is Australia’s largest single tenant office campus, leased by a very stable tenant with a WALE of almost nine years. The Optus Centre delivers an above average earnings post-IFRS yield of 7.8%.
“The Optus Centre is set on a 7.5 ha site. Each of the six buildings feature expansive, uninterrupted floor plates, creating a total net lettable area of 84,194 sqm. The Optus Centre features predominantly underground parking for 2,100 cars and is conveniently located 500 metres from Macquarie Park Train Station and 12 kms from the Sydney CBD,” he added.
Meanwhile Schroder said this transaction will result in the formation of an effective joint-venture ownership structure in the Optus Centre between Stockland and AIMS AMP Capital Industrial REIT.
“Our recent moves to reallocate capital within the Macquarie Park precinct are consistent with our strategy to maintain a tactical exposure to office, optimise our returns and ensure we have long term options at this location,” Stockland CEO Mark Steinert said.
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