KUALA LUMPUR: CIMB TrustCapital Advisors (CIMB-TCA), as manager of the CIMB TrustCapital Australian Office Fund No.1 (CIMB-TCA AOF1), has announced the acquisition of 150 Charlotte Street, Brisbane from the Stockland Trust for A$56mil (RM180mil).
CIMB-TCA is a joint venture between CIMB Real Estate Sdn Bhd and Singapore-based TrustCapital Advisors Pte Ltd. CIMB-TCA AOF1 is a unique Asian-based fund established with the objective of investing in high grade commercial office buildings in the key cities of Australia.
150 Charlotte Street is in Brisbane’s central business district and has just been fully refurbished to a PCA A-Grade standard.
It consists of 18 storeys of office space, and with the upgrades, it is an energy-efficient building which targets a 4.5-star National Australian Built Environment Rating System and a five-star Green Star as-built rating.
Under a Development and Lease Procurement Agreement, the Walker Corp will give five years of rent support for the property that would provide CIMB-TCA AOF1 a guaranteed initial yield of 8.7% on a fully-leased basis in the first year.
The guarantee also provides for annual increments of 4% per annum for the next five years. Several floors of the property are already leased to Energex, the Australian Department of Foreign Affairs and Trade andWalker Corp.
There are also many other potential tenants showing strong interest given the shortage of contiguous office space available for lease within the Brisbane CBD.
This transaction is CIMB-TCA AOF1’s fourth acquisition in Australia since it entered the market in early 2011. – Bernama
No comments:
Post a Comment