BlackRock Acquires 91 Phillip Street
Blackrock have acquired 91 Phillip Street Parramatta for $56.6M from Capital Property Funds. The 6,094sqm A Grade building has a 2.5yr WALE with significant rental upside. The property was acquired on a fully leased passing yield of 5.1%.
Capital Property Funds acquired the asset in June 2015 from Fortius at a price of $30M and an initial yield of 7.9%. During its ownership, Fortius refurbished the building including replacing the chillers, upgrading the building management systems, adding end-of-trip of facilities and upgrading the lifts and foyer.
Capital Property Funds are now backing the Brisbane office market with a recent acquisition of 110 Eagle Street for $35.2M.