Oxford sell first Asset to Corval
Oxford Real Estate have commenced the sell down process of several of their non core holdings following their successful take over of the Investa platform.
First off the ranks is 66 St George's Terrace, Perth which is to be sold to Corval for $72m. The property is located on the north side of St Georges Terrace between William and Barrack Streets.
The 11 level A-grade office building comprises 11,444 square metres of space which is leased to Subsea, Manpower, Dimension Data and AustralianSuper. The building was refurbished in 2016 with a complete foyer upgrade, life upgrades and new End-of-Trip faciliites including secure bike parking, showers and lockers.
The asset was previously held by Investa at a book value of $66m, realising a gain for the fund on disposal.
Corval have previously held 2 investments in Perth;
Workzone East which they acquired in December 2016 for $68.25m and continue to hold and
80 Sterling Street Perth which they acquired in June 2013 for $72m and then disposed in November 2016 for just $35m.