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November 8, 2019

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Mapletree acquire 111 Pacific Highway

May 2, 2019

The break up of the commercial assets held by Investa (now Oxford) continues with the announcement that Singapores' Mapletree Investments will acquire 111 Pacific Highway, North Sydney for $275.0M. 

 

The A Grade, 24-level building contains 18,668sqm of commercial space and 164 car spaces. According to the June 2018 Investa reports, the building at that time had a WALE of 2.8 yrs generating $10.8M in annual rental income. The external valuation in June was $236M based on a 6% cap rate. 

 

The transaction to Mapletree equates to a rate of $14,731 per square and is expected to be based on a passing yield of under 5%.

 

The Singaporean group has a strong appetite for city fringe and suburban offices and in October 2018 acquired 67 Albert St Chatswood for $158M and prior to that in 2017 also acquired a $145m office tower at 417 St Kilda Road from an unlisted trust run by Newmark Capital.

 

For Oxford, the break up of the assets continues with 99 Walker Street North Sydney, and 5 Brisbane assets on the chopping block including; 140 Creek Street, 295 Ann Street, 232 Adelaide Street, 239 George Street and 15 Adelaide Street.

 

Mirvac have already taken up their 50% interest in 20 Bond Street from Investa following a pre-emptive right process which nominated Morgan Stanley to become a co-owner at a price of $310M.

 

Location Plan:

 

 

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