Charter Hall Acquire 121 King William St
Charter Hall’s direct property unit has acquired an Adelaide tower from Blackstone for $82.25 million ($6,628/sqm).
The A-grade building at 121 King William St provides 12,410sqm leased mainly to Ernst & Young (22.6% by gross income) and Jacobs Engineering Group (15.1% by gross income).
Blackstone acquired the tower as part of its $500m-plus purchase of South Australia’s Motor Accident Commission portfolio in 2017. Whilst the Blackstone's price for this specific asset was not disclosed, Knight Frank reported the sale at $58M on a 7.45% cap rate.
Charter Hall also own the nearby 12 Franklin Street which they acquired in August 2018 for $135M ($6,994/sqm). Also reported in 2018 was the sale by Lend Lease of 60 Flinders St for $100M ($6,357/sqm) and 77 Grenfell Street which was acquired by Wingate / IPG fo $103.5m ($6,279/sqm).