Anton Capital expected to land Oxford's Brisbane assets
Anton Capital is likely to become the highest bidder for Oxford Property's Brisbane assets in what continue to be the year’s largest property selldown.
Oxford's two Brisbane assets at 239 George St and 15 Adelaide St are set to trade for circa $225m. The two assets were held on Investa book as at June 2018 at $193M. Oxford paid a 2.2% premium to the June 2018 NTA, meaning a sale at $225M would reap a Oxford a 14% capital gain in less than 12 months.
The larger building at 239 George Street was refurbished in 2006 and spans a lettable area of about 24,234sqm with ground-floor retail space and 30 levels of office space. An apportionment of the sale price based on the Investa reported book values would suggest that 239 George Street would trade at $6,400/sqm and a 6.25% yield.
The adjoining building in Adelaide Street comprises 11,605sqm and a sale at the reported figure would likely reflect $6,008/sqm and a 7.0% reported yield.
Cushman & Wakefield is an adviser on the whole portfolio with CBRE on the Brisbane assets