Wing Tai Invests $50m in Data Centre
Listed Singapore Group Wing Tai has secured a data centre in the Tally Ho Business Park in Burwood East for $50m.
The property was sold by an undisclosed Singaporean vendor via an off market process conducted by Knight Frank. The vendor acquired the asset in 1997 for $11.2m.
The three level building comprises approx 10,000sqm and sits on a 9,200sqm site. The property is leased to DXC Technology which is the merged entity of CSC and the Enterprise Services business of Hewlett Packard Enterprise.
The transaction was struck on a yield of approx 6.5%.
Wing Tai holds a number of assets in Australian, including
380 Flinders Street, Melbourne - which it acquired in 2016 for $31m
464 St Kilda Road, Melbourne - which it acquired in conjunction with Abacus in April 2018
12 Brookhollow Avenue, Baulkham Hills,
28 Thornton Crescent, Mitcham,
Data Centre assets have the attention of several groups including Australia Pacific Data Centres, (now controlled by NextDC) and 360 Capital Group who is currently finalising a pre-IPO trust to acquire Data Centres assets.