18 April 2011: CIMB TrustCapital Singapore acquires 100% interest in 469 La Trobe Street Melbourne
In a further sign of continued demand from offshore investors for quality Australian office buildings, CIMB-TrustCapital Advisors Singapore Pte Ltd, as the investment manager (“the IM”) of CIMB-TrustCapital Australian Office Fund No.1 LP (“the Fund”), is pleased to announce that a wholly-owned special purpose vehicle of the Fund, CIMBTCA Bravo Pty Ltd as trustee for CIMBTCA AOF1 Bravo Trust (“Bravo”) has acquired a 100% interest in 469 La Trobe Street, Melbourne (“the Property”) from Investa Property Group (“Investa”) for AUD$84 million.
Located in the centre of Melbourne’s legal precinct with views of adjacent Flagstaff Park and Victoria Harbour from the upper floors, the Property is a 19-level, office building with 19,780m² of net lettable area and a 5 star NABERS Energy rating. Major tenants include law firms Russell Kennedy, CPG and Rigby Cooke.
Commenting on the transaction Michael Cook, Group Executive Commercial Property Investments at Investa said: “The Melbourne CBD is leading the recovery in the Australian office market, which is being driven by strong market fundamentals and comparatively low levels of supply.
“The purchase of 469 LaTrobe Street is a clear indication that investors are willing to secure Australian quality assets now, to take advantage of the anticipated rental growth that is forecast to occur over the short-medium term,” said Mr Cook.
Executive Director of CIMB-TrustCapital Advisors, David Tan said: “We are happy to have inked this deal with Investa. The Fund has the clear intent, the will and the necessary resources to embark on more acquisitions that will deliver strong returns to our investors as we continue to establish our presence in Australia.”
The IM is part of CIMB Group, Malaysia’s second largest financial services provider. The Fund is a unique Asian based fund established with the objective of investing in high grade commercial office buildings in the key cities of Australia.