15 Jan 2011: One of Australia’s largest owners of commercial real estate, Investa Property Group, has announced that it will seek to reinstate distributions for its flagship retail property fund, the Investa Diversified Office Fund (‘IDOF’) from the December 2010 quarter.
The sale of 310-320 Pitt Street, Sydney this month, which is jointly owned by IDOF and the Investa Property Trust, was a key part of IDOF’s capital management plan and allows Investa to seek the reinstatement of distributions.
The property was purchased by the MacarthurCook Industrial Property Fund, which is managed by MacarthurCook Fund Management Limited, a wholly owned subsidiary of the AIMS Financial Group (“AIMS”). George Wang, Executive Chairman of AIMS said: “We are very pleased with this transaction as it represents the first acquisition of our on-going strategy to acquire quality office and industrial assets in Australia.”
The 29,159 sqm tower located in Sydney’s CBD is 99% occupied by Telstra and has a NABERS Energy rating of 4.5 stars. The building offers views from the upper levels and direct access to Town Hall and Museum railway stations, and a range of retail and recreational amenity.
Following the sale, IDOF owns eight office properties in prime CBD locations across Australia, valued at more than $265 million. Commenting on the sale, Grant Nichols, IDOF’s Fund Manager said: “This is a significant transaction for the unitholders of IDOF and enables Investa to deliver on the strategy of the fund, seek to re-introduce distributions and work towards the opening of the fund for investment.”