Investa Office Fund ("IOF" or the "Fund") today announced that it has exchanged a purchase and sale agreement for the sale of the Fund’s 49% partnership interest in 900 Third Avenue, New York, for US$172.7 million (US$592 per square foot), completing the sale strategy for the Fund’s US portfolio.

The sale price of US$172.7 million reflects an 8.7% premium to the Fund’s 30 June 2011 book value of US$158.9 million and equates to an initial yield of 4.7%. The 49% interest was acquired by the Fund in August 2003 for US$107.7 million.

Commenting on the transaction, IOF Fund Manager Toby Phelps said: “The sale of IOF’s interest in the New York asset will complete the Fund’s exit from the US market in-line with our stated strategy, at an overall premium of 9.41% to June 2011 book value”.

The sale is forecast to close in late March 2012 (subject to customary closing conditions precedent), with expected net proceeds of approximately US$19 million after adjusting for property level debt, taxes and transaction costs.