An office building in the heart of Melbourne's CBD has been sold by GPT Group (ASX: GPT) to Singapore's TrustCapital Advisors.
The sale of 750 Collins Street, brokered by Cushman & Wakefield and Colliers, is one of the biggest for the state of Victoria this year, landing at $383 million.
Located in Docklands, the 41,000 square foot building is currently occupied by Monash University, with another 10 years left on the lease and was held in GPT’s $8.4 billion unlisted office fund prior to the sale.
The deal was struck on an investment yield of approximately 6.6% and is one of the first moves back into the Aussie commercial sector for the Singaporean trust manager, after selling most holdings in that area back in 2017.
“TCA has always regarded Australia as a long-term strategic investment destination, and this acquisition emphasises the confidence that we have in the Australian real estate market,” said executive chairman Chris Cheah.
“Our investors are delighted with the transaction and we continue to look for more opportunities to invest in Australia.”
