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Japan’s largest fund manager, daVinci Advisers, is believed to made its biggest foray into the Australian property market paying around $100 million for part of the Foundry development on Bourke Street.
Sources say daVinci, which has assets management of almost $A14 billion from property funds in Japan and the United States, will buy The Foundry’s large 243-bay car park, and a 4-level supermarket based convenience shopping centre, near the intersection of Elizabeth Street and the western edge of the Bourke Street Mall.
Two other parts of The Foundry which were also put to sale, including a 92-unit apartment complex, and a Little Collins Street development site with a permit for a 25,570 square metre office building, have not yet sold, sources say.
In August this year, daVinci paid $20.8 million to buy Sydney-based property fund manager, and developer, the Quantum Group. Weeks later, daVinci founder Osama “Sam” Kaneko announced plans to form a $350 million property investment fund which would own commercial property assets in Australia and Asia.
Further acquisitions in the United States are also on daVinci’s property radar, sources say.
Through its acquisition of Quantum, daVinci has a portfolio of commercial property assets in New South Wales and Queensland. Earlier this week it confirmed it sold two Queensland office buildings, and is expected to reap another $38 million from the sale of third.
A spokesman for daVinci, and selling agent Jones Lang LaSalle, declined to comment on any part of The Foundry deal when contacted by Capital Gain.
Other developers and fund managers said to have inspected the site include Industry Superannuation Property Trust, Grocon, Fridcorp and private developer Morry Schwartz.
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