Acure raising $183m for Sydney offices
Acure Asset Management is raising $183 million from investors for a trust seeded with two Sydney offices.
As realestatesource.com.au reported last month, the Perth-based fund manager acquired the buildings at 558 Pacific Highway, St Leonards (pictured, top), and 67 Albert Avenue, Chatswood, for a combined $278 million.
China-based JQZ is the seller.
The properties cover a combined 1.1 hectares.
Seed assets
Acure’s Sydney Metro Office Trust is targeting a 9.2 per cent first-year distribution, paid monthly, and an average 8.5 per cent annual distribution, over five years.
The trust has forecast a 14pc annual internal rate of return after fees and costs (continues below).
About 74pc of distribution are expected to be tax-deferred for the fund’s first three years.
The St Leonards tower cost $170m, the deal reflecting a high 9.47pc yield.
JQZ developed this office in 2023.
The Chatswood property set it back $108m – 10.4pc return.
It carries a 19pc vacancy.
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