TPG founders David and Vicky Teoh are speculated to be paying $106.5 million for a five level office and industrial building, in Sydney’s north west Macquarie Park.
AMP Capital, as manager for the Diversified Property Fund (ADPF), listed the asset, Sekisui House at 68 Waterloo Road, in February.
The sale price reflects a 4.84 per cent passing yield.
It is also a premium to book value.
CBRE and JLL were the agents.
Last month, the Mr Teoh resigned from the board of the telecommunications giant he co-founded with his wife in 1992, saying “now is the time to step aside and pursue other interests”.
Three Macquarie Park assets in four months
An AMP spokesperson described the sale of 68 Waterloo Rd as a fantastic outcome which capitalises on the strong market conditions for suburban office assets.
Last month the manager offloaded a nearby ADPF commercial investment, 44-50 Waterloo Rd, for $71m to ESR Australia.
In December, another trust asset – a business park at 1-5 Thomas Holt Drive – collected $288.9m from Ascendas Reit (story continues below).
That deal reflected a 5.9pc return.
ADPF is presently a merger target for Dexus; earlier this month AMP Capital put forward a counter-proposal.
68 Waterloo Road
On 1.44 hectares, 68 Waterloo Rd was developed 21 years ago.
It contains 13,486 square metres, the bulk (78 per cent) of which is configured as offices; the balance is warehousing.
Fletchers Building Australia and its subsidiary Rocla are major occupiers.
Stramit Building Products and Sekisui House also rent.
The majority of the industrial space is for lease.
Macquarie Park is 13 kilometres from Sydney.