Mapletree sells another major office
Singapore based Mapletree Investments, a subsidiary of Temasek Holdings, has sold another Australian office.
The nine level A-grade building, 78 Waterloo Road, Macquarie Park, collected $101.25 million – a 7.3 per cent net passing yield.
It paid Corval $106m in 2015 for Tamasek’s privately owned Mascot trust.
The incoming owner is Growthpoint for a single asset fund which recently raised $60m from wholesale investors.
78 Waterloo Road
Penned by Lipman, completed in 2009, the Macquarie Park office contains 14,910 square metres of A-grade space over eight floors.
Renowned in leasing circles for its large floorplates – c2000 sqm – 90pc is occupied.
Parts are fit out for a gym and laboratories. There are also end of trip facilities and a basement car park.
The weighted average lease expiry by income is under three years (continues below).
The site spreads 5496 sqm.
Cushman & Wakefield’s Steven Kearney, Kenny Duncanson and Jack Harrison with Knight Frank’s Dominic Ong were the agents.
Temasek has been reweighing its portfolio since mid last year.
The Macquarie Park deal comes six weeks since we reported Mapletree was selling an Adelaide CBD office for c$200m.
Also late last year the asset manager sold 417 St Kilda Rd in Melbourne to Solomon Lew, for c$90m.
Mapletree paid $144.4m for that property in 2017.
Subscribe to our newsletter at the bottom of this page.
