Mirae offloads Canberra office

Walker Corp sold 50 Marcus Clarke Street for $232 million in 2012.

South Korean fund manager Mirae Asset Global Investments is selling a central Canberra office for $335 million.

The deal for 50 Marcus Clarke Street, to Charter Hall in partnership with Singapore sovereign wealth fund GIC (the latter, which will hold a 95 per cent stake), reflects a modest capital gain on the $321m it paid CIMB in 2017.

However it comes in less than guide – reported as c$350m when the asset was listed in April.

On 1.2 acres, the 12-level, 40,201 square metre building was completed in 2011.

The developer, Walker Corp, sold it to CIMB, which is also Singapore based, the year later for $232m.

The latest sale is subject to Foreign Investment Review Board approval.

Charter Hall stocks up in Canberra

Charter Hall has been stocking up Canberra offices this year.

In another major deal, in May, it paid another South Korean group, AIM Asset Management, $306m for the Tuggeranong Services Australia building.

Three months later the group outlaid $99m for 18 Canberra St, Fyshwick, which is fully occupied by Services Australia.

That vendor was private developer DOMA (story continues below).

Charter Hall and GIC’s latest building is fully leased – with the Department of Employment and Education and Australian Electoral Commission major occupiers.

A 15-year rental agreement to the Department of Education expires in 2025.

Canberra office deals surpass $900m

With the sale of 50 Marcus Clarke Street, close to $900m of investment grade Canberra offices have traded this calendar year.

Amongst the deals is 38 Sydney Avenue, Forrest, which Blackstone acquired for $73.75m in June.

Two major transactions were struck the month later – including 9 Brisbane Ave ($60.5m) and Scarborough House ($83m).

In August, in the city, Molongo agreed to pay Cromwell Group c$80m for 33 Allara St.

Also last quarter, we reported Lendlease’s Australian Prime Property Fund sold Real Asset Management a seven level office, 19-25 Constitution Avenue, for $115m, reflecting a 5.5pc yield.

The deal was brokered by CBRE’s James Parry and Nic Purdue with JLL’s Tim Mutton and Luke Billau.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.