Valad Property Group to Pay $80 Million For 469 LaTrobe Street
The 20,000 square metre property is leased to tenants including Telstra, CGU Insurance and Fairfax Media. It is reported to have sold on a yield of 6.5 per cent.
469 LaTrobe Street is the latest in a portfolio of 13 properties put to the market by Investa late last year. So far, eight buildings have sold for a total of more than $500 million, more than $150 million above book value.
The biggest building in the portfolio, the Telstra headquarters at 242 Exhibition Street in Melbourne, is expected to sell for around $400 million.
Valad and Investa did not make a comment.
