CIMB TCA invests AUD 84mln for Aussie property

The investment manager of CIMB Trust Capital Australian Office Fund No.1 LP acquired the Melbourne property from Investa Property Group.

The Australian Office Fund is a unique Asian based fund established with the objective of investing in high grade commercial office buildings in the key cities of Australia.

The property is located at the centre of Melbourne’s legal precinct with views of adjacent Flagstaff Park and Victoria Harbour from the upper floors. It is a 19-level, A-grade office building with 19,779m² of net lettable area and a 5 star NABERS Energy rating.

Commenting on the transaction Michael Cook, Group Executive Commercial Property Investments at Investa said: “The Melbourne CBD is leading the recovery in the Australian office market, which is being driven by strong market fundamentals and comparatively low levels of supply.

The purchase of 469 LaTrobe Street is a clear indication that investors are willing to secure Australian quality assets now, to take advantage of the anticipated rental growth that is forecast to occur over the short-medium term.”