AIMS APAC Reit set to acquire Woolworths Headquarters

The property is located in New South Wales, Australia, with an estimated price of $454.91m.

AIMS APAC Reit Management Limited announced via a news release that AIMS Capital Management, trustee of Bella Visita Trust, had entered into a contract for sale agreement to acquire Woolworths Headquarters. 

A purchase consideration of $454.91m (A$463.25) was set. Currently, the property is fully leased to Woolworths Group Limited and will be acquired at an initial Net Property Income yield of 5.17%.

The asset is located in New South Wales, Australia and is slated to provide AA REIT with long-term income stability.

George Wang, Chairman, AIMS APAC REIT Management Limited, spoke about how this move is set to strengthen the AA Reit’s foothold in Sydney’s business park market.

“This Proposed Acquisition will strengthen AA REIT’s foothold in Sydney’s resilient business park market. The asset sits on a rare nine-hectare freehold land, within the Norwest Business Park, with good connectivity and direct access to the Sydney CBD. The precinct is also home to a thriving community of established domestic and multinational corporations such as Australia Post, Resmed, IBM and Optus and data centres for the Reserve Bank of Australia and Commonwealth Bank of Australia.”

Part of the features of the acquisition include upgrades to the office fit-outs and amenities, ground floor reception foyer, as well as a multi-storey carpark with a capacity of 1,000 parking bays and solar panels across the roof top. 

Site expansion is also a potential option. 

The acquisition of this property also supplements AA REIT’s earlier acquisition of Optus Center in Macquarie Park, Sydney, in 2014.