BLUE SKY FINALISES SECOND NEW YORK ACQUISITION

BLUE SKY FINALISES SECOND NEW YORK ACQUISITION

BLUE Sky Alternative Investments (ASX:BLA) has finalised its acquisition of a second office tower in New York through Cove Property Group.

Located in Manhattan, 441 Ninth Avenue represents a transaction value of more than $400 million and follows the purchase of 2 Rector Street in March.

The majority of the equity for the deal was provided by a blue chip institutional investor in the US.

The eight-storey building is a five-minute walk away from Penn Station, Hudson Yards and Manhattan West.

"Cove plans to fully redevelop the property into a Class A office tower in one of Manhattan's most rapidly expanding submarkets, which has already begun to benefit from a projected US$20 billion of private and public capital expenditure, and welcomed an influx of global blue chip tenants including KKR, Wells Fargo, Boston Consulting Group, Coach, JP Morgan and L'Oreal," Blue Sky says in a statement to the market.

The acquisition reflects an 'important milestone' in Blue Sky's growth plans in the US, and is expected to contribute to its FY17 guidance of between $24 million and $26 million.

The company is on track to achieve its assets under management target of $3 billion by June 30.

The repositioning of 2 Rector Street is on time and on budget, and is expected to be completed by the end of next year.

Blue Sky owns a 38 per cent economic interest in Cove Property Group.

 

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Golden handshakes to departing ASX100 CEOs hit 12-year high

Golden handshakes to departing ASX100 CEOs hit 12-year high

Around one in every six CEOs of ASX100 companies left their job&nbs...

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

The revolving door of leadership at Maggie Beer Holdings (ASX: MBH)...

Dreamworld owner reports improved ticket sales despite severe peak season storms

Dreamworld owner reports improved ticket sales despite severe peak season storms

The owner of Gold Coast theme parks Dreamworld and WhiteWater World...

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

The Australian film industry continues to attract Hollywood product...