BLUE Sky Alternative Investments (ASX: BLA) has made a significant property purchase in Manhattan through a New York City-based company it has invested in.
Cove Property Group and Blue Sky's joint-venture investment vehicle will acquire an office tower located in Manhattan, which will be added to Brisbane-based Blue Sky's broader portfolio.
The purchase is said to represent an important milestone in Blue Sky's US operations.
The transaction value exceeds $280 million and is expected to settle within the next two months, with the majority of the equity provided by a US-based institutional investor.
Blue Sky holds a 38 per cent economic interest in Cove Property Group, which was established in 2015 to acquire and manage commercial real estate assets with an initial focus on investment opportunities in New York City.
Cove Property Group's team is said to have significant experience repositioning older assets and transforming them to achieve significant uplifts in rental yield and tenant quality.
Blue Sky does not anticipate the transaction will have any material impact on guidance in relation to its full-year 2016 earnings of $14 million to $16 million, or its fee-earning assets under management which it expects will exceed $2 billion at June 30, 2016.
Pictured: Blue Sky Alternative Investments founder and managing director Mark Sowerby.
BLUE SKY INVESTS IN NEW YORK OFFICE TOWER
3 March 2016
Latest News
Weaker consumer spending takes its toll on Bapcor as shares slump 29pc
A tough retail market looks set to impact second-half earnings for ...
US multinational TricorBraun acquires Australian packaging distributors UniquePak, Alplas Products
Two Australian packaging distributors have been acquired by St Loui...
Bonza fleet grounded until at least 8 May
Administrators for Bonza have confirmed the budget airline's fl...
Cobram Estate’s new $35m processing mill capitalising on global shortage of olive oil
Cobram Estate Olives (ASX: CBO) has officially opened its new $35 m...
Retail Food Group to settle Michel's Patisserie class action
Gold Coast-headquartered Retail Food Group (ASX: RFG) has agreed to...
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
EtoroAdvertisement