)
Hong Kong-based Link Real Estate Investment Trust (Link REIT) has bought into a joint venture alongside Oxford Properties Group which consists of a prime office portfolio in Australia worth more than $2.3 billion.
Link will acquire a 49.9 per cent interest in the Investa Gateway Office (IGO) venture, while Oxford will own a 50.1 per cent interest.
Link dropped $596 million on its stake in the joint venture which will be managed by Investa - a leading owner, manager and developer of real estate in Australia.
IGO comprises five income-producing, prime grade office assets with focus a on sustainability including 126 Phillip Street, 388 George Street, 151 Clarence Street and 347 Kent Street all in Sydney and 567 Collins Street, Melbourne.
“IGO is one of the highest quality Australian office real estate portfolios to be offered to the market in recent years,” Link CEO George Hongchoy said.
“We are delighted to partner with two firms that have deep conviction and connections in the Australian market and further strengthen Link’s presence in the country.
“The Australian economy has been highly resilient and the investment in one of its highest quality prime office portfolios provides immediate scale, positions us strongly for the next cycle and aligns with our Vision 2025 growth strategy of diversifying and improving our portfolio mix in the region.”
Investa chief investment officer Penny Ransom said attracting the likes of Link and Oxford will underpin the future performance of the venture.
“We are excited to welcome Link as a significant, new investment partner to our platform,” Ransom said.
“To attract a partner of Link’s calibre reflects the quality of the IGO portfolio and the like-minded approach of our businesses.”
Get our daily business news
Sign up to our free email news updates.
)
)
)
)
)
