Marking the very first joint venture for these real estate firms from different parts of the globe
Real estate fund manager in Asia ARA Asset Management Ltd, together with the property arm of British Columbia Investment Management QuadReal Property Group, purchased a Grade A office development in East Melbourne, Australia, reported Deal Street Asia.
The said property in 200 Victoria Parade is just right next to the Government Precinct of the city. It is 11-storeys high, occupies 26,000 square metres, comes with 2,500 sqm floor plates, and is scheduled to open in the third quarter of 2022.
The Australian Financial Review did not reveal any financial details regarding the deal, but earlier reports suggest that the project is estimated to be worth around USD210 million once completed.
The Grade A office was constructed by property developers Golden Age and small operator Time & Place after acquiring approval to construct an 11-storey tower designed by FJMT, a distinguished architecture firm based in Sydney.
This property marks the first acquisition for the joint partnership between ARA and QuadReal that aims to procure and oversee investments in logistics and office assets in Melbourne and Sydney.
The agreement comes as more investors realise the potential of Melbourne, which is predicted to outperform Sydney as the biggest city in Australia by 2026.
“Our Victoria Parade investment represents a lot of what we like about this market – from the asset’s uniquely large floorplates to the best in class environmental sustainability initiatives that we have planned for the building,” said Peter Kim, managing director for Asia at QuadReal.
“The Victoria Parade project represents an exciting opportunity to secure a strategic foothold in a prestigious location, and we look forward to undertaking many more projects together,” added CEO of ARA Australia David Blight.
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