By Commercial Research


An eight level office tower at 78 Waterloo Road, Macquarie Park, has been sold by Sydney fund manager CorVal for $106 million to Singaporean fund manager Mapletree Investments.

The property sold in an off-market transaction at an initial yield of 6.3 per cent. The sale was arranged by Chris Key of JLL’s corporate finance team, and Rob Sewell and Paul Noonan of JLL’s capital markets team.

The vendor, CorVal Partners Ltd, bought the property on behalf of the Value Active Fund for $72 million in September 2013. The sale of the property represents a strong return of $34 million in two years for the fund.

Purchaser, Mapletree Investments Pte Ltd, is a Singapore-based real estate development, investment and capital fund manager, established in 2000, which has $28.4 billion in assets under management. Mapletree has purchased several Australian assets in the past year, including 144 Montague Road, South Brisbane, purchased for $92.750 million in November 2014; and 53 Ord Street, West Perth, purchased for $59 million in September 2015. Mapletree also purchased three office park assets at 1G Homebush Bay Drive, Rhodes, 112-118 Talavera Road, Macquarie Park, and 22 Giffnock Avenue, Macquarie Park, from the Goodman Group for a total of $250 million in early 2015.

It is understood that Mapletree is looking to place the 78 Waterloo Road property into a new fund to be listed on the Singapore Exchange. It is likely that the West Perth asset and the three properties acquired from Goodman will also be placed into the new fund.

According to Macquarie Park Cityscope, 78 Waterloo Road is an eight storey office building with ground floor retail space, completed in 2009. Sitting on a site area of 5,496 sqm, the building has a net lettable area of 14,950 sqm and a NABERS rating of 5.5 stars. The building has two levels of basement parking for 288 cars. The main tenant is Schneider Electric with six levels of space and a lease expiring in September 2020.

Brendon Wood
Data Integration Manager – Commercial

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Source: RPD

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