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As seen in the Source link, written by on 2019-10-04 14:12:27

Investa's focus is on developing new office buildings to own for the long term, with Sydney and Melbourne prime destinations with high-quality prime office space remaining the preferred option of CBD office market tenants.

“Australia continues to screen well globally as an investment destination, Investa chief investment officer Peter Menegazzo said.

“This, along with the positive positioning and outlook of the Australian office markets and ICPF’s strong investment track record are all ingredients that form a compelling investment proposition.”

“We expect that these factors will result in solid support for the capital raising, and in turn, will set a sound foundation to deliver ongoing investment performance.”

The fund recently reached practical completion on its 31-storey tower at 60 Martin Place and in 2020 will start construction on a 55,000sq m office project at 360 Queen Street in Brisbane.

ICPF has been active recently, selling its interest in 242 Exhibition St Melbourne for $830 million at a 20 per cent premium to valuation.

It also recently struck an agreement to acquire a further 50 per cent interest in a central Sydney office building, 135 King Street, from co-owners Stockland for A$335 million and a 1,000 bay cark park adjoining its 567 Collins St Melbourne building.

Last month, Investa laid the foundations to develop a new premium office tower in Melbourne by acquiring the 10-storey car park behind its 55,000sq m tower at 567 Collins Street, which it completed by CIMIC Group in 2015.

The office building, located at the fast-growing western end of Collins Street, will now likely be joined by a similar next-generation tower that would complement the scale and offering of 567 Collins Street.

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