Colliers International Capital Markets is proud to announce that we helped facilitate one of the largest ever single-asset office transactions in Australia, managing the sell-down of a two-thirds interest in forward-funding the new Commonwealth Bank premises at the Australian Technology Park, Sydney (ATP) on behalf of Mirvac Group.
The Commonwealth Bank component of ATP comprises two 6-Star, campus-style A-grade office buildings totalling 93,000sqm, subject to a 15 year lease from completion in 2019. Based on the capitalisation rate of 5.75% achieved, the end value of the project is in excess of A$1billion.
Colliers International conducted an invitational off-market process involving Mirvac's offshore and domestic capital partners targeting core assets in Australia. AMP Capital Wholesale Office Fund and AMP Capital separate account client, Sunsuper, were selected as preferred parties for the transaction to fund and co-own the property with Mirvac Property Trust.
The development, sell-down process and transaction metrics set new benchmarks for non-CBD office accommodation in Australia and are reflective of global investor demand for new office buildings with high quality lease covenant and tenure.
Should you require advice on forward-funding transactions in Australia, please contact Nick Rathgeber, Leigh Melbourne or Adam Woodward of the market-leading Colliers International Capital Markets team.