Frasers-ESR Sell Melbourne Office Project to Ascendas REIT for A$111M
Singapore-based Ascendas Funds Management, a unit of CapitaLand Group announced on the Singapore stock exchange that it would be adding a fourth Australian office property to its existing portfolio.
The deal worth A$110.9 million in a southeastern suburb of Melbourne was purchased from a joint venture between Frasers Property Australia and the Australian unit of logistics group ESR. With Frasers-ESR to take responsibility for marketing the remaining space, and has to provide a 3-year rental guarantee should the space remain unleased. However, Nissan already has 65% of the space leased.
Developers are aiming for a 5-star rating under the NABERS Energy Rating and the Green Star Design criteria.
Full article by Michael Cole, Mingtiandi: View full article here