Constitution Corridor strikes to school campus for $ 80 million
Constitution Corridor has bought a leased workplace campus from the College of New South Wales within the jap suburbs of Sydney for $ 80.15 million.
Constitution Corridor’s Direct PFA Fund bought the property at 221-227 Anzac Parade in Kensington, apparently from an undisclosed Korean establishment.
The asset is 100% leased to the college and the transaction displays a yield of 6.5%.
The seven-storey constructing has a leasable space of 10,685 m² on a web site of two,466 m².
Constitution Corridor Group Managing Director David Harrison mentioned the acquisition broadened its publicity to the upper schooling and life sciences sector.
“We view the sector as a key progress element of our social infrastructure technique, which has grown to over $ 3 billion in property,” Harrison mentioned in a press release.
Harrison mentioned the fund now has a portfolio of 18 funding properties with a portfolio worth of $ 1.8 billion.
Constitution Corridor Direct CEO Steven Bennett mentioned the acquisition was in step with the fund’s technique of buying property with an extended lease backed by glorious tenants.
“PFA continues to draw new fairness streams as buyers are drawn to the standard of the workplace portfolio with over 60% publicity to authorities tenants,” Bennett mentioned.
Earlier this 12 months, Cedar Pacific and UniLodge introduced plans for a $ 90 million pupil housing undertaking on the identical road at 177-197 Anzac Parade.
The proposal is predicated on the proximity of the location to the campus.
In February, Constitution Corridor accomplished its 18-storey schooling constructing at 6 Hassall Avenue, Parramatta.
Described as a $ 300 million engineering innovation middle, the undertaking is in partnership with Western Sydney College and the College of New South Wales.
Constitution Corridor’s final deal was an off-market transaction managed by Luke Billiau of JLL.