EG splashes $66.1m on two Sydney Olympic Park office buildings
Sydney Olympic Park has seen a flurry of sales activity following EG splashing $66.1m on two commercial office buildings.
The real estate fund manager acquired 6 Parkview Drive and 102 Bennelong Parkway from ASX-listed Growthpoint Properties, who had laid out plans last year to offload a number of sites across Australia to pay down debt.
It marks the first deal for EG’s Urban Regeneration Joint Venture which has the initial capacity to buy up to $400 million of commercial property.
Located near the Parramatta CBD, the site spans 1.44ha and features 9992sqm of office accommodation and 283 car bays. It was acquired on a net passing yield of 7.2 per cent.
EG executive director Roger Parker said the two high yielding assets are a strong strategic fit for the Urban Regeneration Joint Venture.
“We’re pleased to secure the first asset in this new $400 million program with our partner, a global long-term investor, continuing EG’s proven track record in revitalising assets and neighbourhoods,” he said.
The deal was negotiated by Tyler Talbot, Graeme Russell and Tim Holtsbaum of Knight Frank, as well as Jason Wright and Chris Bailey of GJS Property.
“The assets are in high demand as demonstrated by a number of recent leasing deals from tenants seeking quality space in Sydney Olympic Park,” Mr Talbot said.
Founded in 2000, EG has $3.2 billion under management on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact.