Propertylink and Grosvenor team up for North Ryde deal
Stephen Day’s Propertylink has partnered with the private Grosvenor Group to acquire four properties in the northern Sydney suburb of North Ryde for $94 million.
The four buildings, purchased from private equity giant Blackstone, will be placed into a new fund known as the Propertylink Office Partnership 3.
The assets — at Lucknow Rd and Julius Ave — are within the North Ryde technology office precinct, near the AMP Capital-owned Macquarie Shopping Centre and several residential projects under development.
The deal was brokered by Knight Frank and CI Australia.
This vehicle is another opportunity for Grosvenor to secure access to good assets in Australia, with strong income and upside potential
“We are positive about the future for office investments in the Sydney CBD and major non-CBD markets such as North Ryde, North Sydney, Parramatta, Chatswood and Macquarie Park, and with the tremendous development of Sydney’s rail and road infrastructure and tenant demand we will target further investments in these key markets,” Day says.
Grosvenor holds the property investment assets of British billionaire Gerald Grosvenor, better known as the Duke of Westminster.
The deal includes four properties in the North Ryde tech office precinct.
Grosvenor investment director Chris Taite says Propertylink has proved its ability to “buy well and deliver on its active asset management strategies”.
“This vehicle is another opportunity for Grosvenor to secure access to good assets in Australia, with strong income and upside potential,” he says.
The portfolio’s four properties have a total site area of 24,480sqm, with a five-year weighted average lease expiry. Major tenants include Revlon, BOC and the Rebel Group.
Propertylink is also close to securing a large part of Charter Hall’s $500 million industrial portfolio, which will probably be split between the company and a Singaporean investor.
This article originally appeared on www.theaustralian.com.au/property.
