POWERED BY MOMENTUM MEDIA
Sunsuper acquires Melbourne CBD property through AMP Capital
AMP Capital Investors has purchased a Melbourne CBD office property for $107 million on behalf of Sunsuper, the firm announced.
The property, at 330 Collins Street, contains more than 18,000 square metres of office space over 20 levels and takes the number of properties under its direct property portfolio mandate to five, according to AMP Capital.
AMP Capital portfolio manager Damian Fitzpatrick said that with office rent values in the Melbourne CBD set to rise in the next five years due to decreased development following the global financial crisis, the acquisition meet's Sunsuper's investment criteria in both geographical location and projected income returns.
The property is currently 100 per cent leased and will offer Sunsuper ongoing positive returns, he said
Sunsuper chief executive Tony Lally said the purchase complemented Sunsuper's national growth strategy, along with the recent purchase of 35 Clarence Street in Sydney.
According to CB Richard Ellis' latest Melbourne CBD office report, no large office buildings are expected to come on the market in Melbourne's CBD for three years, while demand from tenants will continue to remain strong, AMP Capital stated.
Recommended for you
Deloitte Access Economics has raised concerns about the government’s recent changes to the Future Fund’s investment mandate, questioning the necessity and implications of the reforms.
An industry body has praised the strong backing from institutional investors for Australia’s transition to renewable energy.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
