EG has supported their client, Link REIT, in securing a half-stake in a $2.3 billion portfolio of five prime office buildings located in Sydney and Melbourne’s CBDs. Investing alongside Canada’s Oxford Properties and its local manager, Investa, the deal is the second major Australian purchase for Hong Kong’s Link in three months.
The property portfolio, which comprises of interests in assets at Melbourne’s 567 Collins Street and Sydney’s 126 Phillip Street, 388 George Street, 151 Clarence Street and 347 Kent Street, has been billed as one of the country’s best collections of office assets that has been offered in recent years. Deutsche Bank Place on Phillip Street boasts stunning views across Sydney Harbour. As two of the largest buildings in the portfolio, both this asset and Barrack Place on Clarence Street incorporate popular laneway retailers and house major tenants such as Deutsche Bank and law firm, Allens.
EG’s Head of Capital Transactions, Sean Fleming, believes securing exposure to the very top end of Australia’s office market is a timely strategic move for Link REIT in building a core portfolio with stable income and future growth potential. “EG believes the portfolio will be resilient to the pressures of COVID because they meet tenant demand for high-quality, hybrid and healthy work environments,” said Fleming.
In November 2021, EG supported Link REIT’s acquisition of a 50% stake in the iconic retail assets of Queen Victoria Building, The Strand and The Galeries in Sydney’s CBD. “It’s exciting to build our relationship with Link REIT through the procurement of some of Australia’s most renowned and celebrated icons of the built environment – truly the best in their class,” commented EG’s Executive Director, Roger Parker.
Founded in 2000, EG manages in excess of $4.3 billion in real estate on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact. With $3.9 billion in development pipeline, and 16.7% per annum in realised IRR for institutional funds, EG is committed to finding a better path to better returns.