Ascendas-Singbridge Group acquires office building in Sydney,CBD
The Ascendas-Singbridge Group announced that it has completed the acquisition of 100 Arthur Street in North Sydney, Australia. The A-Grade commercial building, also known as Innovation Place, was purchased from the privately held Townwood Pty Ltd for $315 million.
Landmark acquisition marks Ascendas-Singbridge’s first foray into office space in Australia
To be renamed Ascendas Innovation Place, the property is held by a vehicle set up for a fund which invests in core office real estate in the gateway cities of Singapore, Australia, South Korea and Japan.
The acquisition marks Ascendas-Singbridge’s first foray into the commercial office sector in Australia, and builds on the Group’s portfolio in the market following the acquisition of 27 logistics properties by Ascendas Real Estate Investment Trust last year. With this addition, AscendasSingbridge brings its Assets Under Management (AUM) in Australia to about S$2 billion.
Located on the eastern edge of the North Sydney Central Business District (CBD), Ascendas Innovation Place is a five-minute drive across the Sydney Harbour Bridge to the Sydney Central CBD. The asset is an A-Grade commercial office tower featuring modern office and retail space with state-of-the-art end-of-trip facilities and a five-star National Australian Built Environment Rating System (NABERS) energy rating.
The 20-storey building enjoys excellent views, natural light, two street frontages and convenient access to major transportation nodes including rail and bus terminals within a short walk, arterial roads as well as retail and dining options nearby.
Mr Jonathan Yap, Chief Investment Officer of Ascendas-Singbridge, said, “Ascendas Innovation Place represents a very compelling investment proposition, incorporating high quality A-Grade office space, strategic location, state-of-the-art facilities and views of the iconic Sydney Opera House and Harbour Bridge. With this entry into the commercial office market in Australia, we hope to replicate the success we’ve had with our other asset classes. While we continue to derive value from the best-in-class assets we invest in, we continue to be on the lookout for others that will bolster our growth.”