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TH Real Estate sells 699 Bourke Street, Melbourne
TH Real Estate has sold its 50% stake in 699 Bourke Street, Melbourne.
TH Real Estate purchased the asset as a forward funding development from Mirvac in 2014 for a gross acquisition price of A$74.5 million. The development of the building was completed in May 2015 and was constructed on a suspended deck built over part of the Southern Cross Railway Station.
The six-star energy rated building fronts the Bourke Street pedestrian overpass and comprises 10 levels, including a roof top terrace and indoor conference area.
The building, managed by Mirvac, boasts an occupancy rate of 100% with anchor tenant AGL. The asset achieved its target returns, recording a sale value of A$102m.
Nick Evans, Executive Director and Head of Australia, TH Real Estate said: "Our portfolio focuses on quality, sustainable assets. It’s a testament to our acquisition strategy and development partnership that we have met our target returns so early in the life cycle of this asset."
TH Real Estate's other prime holdings in Australia include a half stake in 101 Miller Street and the Greenwood Plaza in North Sydney, as well as investments in Myer Bourke Street in Melbourne, and an interest in Mount Ommaney Shopping Centre in Brisbane.
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.
Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.
