AM alpha GmbH, a private investment advisory firm servicing private clients, is pleased to announce that it has entered into a joint venture with Abacus Property Group in respect of the commercial office building at 309 George Street, Sydney.
The property will be purchased for AU $68.75 million (approx. 53 million) which (excluding transaction costs) represents an initial yield of 8.5% pa.
This property comprises a 15-story retail and commercial building with a net lettable area of 9,357 m². It is located in the prime core precinct of the Sydney CBD and is in the heart of one of Sydney's busiest retail strips, being adjacent to Wynyard railway station.
The property provides prime ground floor retail as well as office accommodation. It is currently fully occupied. Settlement took place in mid-October 2011.
AM alpha GmbH is a Munich-based privately owned real estate investment firm that focuses on investments in prime real estate in Europe and Asia, investing on its own account as well as for a number of private clients. Its Asian operations are headquartered in Singapore with AM alpha (Singapore) Pte. Ltd. established to advise on and source prime real estate investment opportunities in gateway cities in the Asia Pacific region.
AM alpha will hold 75% of the equity in the joint venture and Australian based Abacus will hold the remaining 25%. The project will be jointly managed by AM alpha and Abacus.
Source: AM alpha