A joint venture between ARA Asset Management Limited (ARA), a global real assets fund manager, and QuadReal Property Group (QuadReal), a global real estate company and headquartered in Vancouver, Canada, has acquired 200 Victoria Parade, a new Grade A office project, in East Melbourne, Australia.
200 Victoria Parade is 283,000 square feet offering 27,000 square foot floorplates. These floor plans are especially designed for government and corporate tenants with large space requirements. The team is targeting 5.5 Star NABERS Rating and a 5 Green Star rating under the certification of the Green Building Council of Australia. Adjacent to the city’s Government Precinct, this new Grade A office project will welcome its first tenants in Q3 2022.
According to the joint venture, with strong transit connectivity, including tram access into the CBD along Victoria Parade and close proximity to Parliament Station, 200 Victoria Parade is expected to attract those discerning companies which have found quality accommodation in short supply.
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”Investing in Melbourne is attractive now as it is expected to surpass Sydney as Australia’s largest city by 2026.”
ARA and QuadReal have formed a programmatic joint venture to acquire and manage investments in office and logistics in Sydney and Melbourne. ”Investing in Melbourne is attractive now as it is expected to surpass Sydney as Australia’s largest city by 2026,” said in a statement.
“Melbourne is a key focal point of our global cities strategy,” said Peter Kim, Managing Director of Asia for QuadReal. “And our Victoria Parade investment represents a lot of what we like about this market—from the asset’s uniquely large floorplates to the best in class environmental sustainability initiatives that we have planned for the building,” he added.
“ARA is delighted to partner with QuadReal, one of the world’s most sophisticated real estate investment houses. The Victoria Parade project represents an exciting opportunity to secure a strategic foothold in a prestigious location, and we look forward to undertaking many more projects together,” said David Blight, CEO of ARA Australia.
“ARA is a best in class partner for us and this is where we start with any new investment. We have found that complementing our regional teams with experienced operators on the ground is a winning combination, providing us access to better opportunities with tighter pricing and proven execution. Our joint venture with ARA exemplifies such strategy,” said Jonathan Dubois-Phillips, President, International Real Estate at QuadReal.