Singapore’s Ascendas Real Estate Investment Trust (Ascendas Reit) has acquired a suburban office property, located at 1 – 5 Thomas Holt Drive, Macquarie Park, in Sydney, Australia, for S$284.0 million (A$288.9 million) from AMP Capital.
“We are continuing to expand our suburban office portfolio in Australia as affordable satellite hubs such as Macquarie Park remain attractive for companies seeking to decentralise from the central business district (CBD). 1-5 Thomas Holt Drive is our fifth suburban office property investment in Australia. With this acquisition, Sydney accounts for 48% of our Australian portfolio,” said William Tay, Executive Director and Chief Executive Officer of the Manager.
The campus style property comprises three suburban office blocks with a net lettable area (NLA) of 39,188 square metres, located on freehold land.
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1-5 THD is 100% occupied (93% physical occupancy rate) with a long weighted average lease to expiry (WALE) of 4.5 years. This will lengthen the Australian portfolio’s WALE from 4.3 years to 4.4 years.
1-5 THD is located in Macquarie Park, the largest metropolitan market in Australia and a well-established business precinct occupied by national and international corporate headquarters across the pharmaceutical, technology, electronics and telecommunications industries.