Investa

Strong investor interest for Investa’s North Sydney property

Investa Property Group (Investa) confirms that it is experiencing strong initial interest in its 54 Miller Street, North Sydney property which has recently been listed for sale.

54 Miller Street is located in the heart of the North Sydney office precinct, close to the recently upgraded North Sydney train station, bus interchange and amenities including retailers, gyms, cafes, restaurants and hotels.

The building is fully leased to a diversified tenant base. Mid and upper levels have panoramic views of the Sydney harbour and ample basement parking is provided.

The property was bought by the Investa Enhanced Fund (IEF) in 2007. Since then, the Fund has successfully delivered on its investment strategy for the property, re-leasing over 30% of the building and taking occupancy to 100%.

Ian Schilling, Group Executive, of Investa’s Funds Management business confirms: “We think this is a good quality asset which has been repositioned well in the North Sydney CBD. We believe there is a good opportunity in the market at the moment for properties such as these, to attract strong interest, particularly from Asian and Australian private investors”.

The 14 storey building, comprising 13 levels of office accommodation and 2 ground floor retail tenancies, has a net lettable area of approximately 7,126sqm.
The building is being marketed by Bevan Kenny and Tyler Talbot of Chesterton International North Sydney.

Bevan Kenny, Managing Director of Chesterton International North Sydney states: “With economic conditions continuing to stabilise, this is an excellent opportunity for a counter cyclical investment.

An investment in this property offers excellent rental growth prospects in comparison to similar North Sydney CBD buildings.

This is a great chance to own a fully leased building and derive strong capital growth”.

In the North Sydney CBD, Investa owns five buildings, representing over 46,500m2 of office accommodation, including the 6 Star Green Building Council of Australia rated multi-million dollar Ark development, located at 40 Mount Street which is due to be completed in the second quarter of 2010.

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For further information contact:
Investa Property Group
General Manager – Marketing, Katie Barton-Harvey
on 02 8226 9391 or 0427 234 862, kbarton-harvey@investa.com.au


About Investa Property Group

Investa is one of Australia’s largest unlisted owners of commercial real estate. Headquartered in Sydney, Investa has management and development offices in Melbourne, Brisbane and Perth.

Since its inception in 2000, Investa has grown to control real estate assets of approximately AU$8.5 billion (as at 31 March 2009). In September 2007, Investa was purchased by funds managed by Morgan Stanley Real Estate (MSRE) and delisted from the Australian Securities Exchange.

Prior to its delisting as a public company in 2007, Investa was rated number one on the Dow Jones Sustainability World Index (DJSI World) in both the real estate sector and the financial services supersector. Investa was one of only three Australian companies included in the Global 100 (G100) list of sustainable corporations announced at the 2007 World Economic Forum in Davos. In 2008, Investa won Australia’s most prestigious prize for addressing climate change, the Banksia Climate Change Award.

Investa has proven experience in three key business areas:

• Commercial Office
Investa boasts a fully integrated commercial real estate business. Investa buys, sells, owns, develops and manages high-quality office buildings in premier locations in Australia’s capitals. This end-to-end business model gives Investa the ability to ensure optimum quality and performance of its properties and its property services.

• Funds Management
Investa manages a range of wholesale and retail funds on behalf of over 4,000 clients, who encompass institutions, superannuation funds, industry funds and retail investors. Funds under management are approximately AU$2.2 billion (as at 31 March 2009).

• Land Development
Investa undertakes commercial, industrial and residential development in select locations across Australia. Investa’s residential land developments encompass broad-acre subdivisions in New South Wales, Victoria, Queensland and Western Australia. Investa has a commercial, industrial and residential development pipeline with an estimated end value in excess of AU$4.3 billion (as at 31 March 2009).