Ascendas-Singbridge Group announced that it has acquired its first office property in Australia. The 20-storey Grade-A commercial office tower is located at 100 Arthur Street in North Sydney. The property is currently named Innovation Place, and following its acquisition from the privately held Townwood Pty Ltd, the building will be renamed Ascendas Innovation Place.
The building contains 294,887 sq ft of net lettable office and retail space and is fully leased to commonwealth government tenants, ASX-listed, NYSE-listed and privately owned companies with strong covenants, according to Asccendas-Singbridge. The property will be held by a vehicle set up for a fund which invests in core office assets in gateway cities in Australia, Japan, Singapore and South Korea.
The addition of this property will bring Ascendas-Singbridge’s total assets under management to $2 billion, which had already been bolstered by the acquisition of 27 logistics properties by Ascendas Real Estate Investment Trust last year.
The 20-storey Grade-A commercial office tower is located at 100 Arthur Street in North Sydney