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Savills IM makes first acquisitions in Australia

By Michael Lim

/ The Edge Property |

April 6, 2017 10:00 AM SGT

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Savills Investment Management says it has completed its first Australian acquisitions of close to A$90 million ($95.5 million) for its Savills IM Asia Pacific Fund in Perth and Brisbane. SIM APF is an open-ended, Pan-Asian, core/core-plus fund that invests in mature markets within Asia-Pacific.

The investments were completed in a span of four months, with the acquisition of Quest East Perth, a new four-star serviced apartment hotel located within Perth’s CBD, and The Station Oxley, a shopping centre in Brisbane with a net lettable area of about 7,100 sq m.

In December 2016, Savills IM purchased Quest East Perth from a local developer. The property has a total of 130 rooms, a rooftop function area, an in-house gymnasium, and conference facilities. The property was purchased with a long-term lease to leading operator Quest through to 2031.

Last month, Savills IM made its first foray into Queensland’s real estate market with the acquisition of The Station Oxley. The property has a weighted average lease expiry of over 10 years and is anchored by Woolworths and the Queensland government, which account for 65% of its income. It also boasts 16 specialty stores.

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