Contracts exchanged to sell 447 Collins Street, Melbourne

ISPT has exchanged of contracts of sale for 447 Collins Street, Melbourne to Cbus Property for $91M. Settlement is scheduled for December 2013.

The sale contract provides ISPT future rights to re-enter the property as either a joint developer or joint owner on completion.

Daryl Browning, Chief Executive Officer said: “The sale of 447 Collins Street is in line with our ISPT Core Fund strategy of focusing on well-let investment property. We have the option to participate in the future development of the property which could provide future investment stock. We considered a range of options for the site, but ultimately decided a competitive sale process was in the best interest of our Investors.”

Cbus Property is a wholly owned subsidiary of Cbus, a founding investor of ISPT.