ISPT exchanges to acquire 50% of Westpac Place
ISPT has exchanged to acquire 100% of units in a trust which controls a 50% interest in Westpac Place located at 275 Kent Street, Sydney. Mirvac holds the other 50%. Settlement is scheduled for July 2018.
Westpac Place is a 77,503 sqm Premium Grade office building located within the Western precinct of the Sydney CBD. The building provides approximately 74,593 sqm of premium office accommodation 100% leased to Westpac Banking Corporation, with a retail component of 2,173 sqm, an on-site Childcare Centre and 214 car spaces.
Mark Bassett, ISPT Core Fund Manager said: “275 Kent Street is an exciting acquisition for the ISPT Core Fund aligning with our strategy to acquire quality investment grade assets with strong income security. The asset will provide exposure to a prime Sydney CBD office asset and increase the Fund’s lease expiry profile. ISPT is also looking forward to continuing our capital partnership with Mirvac.”