Singapore fund manager TrustCapital Advisors has finalised the sale of five major office buildings on Australia's east coast for $727.55 million.
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TrustCapital moved to offload the Melbourne, Sydney and Brisbane towers in June through agents CBRE and JLL.
The fund's tower at 469 La Trobe Street sold to an AMP Capital separate account client for $160.5 million. The 19,864 square-metre office was recently upgraded and had full occupancy.
Two other buildings at 850 Collins Street and 575 Bourke Street were purchased by PA Realty - a joint venture between MEC and CLSA Real Estate - for $156.1 million and $140.2 million respectively.
The Brisbane tower, home to Rio Tinto and Boeing Defense Australia, at 150 Charlotte Street sold to Australian Unity for $105.75 million.
AEW purchased Sydney's 50 Pitt Street for $165 million. The 9873 sq m B-grade office benefited from $20 million being spent on it since 2008. It occupies a super-prime corner in Sydney's CBD.
TCA's Kevin Kang said the assets attracted keen interest and competition from the market and delivered a strong result for the funds' investors.
"With a mixture of leasing activity, refurbishment works and asset enhancement initiatives during our ownership, we ensured that the assets were well positioned for sale," Mr Kang said.
