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OfficeLindsay SaundersWed 22 Feb 23

Australian Unity Banks $80m for Macquarie Park Sale

5 eden park drive macquarie park

Australian Unity says it will wipe down debt and have more than $40 million in cash after its second Macquarie Park office transaction in three weeks.

It said a contract had been exchanged on the block at 5 Eden Park Drive in Sydney’s north-west for $80.75 million.

It was held under the Australian Unity Office Fund. The sale price represents approximately a 1 per cent premium to the June 30, 2022 independent valuation of $80.0 million. Settlement is expected in March 2023.

It is believed the asset was snapped up by HMC Capital’s HealthCo Health & Wellness REIT in an off-market deal due to settle next month.

AOF Fund manager Nikki Panagopoulos said the fund had “continued to execute on its value maximisation strategy”.

“The sale of 5 Eden Park follows the successful sale of AOF’s assets at 2 Eden Park Drive, Macquarie Park and 30 Pirie Street, Adelaide.

“Following the settlements of those assets and the anticipated settlement of 5 Eden Park Drive, the fund will have no drawn debt and over $40 million of cash.”

The fund sold 2 Eden Park Drive in December for $68.82 million to RKS, and the SA property to Quintessential Equity for $73 million.

5 Eden Park Drive comprises 11,566sq m of warehouse space and A-grade office space over four floors and is fully occupied with a 3.9 year WALE.

“This strong balance sheet provides a platform to continue to advance AOF’s near term priorities, including progressing refurbishment opportunities and active asset management initiatives,” Panagopoulos said.

OfficeAustraliado not useDeal
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
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Article originally posted at: https://www.theurbandeveloper.com/articles/australian-unity-macquarie-park-sydney-office-sale