Cromwell Sells Melbourne Asset To American Invesco

 has sold its office property at 321 Exhibition Street, Melbourne, for $208 million, to American investment company

Invesco.

The Exhibition Street property is a 22 level A-grade office complex with 29,809 square metres of office accommodation, currently leased to Origin Energy, and 391 square metres of retail space.

ALSO SEE: Shadow Play Developer To Transform Melbourne Skyline

The sale price represents a premium of 9.4% to the most recent independent valuation.

The building achieved a 5.5 Star Green Star rating following an extensive refurbishment Cromwell undertook between July 2010 and August 2011.

The refurbishment included a full base building refurbishment and the installation of a state-of-the-art gas fired trigeneration plant which delivers heating and cooling for the building’s air conditioning system.

"The disposal continues Cromwell’s strategy to maximise value from individual assets. Cromwell will look to redeploy the net sale proceeds over time for balance sheet acquisitions or to support new product offerings by our funds management business," Cromwell CEO Paul Weightman said.

Settlement of the Exhibition Street property is scheduled for August and was negotiated by Colliers International.