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RetailStaff WriterWed 21 Jun 17

International Holdings Company Casts Light Over Australian Exchange Centre

20-Bridge-Street-Sydney_620x380

Early Light International (Holdings) Ltd Group has secured 100 per cent interest in the iconic Australian Exchange Centre for $335 million.

The transaction was a fully leased 4.5 per cent yield from an offshore institutional investor, managed by Investa.

The transaction was negotiated by Simon Fenn, Ian Hetherington and Ben Azar of Savills within three weeks of hitting the market as the first institutional grade Sydney CBD core offering since June 2013.

The Exchange Centre marked the first Australian property purchased by the group known as Hong Kong’s leading toy manufacturer, which also specialises in property management, medical and health services, hotel service, watch and jewellery retail and international pre-schools.

Located at 20 Bridge Street, the A-grade 20,329 square metre commercial building comprises 13 upper levels of office accommodation, ‘Exchange Square’ retail on the ground level and an Auditorium at basement level.

The building is 96 per cent leased with a long Weighted Average Lease Expiry (WALE) of over seven years. The ASX Group occupies more than 45 per cent of the building, with a lease expiry of more than 11 years.

Savills Capital Transactions Director Ben Azar said the Exchange Centre generated immediate interest from high net worth offshore investors from China, Hong Kong, Singapore and Japan.

Their interest was attributed to site's long WALE, strong tenant covenant and 100 per cent freehold interest.

Founded by Dr Francis Choi Chee-ming, Early Light International (Holdings) Ltd Group has a solid presence in Hong Kong and Mainland China, servicing international and local needs.

The Exchange Centre offers significant street frontage along Bridge Street and is minutes from Circular Quay and Wynyard Train Station.

RetailAustraliaInternationalFinanceReal EstateSector
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Article originally posted at: https://www.theurbandeveloper.com/articles/international-holdings-company-casts-light-australian-exchange-centre