CIMB-TCA buys RM710m building in Canberra, its third property in Australia

It is joint venture fund's 3rd property in Australia

PETALING JAYA: CIMB TrustCapital Advisors (CIMB-TCA) has acquired another office building in Australia for RM709.6mil (A$226mil) from the Walker Corporation.

The transaction for an A-grade 12-storey office building in Canberra, which was done with a co-investment partner, is the group's third property acquisition in Australia since it entered the market in early 2011.

The premium-grade asset was constructed in 2011 and is on a long term lease to the Commonwealth Government department of education, employment and workplace relations.

The fund's other assets include 469 LaTrobe Street and 850 Collins Street, both in Melbourne.

It had also invested approximately over RM1.41bil (A$450mil) over the last 12 months.

The fund is a joint venture between CIMB Real Estate Sdn Bhd and Singapore-based TrustCapital Advisors Pte Ltd and was established with the objective to invest in high grade commercial office buildings.

““We are very pleased to have completed the acquisition of this excellent asset with a strong tenant covenant,” said CIMB-TCA fund chairman Datuk Robert Cheim in a statement.

He said the third transaction demonstrated that the fund had the clear intent, the will and the resources to execute deals that would deliver strong returns to its investors.

By The Star