ARA, QuadReal acquire first property in Australian joint venture
Real estate in Melbourne is becoming particularly attractive as it is expected to become Australia’s largest city by 2026
A joint venture between real estate fund manager ARA Asset Management (ARA) and global real estate firm QuadReal Property Group (QuadReal) has acquired its first property – 200 Victoria Parade, a new Grade A office project, located in the government precinct of East Melbourne and set for occupation in 2022.
ARA and QuadReal formed a JV to acquire and manage investments in office and logistics in Sydney and Melbourne, with Melbourne becoming particularly attractive as it is expected to surpass Sydney as Australia’s largest city by 2026. The property has strong transit connectivity, including tram access into the CBD along Victoria Parade and close proximity to Parliament Station.
The 283,000-square-foot property is especially designed for government and corporate tenants with large space requirements. It is aiming for a 5.5 Star rating under the National Australian Built Environment Rating System and a 5 Green Star certification from the Green Building Council of Australia.
“Melbourne is a key focal point of our global cities strategy,” said Peter Kim, QuadReal’s managing director for Asia. “And our Victoria Parade investment represents a lot of what we like about this market – from the asset’s uniquely large floorplates to the best-in-class environmental sustainability initiatives that we have planned for the building.”
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