Metro And Sim Lian Jv Acquire Sydney Office Building A1964 Mil

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Metro Holdings and Sim Lian Group have jointly announced their acquisition of a freehold office building in Sydney, Australia. The property, known as 1 Castlereagh Street, was purchased for a total of A$196.4 million ($172.3 million).

The 27-storey building, which includes retail space on the ground level, is located in the heart of Sydney’s financial district and is adjacent to the newly opened Martin Place railway station. Recently renovated in 2021, the building boasts a NABERS (National Australian Built Environment Rating System) rating of 4 stars. It also offers spacious, column-free floor plates that can be easily divided to cater to the needs of different users.

For those looking to invest in overseas properties, this acquisition presents a unique opportunity to be a part of the growing Sydney CBD market. According to Yip Hoong Mun, CEO of Metro Group, the property is a prime asset in an ideal location that is benefiting from the current trends of companies seeking quality and desirable locations.

This acquisition marks the 18th property purchase for the joint venture partners, and the fifth office building in Australia. With Sim Lian holding a 70% stake and Metro holding the remaining 30%, the investment requires Metro to contribute A$30.8 million. These funds will primarily come from internal cash reserves and external borrowings.

The joint venture’s current portfolio includes 17 freehold properties with an average occupancy rate of 94.1% and a WALE of about 5.6 years at the end of March. With the addition of 1 Castlereagh Street, the portfolio will consist of 18 assets, including five office buildings and 13 retail centers located in New South Wales, Victoria, Queensland, and Western Australia. The total appraised value of the portfolio will be A$1.374 billion ($1.206 billion) with a total NLA of 176,227 sqm (about 1.9 million sq ft).