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SYDNEY-Macquarie Office Trust has unveiled plans to sell some of its mature real estate assets as it looks to re-invest in higher growth opportunities in Asia and Europe. Chief investment officer Adrian Taylor, who replaces Simon Jones as chief executive, adds that the trust would take advantage of the current strong investment markets to sell mature assets and recycle capital into other opportunities.
The trust has already indicated it plans to sell One Liberty Square in Boston. "Our active management of the trust's portfolio maximizes potential profits on sale and presents the opportunity to unlock substantial value for investors in the current market," Taylor states.
"With a total property return of 28% achieved over the year and approximately A$200 million ($152 million) in sales identified, Macquarie Office investors are positioned for strong returns." He adds that 2006/7 would be a "transformational" year for the trust as it considers investing in new markets in Europe and Asia.
The trust today posted a net profit of A$450 million ($243million) for 2005/06, up from A$187 million ($142 million) in the previous year. During the year, the trust increased occupancy to 96%. In the US, the trust established a A$1.58 billion ($1.2 billion) joint venture to own a share of five assets in southern California and one in Denver. Macquarie Office has A$5.4 billion in assets under management, including 42 properties located across Australia and the US.
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