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GE Nabs Australia Office Portfolio for $390M

SYDNEY-The off-market deal includes 805,147 sf of net leasable area in four office buildings located in low-vacancy CBDs across the country.

By Brian K. Miller | Updated on January 18, 2007

SYDNEY-GE Real Estate has acquired an 805,147-sf office portfolio in Australia. The Cape Boulevard portfolio consists of four buildings in high-demand CBD locations in Perth, Melbourne and Sydney. The price hasn’t been released by the parties involved but industry sources tell GlobeSt.com the purchase price equates to approximately US $390 million.

Cape Boulevard has held the assets for 10 years. All of the properties are fully leased save for a small availability in one of the properties. Cape Boulevard deputy chairman Peter Sarich says the portfolio was not officially for sale.

The company decided to sell after receiving “numerous unsolicited approaches over the past 12 months,” Sarich says. GE was chosen as the buyer after it submitted “favorable and timely settlement terms,” he says.

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