Investa Commercial Property Fund sells 130 Pitt Street in Sydney

Investa Commercial Property Fund (ICPF) has finalised the sale of 130 Pitt Street in Sydney for $229 million.

It was bought by PA Realty, a joint venture between Mitsubishi Estate Co and CLSA Real Estate, on an initial yield of 3.7%, reflecting $21,000 per sqm.

Acquired by ICPF for $112.15 million in 2007, the building has 10,098 sqm of net lettable area and is located adjacent to the MLC Centre, walking distance to Pitt Street Mall and Town Hall Station, with prime retail shop frontage to Pitt Street.
ICPF fund manager Jason Leong its is an outstanding result which delivers on ICPF’s strategy of divesting non-core assets within the portfolio at an opportune time in the cycle.

The transaction achieves a strong result for investors, delivering a premium to current valuation.”

Proceeds from the sale will be used to reinvest in the fund’s development pipeline and position the capital of the fund to take advantage of compelling acquisitions in the market.