Early Light International buys Exchange Centre, Sydney for $335 million
Early Light International Ltd Group has secured 100 percent interest in the iconic Australian Exchange Centre for $335 million on a fully leased 4.5 percent yield from an offshore institutional investor, managed by Investa.
Simon Fenn, Ian Hetherington and Ben Azar of Savills negotiated the sale within three weeks of listing.
Early Light International Ltd Group is a Hong Kong-based toy manufacturer with property management, medical and health services, hotel service, watch and jewellery retail interests and international pre-schools.
The 20 Bridge Street, A-grade 20,329sqm commercial building features 13 upper levels of office accommodation, ‘Exchange Square’ retail on the ground level and an basement auditorium.
The building is 96 percent leased with a long Weighted Average Lease Expiry (WALE) of over seven years. The ASX Group occupies more than 45 percent of the building than 11 years.
Ben Azar, Director of Capital Transactions and Cross Border Investments at Savills said this asset generated immediate interest from our high net worth network of offshore investors from China, Hong Kong, Singapore and Japan, due to its long WALE, strong tenant covenant and 100 percent freehold interest.
