AMP Capital take full control of NAB House in Sydney
AMP Capital Wholesale Office Fund has taken full control of NAB house in Sydney's CBD announcing today it has acquired the remaining 25% interest in the A-grade building.
Developed by AMP Capital, 255 George Street has been the Sydney headquarters for National Australia Bank since its completion and NAB remains the building’s anchor tenant today.
AMP Capital Wholesale Office Fund Manager Nick McGrath said the acquisition further strengthens the AWOF portfolio.
In recent years, the owners have invested over $50 million in a transformational upgrade of the asset, setting a new standard of sustainability for existing buildings in the CBD. The building today boasts a 5-star NABERS rating.
“As full owner of the building, we believe we can continue to extract value from this prime asset for investors over the long-term”, McGrath said.
AWOF is an open-ended unlisted trust investing in high-quality office buildings in Australia and New Zealand. As of 31 December, 2013, its assets stood at $2.9 billion.