Allco Commercial REIT to sell stakes in two Australian properties

Allco Commercial REIT said on Wednesday it is putting its stakes in two properties in Australia up for sale and has appointed sales agents for these properties.

The properties are Central Park in Perth and Centrelink Headquarters in Canberra. Together, they are valued at around A$483 million or S$624 million.

CB Richard Ellis and Jones Lang LaSalle (JLL) will sell Allco’s 50 percent interest in Central Park through an international Expressions of Interest campaign which closes on July 10.

JLL and Colliers International have been appointed to market each of Allco REIT’s and Record Realty’s 50 percent interest in Centrelink Headquarters through an international Expression of Interest campaign which closes on June 5.

Central Park is a premium grade office tower and the tallest building in Perth. The property comprises a 47-storey office tower, with a total net lettable area of about 716,000 square feet.

Centrelink Headquarters is a new five-storey Grade A office complex. The property is located within the core of the Tuggeranong Town Centre, one of four town centres within the Australian capital Canberra.

Allco had said that the capital will be redeployed to higher-growth areas in Singapore and Asia. The funds could also be used to repay debts. – CNA/ms

Source : Channel NewsAsia – 7 May 2008

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