Investa Office Fund (IOF) announces today that it has entered into an agreement to sell 628 Bourke Street, Melbourne, for $129.6 million, subject to settlement adjustments including incentives. The sale is accretive to NTA and will reflect a 12% premium to forecast book value.
The transaction delivers on Investa's commitment to improving risk adjusted returns across the portfolio and follows an intense period of asset management that included leasing over 18,000sqm, increasing the weighted average lease expiry from 2.3 years to 6.8 years. The reported cap rate is 7.25%.
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