Cove Property Group, which is 38% owned by Blue Sky Alternative Investments
(ASX:BLA), has completed an acquisition of an eight-storey office tower in Manhattan, New York.
Blue Sky says Cove acquired this property at 441 Ninth Avenue, Manhattan, for over $400 million, with most of the equity for this transaction provided by a blue chip US institutional investor.
The company also says this property is located in one of Manhattan’s “most rapidly expanding submarkets” – which has already begun to benefit from a projected US$20 billion worth of private and capital expenditure, and welcomed some high-profile tenants including Wells faro, Boston Consulting Group, JP Morgan and L’Oreal.
Blue Sky says this transaction will help it achieve its FY17 earnings guidance of between $24 million and $26 million.
Blue Sky posted a net profit of $10.5 million at 30 June 2016.
