Aware Real Estate has expanded its Australian office portfolio through the acquisition of a 50 per cent interest in 100 Market Street, Sydney, for around AUD226 million, establishing a new partnership with Link Asset Management. The A-Grade office building is one of the CBD’s premier commercial assets.
Located in the heart of Sydney’s CBD, the 28,339 sqm of premium office accommodation across 10 levels and is fully leased to a high-quality tenant base including an S&P/ASX 100 listed property investor, a Commonwealth government body and a sovereign wealth fund. The asset benefits from direct integration with Westfield Sydney, excellent transport connectivity and strong sustainability credentials, consistently achieving a 5.5 Star NABERS Energy rating.
Aware Real Estate is a property operating platform established by its sole investor, Aware Super to acquire and operate property assets across office, retail and industrial sectors. The acquisition further strengthens Aware Real Estate’s directly owned office portfolio and reinforces its strategy of investing in high-quality institutional assets capable of delivering resilient, long-term performance.
Pete Carstairs, Head of Investments and Capital Transactions, Aware Real Estate, said: “100 Market Street is a high-quality CBD office asset that aligns strongly with our long-term investment strategy and commitment to delivering sustainable value for our investor, Aware Super, and its members.
“We are pleased to partner with Link, whose experience with the asset complements our own investment and asset management expertise. Together, we look forward to stewarding the future of this asset through a collaborative partnership focused on long-term performance, tenant outcomes and value creation.”
Alek Misev, Head of Property, Aware Super said the investment by the Aware Real Estate platform reinforced the Fund’s conviction in Australia’s premier office market.
“This was a rare opportunity for the Aware Real Estate platform to acquire a high-quality Sydney CBD office asset with cornerstone government and corporate tenants. Ideally located near transport and retail amenities, the building is well positioned to remain in demand through market cycles while appealing to a diverse range of businesses.
“The 100 Market Street investment also reflects our continued confidence in the long-term strength of the Sydney CBD office market, where we continue to see opportunities to invest in high-quality institutional assets with strong tenant demand and enduring fundamentals.
Commercial real estate remains an important part of our portfolio, and this acquisition aligns with our strategy of delivering resilient, sustainable returns for our members over the long term.”
Tracey Whitby, CEO, Aware Real Estate said: “The acquisition of 100 Market Street is strongly aligned with our focus on building a portfolio of high-quality assets that can deliver sustainable outperformance for Aware Super and its members. It is the type of investment we seek to make on behalf of Aware Super’s members – high conviction, well located and supported by strong long-term fundamentals.”
John Saunders, Link’s Executive Director and Chief Investment Officer, said: “We are pleased to work alongside Aware Real Estate as an aligned partner, jointly overseeing the continued success of 100 Market Street. This transaction brings together complementary strengths and long-term capital, positioning the asset to deliver enhanced performance on behalf of our investors. Link looks forward to working collaboratively with Aware Real Estate, together we are committed to delivering outstanding outcomes for our tenants while Link continues to provide agreed management services in support of the partnership.”
This acquisition further strengthens Aware Super’s property portfolio which manages more than $16 billion of assets on behalf of the fund’s 1.3 million members and builds on Aware Real Estate’s portfolio of high-quality office assets, including 145 Ann St in the Brisbane CBD and 207 Pacific Highway in St Leonards.
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