More than $1 billion of stakes in landmark towers in Sydney and Melbourne are up for grabs, the latest sign of confidence that institutional investment activity is re-emerging after the disruption of the past two years.
While substantial in themselves, both offerings come amid increasing evidence institutional investors are one again becoming more comfortable taking large positions in CBD workplaces. As well, Charter Hall’s Prime Office Fund took out a half stake in the $2 billion Southern Cross towers on Bourke Street.Adding momentum to such investments, the yield on 10-year Australian bonds, a key benchmark for value in the commercial property sector, has eased back from a high above 4 per cent earlier this year to around 3.5 per cent.
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