SINGAPORE - Keppel Reit is acquiring Pinnacle Office Park, a freehold Grade A commercial property comprising three office buildings located within Macquarie Park in Sydney, for A$306 million from the Goodman Group, its manager announced on Sunday .
"In the wake of Covid-19, we believe demand in Australia for quality and well-networked metropolitan locations, such as Macquarie Park, will increase as more companies seek cost-effective solutions or adopt a hub-and-spoke business model for office locations," he said."The acquisition of Pinnacle Office Park allows Keppel Reit to gain exposure to this key metropolitan office market.
Sited close to the Macquarie Park Metro Station and a major bus interchange, the property is well served by public transportation and major arterial roads that provide direct links to the central business district, said the Reit manager. The expected completion of the City and Southwest metro rail in 2024 will also improve the commuting time between Macquarie Park and the CBD to just 20 minutes, it added.
One of its three free-standing buildings, 6 Giffnock Avenue, has the potential to be re-developed into a new office building with higher NLA, subject to approval by local authorities, the Reit manager added.
Source: Real Estate Daily Report (realestatedailyreport.net)
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