Singaporean fund manager AIMS APAC REIT (AA REIT) has acquired Woolworths’ Sydney headquarters and data centre for AU$463.25 million (US$336.8m).
The 44,911 sq m site is fully occupied by Woolworths with a 10-year lease and is owned by Inmark Asset Management Pty Ltd. Inmark purchasd the property from Mirvac Group in 2016 on behalf of a group of South Korean investors for AU$336 million (US$258 million).
The campus is set in Northwest Business Park in New South Wales, a nine-hectare site comprising of a “significant” data centre as well as office space and various retail facilities.
The campus will be the largest asset in AA REIT’s portfolio. In addition to 2.75% annual rental increases, the site offers further potential to increase value through future site expansion of additional buildings.