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MoneyRecord deal: Starwood snaps up Chatswood's Zenith Centre for $438.2 million

15:25  10 june  2019
15:25  10 june  2019 Source:   smh.com.au

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US giant fund manager Starwood has cemented footprint in Australia after paying $ 438 . 2 million for the Zenith Centre office complex at Chatswood . Starwood Capital and Arrow Capital Partners have bought Zenith Centre for almost 0 million . Credit:David Clare First Light Photog.

Similar from the Web. Record deal : Starwood snaps up Chatswood ' s Zenith Centre for . US giant fund manager Starwood has cemented Chatswood ' s Zenith Centre sets new price record . bought the Zenith Centre on Friday afternoon for $ 438 . 2 million from joint owners local fund The Zenith

Record deal: Starwood snaps up Chatswood's Zenith Centre for $438.2 million© David Clare First Light Photog. Starwood Capital and Arrow Capital Partners have bought Zenith Centre for almost $440 million.

US giant fund manager Starwood has cemented footprint in Australia after paying $438.2 million for the Zenith Centre office complex at Chatswood on Sydney's north shore.

The price is a record for the country's metropolitan office market and a windfall for the vendors, Centuria and BlackRock.

Under the deal, Starwood in a consortium with Arrow Capital, will get an A-grade office complex comprising twin 21 level towers and basement parking.

The acquisition of the Zenith Centre will be Starwood Capital’s single largest transaction in Australia to date and second joint venture with Arrow Capital.

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Connecticut based Starwood Capital, with New South Wales’ Arrow Capital Partners, have acquired The Zenith Centre in Sydney’ s Chatswood , for $ 438 . 2 million . The twin tower office complex at 821 Pacific Highway was sold by Centuria Capital and BlackRock which paid Dexus and GPT

Record deal : Starwood snaps up Chatswood ' s Zenith Centre for $ 438 . 2 million . US giant fund manager Starwood has cemented footprint in Australia after paying $ 438 . 2 million for the Zenith Centre office complex at Chatswood .

Starwood Capital is the majority partner in the deal, and Arrow Capital is the local asset management partner.

The deal is underpinned by the resurgence in the suburban office markets, where tenants are now heading due to the very low supply of office space in capital cities.

Investors spent more than $4.67 billion on city fringe and suburban office space in 2018, according to JLL’s inaugural Australian Metropolitan Office Market Investment Review & Outlook 2019 report.

JLL head of research Australia Andrew Ballantyne said the metropolitan office markets are increasing in scale and relevance.

"These markets offer a diverse range of product and we see strong activity from private investors across metropolitan office markets as they understand the idiosyncrasies associated with each individual sub-market," Mr Ballantyne said.

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bought the Zenith Centre on Friday afternoon for $ 438 . 2 million from joint owners local fund The Zenith acquisition is the second joint venture between Starwood and Arrow Capital Partners. The sale is symbolic of Sydney’ s strong office market as limited supply – a result of both pent- up demand

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"Metropolitan markets across Sydney and Melbourne are seeing strong leasing activity and above-trend rental growth."

Though well above the 10-year average of $3.84 billion, the total investment in Australia’s metropolitan office markets in 2018 fell short of 2017’s record high of $6.29 billion.

JLL’s head of metropolitan sales & investments Australia Marty Janes said the reduction in transaction volumes was not a symptom of reduced investor demand, but related to a shortage of available product.

"The composition of investors within metropolitan office markets is also starting to evolve. As a result of demographic, structural and economic considerations, the viability of large-scale commercial office developments has led to institutional investment and a more diverse range of capital sources."

Currently, the Centuria Zenith Fund holds a 50 per cent interest in the property, co-investing with a private real estate fund managed by global fund manager BlackRock.

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Inspired by the historic neighborhood it surrounds, 225 Centre is an enticing blend of classic brick and modern architecture. Located in the heart of trendy Jackson Square, you’ll enjoy a diverse night life, restaurants of all tastes, boutique shopping and unique coffee houses.

Transactions were also buoyant in Sydney' s metro markets, including the acquisition by Starwood Capital and Arrow Capital Partners of the Zenith Centre in Chatswood for $ 438 . 2 million , a record price for an office asset outside of the CBD. Sign up to our new weekly Inside Property newsletter.

Centuria’s head of real estate and funds management, Jason Huljich, said Centuria’s 50 per share of the Zenith is owned by investors in the single-asset, unlisted Centuria Zenith Fund, which will be wound up and proceeds distributed to investors, after the sale settles.

BlackRock’s interest was held in a private real estate fund that it manages on behalf of its investors.

"Income returns from the Centuria Zenith Fund have been excellent, on average 7.7 per cent per annum, which is very attractive in the current low interest rate environment," Mr Huljich said.

“The strong sale price achieved from The Zenith offers more proof of our ability to identify opportunities in strengthening markets, which allows us to implement our active asset management strategy to make our properties more attractive workplaces for both our existing and prospective tenants.” Mr Huljich said.

JLL’s head of metropolitan sales & investments for NSW Ben Hunter, said the Sydney metropolitan office market area comprises nine distinct hubs, including North Sydney, St Leonards, Chatswood and Parramatta.

"Strong population growth and low unemployment at 4.3 per cent, as well as the NSW Government’s policy of decentralising public-sector jobs, contributed to the $2.45 billion in fringe and suburban office sales recorded in 2018," Mr Hunter said.

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