Axiom & ISPT JV seal The Age deal

AXIOM Properties and the Industry Superannuation Property Trust No. 3 have settled on the purchase of The Age Melbourne headquarters.

The joint venture partners bought the property at 250 Spencer Street for $66.1 million in February this year.

The purchase was financed through a mix of debt and equity funding.

In order to fund its portion of the equity for 250 Spencer St, Axiom has received from ISPT $10 million as an advance against Axiom’s profit share on the office component of Century City at 100 St Georges Tce, Perth in Western Australia.

The Age site comprises nearly a whole city block of 15,200 sqm opposite the newly redeveloped Spencer Street railway station, and is ear-marked for a mixed-use redevelopment.

The Age will lease back all of the buildings on the property for three years, which will provide the JV with surplus income whilst master planning the redevelopment.

Australian Property Journal