PRIVATE equity real estate advisory firm, MGPA, is on the lookout for further investments after closing the $105.67 million purchase of the Optima Centre in Perth.
The property was purchased after an off-market competitive process from a joint venture between the developer, Alcock Brown Neaves Group, and entities managed by Macquarie Group.
MGPA Asia CEO John Saunders this is the first asset for MGPA Asien Spezialfonds, a German fund for investors focused on investing in Asia Pacific. The target equity capital is €500 million and it is administered by the German investment company Universal-Investment (KAG). With more than €160 billion assets under administration Universal-Investment is the largest independent investment company in German-speaking Europe.
Completed in 2009/2010, the Optima Centre was recently constructed and comprises a total net lettable area of 16,116 sqm over two buildings and includes 500 car spaces. It is fully occupied and 83% is leased to the Western Australia government with a weighted average lease expiry is approximately 12 years.
MGPA Australia director Hamish MacDonald said the firm will continue to mine the office markets for further opportunities for this fund.
Property Review
