Singapore’s AIMS APAC REIT Mulls Purchase Of Woolworths HQ In Sydney
AUSTRALIA – Singapore-listed AIMS APAC REIT is conducting exclusive due diligence in view of buying the domestic headquarters of Australian supermarket and grocery chain Woolworths, reported The Business Times on Thursday morning (9 September, SGT).
But in a filing with Singapore’s bourse (SGX), the trust clarified that no final decision on the purchase of the commercial property in Bella Vista, north-west Sydney has been made. No agreement has been signed and there’s no certainty that AIMS will purchase it.
The clarification came after some media outlets claimed that the REIT is poised to acquire the asset for over A$450 million.
In June 2021, it was reported that Inmark Asset Management has appointed Colliers and CBRE as marketing agents for the office complex. In 2016, the Australian-Korean investment & fund manager purchased the asset from Mirvac for a consideration of A$336.5 million (S$333.3 million).
According to a CBRE press release dated 15 June 2021, the 483,418 sq ft Woolworths office campus stands on 9ha of land. At present, it consists of 3 office blocks all connected to a central atrium, but an additional 301,389 sq ft of commercial space can be built in line with the initial masterplan permission.
The property is leased to Woolworths and has a weighted average lease expiry of 10 years from November 2021.
According to the Thursday morning news from the Australian Financial Review (AFR) and Realestatesource.com.au, a source shared that AIMS APAC REIT is “on the verge” of signing a deal to buy the commercial property for more than A$450 million, making it the biggest transaction involving an Australian suburban office.