Oxford sells more than $1b in office towers
Oxford Properties has just sold 239 George Street and 15 Adelaide Street in Brisbane. Photo: Supplied

Oxford sells more than $1billion in office towers

Oxford Properties has reaped $1.1 billion so far in an extensive divestment of office towers from the holdings of the formerly listed Investa Office Fund after it was bought out by the Canadian giant last year.

The Canadians have just two properties left in play after earmarking a $1.8 billion group of assets to carve out and sell out of the Investa fund’s $4.3 billion portfolio. Of the 10 towers to be sold, only the Piccadilly Complex – its joint owner is Stockland,which will be given a pre-emptive right to bid on it as well – in the Sydney CBD and 99 Walker Street in North Sydney are left. The fate of a third tower, 6 O’Connell Street, is under review.

Bids on the Piccadilly Complex are hitting the $350 million mark while the Walker Street tower is winning interest at $310 million. Such is the appetite for prime office assets it has taken only a matter of weeks for the sell-down to near completion, steered by Josh Cullen and Mark Hansen of Cushman & Wakefield.

Among the divestments so, far fund manager Anton Capital is taking over 39 George Street and 15 Adelaide Street in Brisbane’s CBD for about $225 million while fund manager AsheMorgan are in due diligence to buy the three-building cluster in central Brisbane known as The Complex for about $430 million.

Towers at 111 Pacific Highway in North Sydney and 16-18 Mort Street in Canberra have been traded as has a smaller Perth tower, sold for $72 million which had not been included in the divestment program. Also beyond the scope of the initial plan, Charter Hall is eyeing off an $800 million Exhibition Street in Melbourne, held jointly with Investa’s unlisted fund.