The media releases on this website relate to ISPT and were issued prior to the merger with IFM Investors. They are provided for historical reference only. They may not reflect IFM’s current views, operations or position.
Contracts exchanged to sell 447 Collins Street, Melbourne
ISPT has exchanged of contracts of sale for 447 Collins Street, Melbourne to Cbus Property for $91M. Settlement is scheduled for December 2013.
The sale contract provides ISPT future rights to re-enter the property as either a joint developer or joint owner on completion.
Daryl Browning, Chief Executive Officer said: “The sale of 447 Collins Street is in line with our ISPT Core Fund strategy of focusing on well-let investment property. We have the option to participate in the future development of the property which could provide future investment stock. We considered a range of options for the site, but ultimately decided a competitive sale process was in the best interest of our Investors.”
Cbus Property is a wholly owned subsidiary of Cbus, a founding investor of ISPT.