LsSalle adds Melbourne property
LaSalle Investment Management has added to the property portfolio within its LaSalle Australia Core Plus Fund.
The company announced it had acquired the Melbourne property 555 Lonsdale Street for $57.5 million.
It described the property as being a 16-storey A-Grade commercial office building located in the heart of the Melbourne CBD with 16,176 square metres of net lettable area, including a small retail component, and 76 car parking bays.
Commenting on the acquisition, fund manager Simone Dalley said it was in line with the fund's strategy of achieving above-benchmark returns by investing in properties which exhibited strong underlying real estate fundamentals in metropolitan markets.
"This is a good opportunity to buy a quality commercial building in Melbourne, which we believe is currently entering a cyclical downturn with expected recovery in the next two years," she said.
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