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The AMP Capital Global Direct Property fund has sold Liberty Square, a core office building in the Boston CBD for US$28.25 million.
A significant sale premium was achieved for the asset, which was purchased in December 2012 for US$17.6 million.
Two Liberty Square is a historic B Grade office building with more than 64,000 square feet over 11 storeys. It is centrally located in the most established and densely built area in the Boston financial district.
AMP Capital Global Direct Fund Manager Tim Fallet said: “We are very pleased with the very strong result achieved for our investors, with the price per square foot setting a new record for this type of property in the Boston market.
“Intensive asset management has secured new leasing deals covering almost half of the building’s net lettable area, resulting in strong performance in both rental and capital growth.
“This transaction allows us to capitalise on the high demand for core office investments at this point in the cycle and redeploy the proceeds into other top-tier secondary US markets poised for growth, which will also improve portfolio diversification for investors.”
The Global Direct Property Fund provides Australian superannuation funds with access to core and core plus direct property investment opportunities in large, liquid and transparent offshore markets. The fund invests in a strategic mix of international direct property assets across all the property sectors.
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While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (AMP Capital) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital.