Not for release or distribution in the US.
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.