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MELBOURNE, Australia, Feb. 24, 2020 /PRNewswire/ -- ARA, a global real assets fund manager, and QuadReal Property Group ("QuadReal"), a global real estate company have acquired 200 Victoria Parade, East Melbourne. Adjacent to the city's Government Precinct, this new Grade A office project will welcome its first tenants in Q3 2022.
ARA and QuadReal have formed a programmatic joint venture to acquire and manage investments in office and logistics in Sydney and Melbourne. Investing in Melbourne is attractive now as it is expected to surpass Sydney as Australia's largest city by 2026.
200 Victoria Parade is 283,000 square feet offering 27,000 square foot floorplates. These floor plans are especially designed for government and corporate tenants with large space requirements. The team is targeting 5.5 Star NABERS Rating and a 5 Green Star rating under the certification of the Green Building Council of Australia.
"Melbourne is a key focal point of our Global Cities strategy," said Peter Kim, Managing Director of Asia for QuadReal. "And our Victoria Parade investment represents a lot of what we like about this market—from the asset's uniquely large floorplates to the best in class environmental sustainability initiatives that we have planned for the building."
With strong transit connectivity, including tram access into the CBD along Victoria Parade and close proximity to Parliament Station, 200 Victoria Parade can also be expected to attract those discerning companies which have found quality accommodation in short supply.
"ARA is delighted to partner with QuadReal, one of the world's most sophisticated real estate investment houses. The Victoria Parade project represents an exciting opportunity to secure a strategic foothold in a prestigious location, and we look forward to undertaking many more projects together," said David Blight, CEO ARA Australia.
"Joining together with David and his dedicated team is so welcome by us given our long association across multiple organizations," said Jonathan Dubois-Phillips, President, International Real Estate at QuadReal. "ARA is a best in class partner for us and this is where we start with any new investment. We have found that complementing our regional teams with experienced operators on the ground is a winning combination, providing us access to better opportunities with tighter pricing and proven execution. Our joint venture with ARA exemplifies such strategy."
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About ARA Asset Management Limited
ARA Asset Management Limited (ARA or the Group) is a leading APAC real assets fund manager with a global reach. With S$87 billion[1] in gross assets under management as at 31 December 2019, ARA manages listed and unlisted real estate investment trusts (REITs) and private real estate and infrastructure funds in 28 countries. As part of its investor-operator philosophy, ARA also operates a real estate management services division with local teams to manage its assets worldwide.
ARA's multi-platform, multi-product global fund management strategy, combined with its dedicated teams with in-depth local knowledge and expertise, enables the Group to offer enduring value to investors. Built on a foundation of strong corporate governance and business integrity, ARA counts some of the world's largest pension funds, sovereign wealth funds, financial institutions, endowments and family offices as its investors.
For more information, please visit www.ara-group.com
[1] Includes assets under management by ARA Asset Management Limited and the Group of companies and its Associates as at 31 December 2019.
About QuadReal
Headquartered in Vancouver, Canada, QuadReal Property Group is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of British Columbia Investment Management Corporation (BCI), one of Canada's largest asset managers with a $153.4 billion portfolio.
QuadReal manages a $37.6 billion portfolio spanning 23 Global Cities across 17 countries. The company seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
For more information, please visit www.quadreal.com
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