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KKR in $120m deal to buy three Melbourne World Trade towers

18 Aug 2014

download (3)Global private equity investor KKR has partnered up with Abacus Property Group to buy a 70 per cent stake in three of Melbourne’s World Trade Centre towers for $120.4m.

Australian property company Asset 1 WTC which is selling the stake in towers two, three and four, will keep the remaining 30 per cent co-ownership interest.

Under the terms of the deal KKR will fund three quarters of the equity with Abacus stumping up the remaining 25 per cent while also providing local property, asset and development management services to WTC.

KKR Asia real estate director Bryan Southergill said, “We are very pleased to expand our real estate business to the Australian market.

“We look forward to working together with our partners, Abacus and Asset 1 WTC to achieve our investment objectives on this uniquely placed asset in the Melbourne market.”

The World Trade Centre complex is part of Melbourne’s Northbank precinct. The three towers relating to the sale consist of nearly 50,000 square metres of net lettable area. It is currently 90 per cent occupied.

In June KKR commercial property group K Twin Towers based in the Gwanghwamun precinct within the Seoul central business district.

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