Telstra Super has acquired a 50% stake in the development, funding and ownership of the Adelaide Tax Office Development. Property developer Aspen Group is the seller and the remaining stake holder of the building.
As part of the agreement, the Australian superannuation fund will also offer a loan facility worth $127.3 million to be drawn from September 2011, adds Global Pensions. The Adelaide City Central precinct-based new development office, which is scheduled to be completed in October 2012, is already 99% rented to the Australian Taxation Office and Australia Post.
Click here for the release from Telstra Super.Click here for additional coverage from Global Pensions.