Fri, 16 Dec 2005
MEDIA RELEASE
TOWER Limited today confirmed the sale of the 80 Alfred St, Milsons Point, Sydney office building occupied primarily by TOWER for A$47.5 million.
The purchaser is the listed development and investment group Australand Holdings Ltd.TOWER Limited Group Managing Director, Mr Jim Minto, said the sale represented a prudent change to the investment of funds and a rebalancing of the company’s statutory funds on behalf of its policy holders.
“It reflects our continued desire to maximise returns for policyholders and is a change in the company’s investment strategy which is designed to further enhance those returns,” he said.
“We will in future invest in a spread of property securities rather than holding direct property assets.”
The building at 80 Alfred St Milsons Point was completed in 1971 and comprises 15 floors and over 10,000 sq metres of floor space. It was extensively refurbished during the mid 1990s.
TOWER will remain in the building and has negotiated an eight year lease-back period.
It was advised on the sale by John Stinson of DTZ Australia.
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