CLI acquires 22-storey office tower in Melbourne

The asset is the fifth investment made by CLI in Australia within six months.

CapitaLand Investment Limited (CLI) has acquired a 22-storey freehold office tower in Melbourne, making it the fifth investment of the company in Australia within six months.

The office tower was CLI’s first Australian asset acquired through the company’s regional core-plus fund, CapitaLand Open-End Real Estate Fund (COREF).

Following the acquisition, the total investment made by the CLI through the COREF now amounts to approximately $1.24b (US$900m).

The Melbourne building is located at 120 Spencer Street with a committed office occupancy of 97.5% and long weighted average lease expiry of 6.7 years

It also has a net lettable area of 32,000 square metres.

Meanwhile, CLI’s wholly owned lodging business unit, The Ascott Limited (Ascott), also acquired its first lyf-branded coliving property in Sydney, lyf Bondi Junction Sydney, via the Ascott Serviced Residence Global Fund.