BlackRock Real Estate completes acquisition of office building in Sydney

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BlackRock Real Estate, on behalf of a private fund it manages, has completed of the acquisition of The Zenith, an institutional grade office asset in Chatswood, Sydney. 

The Zenith is a co-investment by the BlackRock-managed private fund and the Centuria Zenith Fund, an unlisted property fund managed by Centuria Property Funds Limited, at a purchase price of over A$279 million.

The Zenith is a landmark office asset with a diversified tenant mix. It is currently 94% occupied, with 40% of its rental income underpinned by government tenants. The property has approximately 44,000 sqm of net lettable area, with 800 car spaces occupying an 8,000-sqm site. It is located in Chatswood, a vibrant office, retail and residential precinct and the North Shore’s major rail and bus hub. The new Sydney Metro rail infrastructure will further improve accessibility and make this location increasingly attractive.

Hamish MacDonald, Director of BlackRock Real Estate in Australia, said, “The excellent location of this asset and the favourable office market dynamics in Sydney make The Zenith an appealing risk-adjusted investment opportunity. We look forward to adding value to this property to meet the needs of current and future tenants, while continuing to seek similar opportunities across the market.”

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 For more information please contact:

Cynthia Ng
+852 3903 2553

Kari Arnison
02 9272 2339

About BlackRock

BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At June 30, 2016, BlackRock’s AUM was USD$4.890 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. As of June 30, 2016, the firm had approximately 12,700 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.

BlackRock Real Estate is the dedicated real estate investment group within BlackRock and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over US$21 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia Pacific, Europe and the US. 

The real estate platform, together with the infrastructure business, combines to form the BlackRock Real Asset group. The integrated group has more than 320 professionals located across 22 offices and managing over US$30 billion of client assets. 

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