Business News: Arcana Capital buys into Perth
Queensland-based property investment group Arcana Capital has bought a Stirling Street office building for $12 million, marking its first foray into the Western Australian capital.
Arcana, which owns $196.87 million of property assets nationally, bought 190 Stirling Street from Scope Property Group for $12 million in March.
The building is anchored by the state government’s Department of Communities.
In addition, the group bought a Brisbane office building at 25 Miles Platting Road in Eight Mile Plains for $13.55 million from BTP Innovation QLD Pty Ltd, anchored by 7-Eleven.
Arcana Capital investor relations manager Colby Phillis said the company, led by former Queensland Premier Campbell Newman, was drawn to the proximity to the CBD of both assets.
“With two high quality office buildings situated in growing capital cities, and major government and multi-national tenants secured, the Capital City Office Unit Trust presents a rare opportunity for Wholesale Investors to achieve inherent diversification within a single closed Trust, whilst still attaining a competitive forecast annualised distribution of 7.25% in Year 1,” he said.
Arcana Capital has been operating since 2015 and has completed the acquisition and ongoing management of 31 properties worth $212.71 million, and raised over $110 million in equity.
The Perth acquisition is the company’s third WA purchase, after it bought two industrial and engineering workshops in Kalgoorlie last year.
This article originally was published in Business News.