SC Capital Partners (through its SC Core – SCORE+ Fund) has stepped up its activity in Australia, with the acquisition from Centuria of Two Wentworth Street, Parramatta for AU$105.3 million.
Squire Patton Boggs partner Rahul Parrab advised SCORE+ on the acquisition. The transaction was undertaken with an efficient due diligence and settlement timeline and was brokered through Cushman & Wakefield and CI Australia.
Rahul was supported by Greg de Mesquita, senior associate, and associates Kevin Lee and Shaista Azam. Finance partner Hai-Dang Nguyen and senior associate Jessica Lucich advised SCORE+ on the incoming financing provided by UOB. Makinson d’Apice acted for Centuria and Corrs Chambers Westgarth represented UOB.
The successful acquisition of the A-grade office building is consistent with the SCORE+ Fund strategy to secure quality projects in strong growth locations. Parramatta, which benefits from continued strong government and private investment, represents one of the most attractive office markets in Australia with strong rental growth underpinned by low office vacancy. The asset is 100% leased with a strong government-based tenancy, and reflects a stable, income-producing asset with strong leasing covenants.
Rahul Parrab noted, “We were delighted to again be working with SC Capital, which has a clear vision and confidence in the Australian property market, including Greater Parramatta. We are noticing increasing international interest in the area as the government’s plans for Western Sydney gain momentum.”