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Squire Patton Boggs has advised SC Capital Partners on its acquisition of 2 Wentworth Street, Parramatta.
Firms: Squire Patton Boggs (SC Capital Partners); Makinson d’Apice (Centuria)
Value: $105.3 million.
Area: M&A
Key players: Squire Patton Boggs partner Rahul Parrab advised SCORE+ on the acquisition, with support by Greg de Mesquita, senior associate, and associates Kevin Lee and Shaista Azam.
SPB finance partner Hai-Dang Nguyen and senior associate Jessica Lucich advised SCORE+ on the incoming financing provided by UOB.
Deal significance: According to a statement supplied by SPB: “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 per cent leased with a strong government-based tenancy, and reflects a stable, income-producing asset with strong leasing covenants,” the statement said.
Lead partner Mr Parrab added: “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.”
