NEWS
Foreign investors have been involved in a record number of Australian office property sales.
Overseas buyers accounted for 70 percent of office transactions above AUD$50 million each, totaling AUD$2.4 billion, in the 12 months to June 8.
According to Rick Butler, senior managing director for international investments, - “Australia is seen to provide a transparent, safe market with growth potential”.
Overseas buyers bought a third of Australian commercial properties in 2009. They spent AUD$1.1 billion in the second half, compared with AUD$550 million a year earlier.
Asian buyers were responsible for almost half the transactions in the last 12 months, with Korean investors accounting for 28 percent after the AUD$685 million purchase of Aurora Place.
European buyers were involved in 20 percent of the office sales, according to CBRE data.
Source: Bloomberg
Published: 13 June 2010
