Telstra Super has expanded its property portfolio by taking a 50 per cent interest in the development, funding and ownership of the Adelaide Tax Office.
Telstra Super is supporting the development through a 50 per cent equitable interest in the Aspen Property Trust, established by listed company Aspen Group.
The fund has also agreed to provide a construction loan facility of up to $117.6 million, to be drawn on as required from September this year, as well as a term facility of $117.6 million for the five-year period post practical completion in October 2012.
The new development is already 99 per cent leased to the Australian Taxation Office and Australia Post.
Telstra Super chief executive Martin Crowe said the investment reflected Telstra Super’s aim to build a stable of direct interests in quality buildings with A-grade, long-term tenants.
