Proprium Capital Partners Australia buys first property for $76 million

A new entity, Proprium Capital Partners Australia, has made its first purchase with the buying of 72 Christie Street, St Leonards for $76 million.

Proprium Capital Partners Australia is a joint venture between Anton Capital, an independent investment and advisory group which was founded in 2011 by Anthony Kingsley and Tony Martin, and Proprium Capital Partners, a real estate fund manager which arose from Morgan Stanley in March 2013. 

Anton Capital recently bought two buildings at 210 and 220 George Street, Sydney for $100 million and sold them a year later at a premium of almost 60%, at just under $160 million. 

According to North Sydney Cityscope, 72 Christie Street is an A-grade, eight-storey office building with basement car parking for 228 vehicles; it sits on a 2,815 sqm site. The building, which is fully leased to WPP ANUZ, has area of 11,221 sqm and underwent a $20 million refurbishment in 2005. WPP ANUZ was formerly known as STW Communication Group. 

The building last traded at $61.5 million in 2010. This sale, at $76 million, was reportedly at an initial yield of 8.5%.