Over Fifty Group’s (ASX code: OFG) property arm, Century Funds Management, has exchanged contracts for the $38.2million purchase of the 8-storey office building at 7-9 Help Street, Chatswood, NSW.
OFG Managing Director, Mr Chris Martin, said that the acquisition brings total property funds under management within the group to $620 million approximately. The Chatswood property will be held in Century’s flagship diversified property trust, Century Balanced Fund No 1.
Mr Martin commented: “The Chatswood acquisition fits well with Century’s investment philosophy of delivering high total returns for investors via intensive identification, acquisition and active management of investment grade properties.”
Mr Martin said the new asset would now be one of five properties managed by Century, across a number of trusts, at key strategic locations along the soon-to-be completed Chatswood-Epping rail link.
“The company has been reviewing possible acquisitions in Chatswood for two years and we are delighted to confirm this acquisition, which will bring funds under management within Century Balanced Fund No1 to $140 million approximately.”
The 9,376 sq metre property was constructed in 1991 and tenants include CSR, who have entered into a new lease over 5 of the 8 storeys.
OFG, until recently known as OFM Investment Limited, acquired Century Funds Management in July 2006.
Century’s historically high performance property funds are among a range of leading specialist product/services that OFG makes available to suit the particular financial needs of people over 50.
For further enquiries please contact:
Mr Chris Martin, Managing Director, Over Fifty Group (03) 9616 6500.