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Telstra Super Buys 50% ATO Complex Stake
Telstra Super has acquired a 50% stake in the development, funding and ownership of the Adelaide Tax Office Development.
Telstra Superhas acquired a 50% stake in the development, funding and ownership of theAdelaide Tax Office Development. Property developerAspen Groupis the seller and the remaining stake holder of the building.
As part of the agreement, the Australian superannuation fund will also offer a loan facility worth $127.3 million to be drawn from September 2011, addsGlobal Pensions. The Adelaide City Central precinct-based new development office, which is scheduled to be completed in October 2012, is already 99% rented to theAustralian Taxation OfficeandAustralia Post.
Click here for the release fromTelstra Super.
Click here for additional coverage fromGlobal Pensions.