SPB helps acquire A-grade Parramatta office

Rahul Parrab

Squire Patton Boggs (SPB) was the legal adviser of the buyer of Two Wentworth Street, Parramatta.

The A-grade office building was acquired by SC Capital Partners, through its SC Core – SCORE + fund, from Centuria for $105.3m in a deal that closed in December. The acquisition marks a stepping up of the investor’s activity in Australia, SPB said.

The deal was undertaken with an efficient due diligence and settlement timeline. The acquisition was brokered through Cushman & Wakefield and CI Australia.

Partner Rahul Parrab headed the SPB team. Parrab was supported by senior associate Greg de Mesquita and associates Kevin Lee and Shaista Azam. Finance partner Hai-Dang Nguyen and senior associate Jessica Lucich advised SCORE+ on financing, which was provided by United Overseas Bank (UOB).

Parrab said that SC Capital has a clear vision and confidence in the Australian property market, including greater Parramatta. “We are noticing increasing international interest in the area as the government’s plans for Western Sydney gain momentum.,” he said.

The acquisition is consistent with the SCORE+ strategy of acquiring quality assets in strong growth locations, SPB said. It added that Parramatta is “one of the most attractive office markets in Australia with strong rental growth underpinned by low office vacancy.” The Sydney suburb is supported by strong government and private investment, it said.

Two Wentworth Street, a 13-level building with a net leasable area of 10,940sqm, derived 93% of its income from AAA-rated NSW government tenants, according to Cushman & Wakefield. The building is a stable, income-producing asset with strong leasing covenants, SPB said.

Also involved in the deal was Makinson d’Apice, which counselled Centuria, and Corrs Chambers Westgarth, which acted for UOB.