Abacus Property Group (ABP) has exchanged contracts to sell its Epping Office Park asset in Sydney’s northern suburbs to Transport NSW for $48.5 million. Settlement is scheduled to occur in June 2012. The property was acquired in April 1997 for $25 million. Abacus has generated an IRR return of 18% on this asset during the period of our ownership.
The asset was originally acquired because of its strong underlying cash flow and the potential to change its use from office to residential. The overall return achieved reflects the underlying potential that Abacus had been working to realise, and validates our core plus investment strategy.