FLCT says the sale aligns with its proactive asset management and portfolio rebalancing strategies, allowing itself to "strategically exit" the challenging Melbourne office CBD market, which continues to suffer from remote work culture, leading to an elevated vacancy level of 18.6% in Melbourne.
Frasers Logistics & Commercial Trust is selling 357 Collins Street in Melbourne for A$195.3 million, or $164.1 million.
The selling price is a 0.6% premium to the property's June 1 independent valuation of A$191 million. FLCT estimates it will book net proceeds of $159.3 million.
