Alceon and Eagle Property Sell Rosebury Asset for $37 Million

Media Release

Nov 29, 2022

Alceon, a financier and multi-strategy alternative investment manager, alongside long-term partner Eagle Property Group, have sold a premium inner city Sydney commercial office property for $37 million.

Nestled in the heart of Rosebery, the Mentmore Quarter is a five-storey boutique commercial office building boasting 5675 square metres of lettable space and 52 car spaces. Currently it is 78 per cent leased across a diverse range of tenants.

The building is located in the inner-city suburb of Roseberry, which is located close to the $13 billion urban renewal project, Green Square, one of Australia’s largest. At completion in 2036, Green Square is forecast to be home to 70,000 residents with more than 30,000 having already moved in.

The Mentmore Quarter was held through the Alceon Australian Property Fund (AAPF), which has funds under management (FUM) of $620 million and holds a hybrid portfolio of listed and unlisted property and infrastructure assets. Since being established in 2011, the fund has returned 11.2 per cent per annum (31 October 2022).

Lawrence Kopping, Director at Eagle Property, said “From Rosebery being Sydney’s oldest industrial heartland, it’s being transformed into a vibrant, sustainable, and connected community that includes commercial and retail property as well as a growing residential market – all factors contributing to the price we secured.

Grant Atchison, Head of Real Estate Funds Management at Alceon, said: “the decision to sell the asset was based on continued inbound interest, price and time in the cycle. Further commercial property in Rosebery is enjoying a renaissance.

“The AAPF’s unlisted portfolio comprises institutional-grade assets within a diversified portfolio of internally and externally managed assets that span the risk spectrum, and the Mentmore Quarter asset complemented our value-add portfolio.”

This media release has been prepared and issued by Alceon Group Pty Limited (ABN 63 122 365 986, AFSL 345 692) (Alceon) and may contain general information. The information is intended for wholesale clients within the meaning of section 761G or 761GA of the Corporations act 2001 (Cth) (Corporations Act) and must not be made available to any persons that are “retail clients” for the purpose of the Corporations Act.

The information is current as at the date or preparation and is subject to change.  The information does not consider the investment objectives, financial situation, or particular needs of any individual. Before making an investment decision, you should consider obtaining professional investment advice that considers your personal circumstances and read the relevant disclosure document to determine whether an investment is right for you.

Alceon does not guarantee repayment of capital or any particular rate of return. An investment may achieve a lower-than-expected return and investors risk losing some or all of their principal investment.  Past performance is no indication of future performance.  Alceon makes no representations or warranties, express or implied, as to the accuracy or completeness of the information it provides and to the maximum extent permitted by law, neither Alceon nor its directors, employees or agents accept any liability for any loss arising in relation to this information.”