Wednesday 21st May 2025
Corval is pleased to announce the successful sale of the remaining assets of the Corval Corporate Centre Trust, for approximately $109 million.
The Corval Corporate Centre Trust was established in May 2017 to acquire the Corporate Centre in Bundall on the Gold Coast. The property comprised two office towers; Corporate Centre One and Wyndham Corporate Centre; plus a fitness centre and car park located on a large land component.
The Trust previously sold the Wyndham Corporate Centre in 2023 to City of Gold Coast (COGC), returning $0.40 per unit to investors at that time. Corval continued to actively manage the remaining assets of the Trust, exploring options to maximise value, including through working up the development potential of the land and a staged exit program. This centred on working with COGC to demonstrate the strategic value the remaining asset had to it.
We are now pleased to announce the sale of the remaining properties of the Trust to COGC, which will deliver to investors an equity IRR (net of all fees) of circa 12.5% and an equity multiple of circa 2.1 times. This strong result is a testament to the hard work and expertise of our team, who remained focused on delivering compelling outcomes for investors through active asset management and extracting value upon the exit. This result has also been delivered through a tough period in the office sector generally.
Some press relating to the transaction found here:
https://www.realestatesource.com.au/council-pays-record-price-for-office/
