CS REF International invests in Wellington
Credit Suisse Asset Management Global Real Estate has acquired the HSBC Tower in the New Zealand capital Wellington. The property is now part of the CS REF International portfolio.
The 26-story HSBC Tower is located in the heart of Wellington's business district, directly on the Lambton Quay shopping mile. The property impresses with its exclusive central location, high standard of finish and historic character, Credit Suisse Asset Management Global Real Estate said. The company acquired the building complex for CHF 70.1 million (102.5 million New Zealand dollars) for Credit Suisse Real Estate Fund International (CS REF International).
The property was created in 2002 by the previous owner, a private individual, and in 2004 the property received the Property Council of New Zealand Excellence Award. The lower part of the listed façade is from the former Hamilton Chambers Building built in 1829. The HSBC Tower is considered an architectural landmark in Wellington, where it is one of the few high-specification Grade A buildings, according to Credit Suisse.
The property has a total area of 15,332 sqm; in addition to office and retail space, it also includes nearly 200 parking spaces and a penthouse apartment. According to Credit Suisse, the property is fully leased to companies with strong credit ratings. The main tenant is the Ministry of Foreign Affairs and Trade (MFAT).
