Investa invests in Parramatta CBD

Investa Property Group's unlisted Investa Diversified Office Fund has bought the 13-level Macquarie Tower office building for $65.5 million on a tight 6.7 per cent yield. It is banking on the recovery in the Parramatta office market, according to "The Australian Financial Review". The 15,995-square-metre building, at 10 Valentine Avenue and close to Parramatta station, is fully occupied by NSW Government departments until mid-2012. The sale was the final element of a $225 million portfolio sale by the Energy Industries Superannuation Scheme.