Forza has secured funding from Commonwealth Bank to undertake a retrofit of Taylors House that will reduce emissions by 30 per cent.
Forza Capital has gone in the opposite direction of many institutional investors by recycling capital from two industrial property divestments into an office building in the Melbourne CBD that it will sustainably retrofit.
“The Melbourne office market is extremely tightly held. The scarcity of investment-grade CBD assets combined with attractive purchase metrics made 399 Lonsdale Street compelling buying, and fits in with Forza’s value-add investment strategy,” Mr Kelly said.Forza will undertake a major sustainability upgrade to 1986-built Taylors House, with the aim of achieving a 30 per cent reduction in emissions over the next two years, while positioning it as a high-quality corporate office building.
“It’s a win-win, these properties will reduce operating costs for Forza Capital while also reducing the environmental impact, and we look forward to supporting more sustainable property upgrades in future,” said Dan Freeman, general manager for commercial banking in Victoria at CBA.It follows Forza Capitalto acquire and refurbish a 25-year-old Brisbane office building and cut its carbon emissions by up to 55 per cent.
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