Stockland draws a crowd with Macquarie Park Optus Centre STOCKLAND has attracted strong interest in the $375 million Optus Centre at Macquarie Park in Sydney, with domestic players vying with offshore groups for the property. The sale has been a drawn-out process as the size and complexity of the ownership structure has prevented major players from quickly scooping up the complex. GPT Group and Singapore's Ascendas have been named as potential suitors and AMP Capital is the latest to eye the prime office park that serves as the largest single-tenant workplace in Australia. The complex, 12km northwest of the Sydney CBD, comprises an integrated campus with six low-rise office buildings with a total floor area of 84,194sq m and parking for 2100 vehicles. The campus floor plates average 3000sq m. The ownership structure means that any deal is likely to be staged, so the different needs of its owners can be met. An unlisted Stockland-run trust holds a 49 per cent stake in the centre, with Stockland itself holding 31 per cent and superannuation giant Unisuper having 20 per cent. A deal could see ownership stakes reshuffled to allow the Stockland trust or Unisuper to exit, while Stockland and a new owner may co-own the centre. A buyer may also prefer to take on a smaller initial stake, as the entire complex is so large. Stockland told investors last week that the centre's marketing was continuing, but cautioned that due to the scale and premium nature of the property, the sale may take some time. Buyer interest has been received from both international and domestic parties. The offers received are being considered by the trust's responsible entity (RE). The RE will undertake a detailed analysis of all offers received to determine the best possible sale price for the trust's interest in the Optus Centre," Stockland told investors. The asset's weighted average lease expiry by income was nine years as at June 30, but the exposure to Optus as a tenant is very large. Under the Optus lease, rent is reviewed to market as at July 1. There is a "cap and collar" so the rent cannot increase by more than 6 per cent and nor can it fall by more than 3 per cent. Stockland said it had commenced the formal market rent determination process with Optus. An independent valuation of the property at June 30 put the market value at $375m, on a capitalisation rate of 7.5 per cent, and this may rise if rents increase. Stockland and AMP Capital declined to comment.