Premier Health Care’s Viv Padman sells KPMG building for $92.5m
Adelaide businessman Viv Padman has sold the KPMG building on Pirie St after striking a $92.5 million deal with global investment group BlackRock.
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Adelaide businessman Viv Padman has earned a $92.5 million payday after offloading the KPMG building on Pirie St in the city.
Investment group BlackRock has acquired the office building, which overlooks Hindmarsh Square, five years after Mr Padman paid $72 million for the property.
It is understood the off market deal was led by CBRE’s Ian Thomas and Alistair Laycock, who declined to comment.
Built in 2006, the 12,650sqm tower was one of the first “new generation” office buildings to be constructed in Adelaide.
Since then, major tenants including KPMG and CBRE have undertaken significant upgrades to their space in the building, while the ground floor foyer has also been refurbished.
Settlement of the transaction follows the $85 million purchase of an A grade tower at 100 Waymouth St by Real I.S. - the German fund that sold the KPMG building to Mr Padman in early 2015.
In 2014, 30 years after establishing Padman Healthcare, Mr Padman and wife Florence sold the company to Estia Health in a $150 million-plus deal.
Last year the family revealed plans to rebuild a new aged care empire across South Australia and Queensland, investing more than $130 million in new aged care developments across the two states.
With its global headquarters in New York, BlackRock is one of the world’s biggest asset managers, with its Australian subsidiary holding a range of investments in property, equities, fixed-income and other assets.
The Advertiser has contacted BlackRock for comment.