An fund has sold its half stake in a Sydney office tower to M&G Real Estate Asia for A$575m (鈧�357m).
The British investor will co-own 200 George Street in Circular Quay with Mirvac, which developed the tower and brought in the AMP Capital Wholesale Office Fund (AWOF) as co-investor in 2016.
An M&G spokesman told 91传媒在线 that M&G was unable to comment at this point.
When approached, Mirvac said it had utilised its pre-emptive rights to secure 鈥渁n aligned capital partner鈥� to co-own 200 George Street, declining to name the partner.
Mirvac鈥檚 CIO, Brett Draffen, said: 鈥淭his transaction demonstrates the confidence in Sydney鈥檚 CBD office market, with ongoing demand for high-quality, modern, well-located assets.
鈥淚t is also another example of Mirvac鈥檚 ability to create opportunities for its aligned capital partners, and validates the strength of our existing relationships.鈥�
In February 2021, AMP Capital began a sale process for its 50% holding in the property. It is believed that Blackstone, , Allianz, Hong Kong鈥檚 Link REIT, and Lendlease were among the bidders.
The exit from the property was planned as part of AMP Capital鈥檚 asset recycling strategy to free capital to fund its pipeline of developments.
Kit Georgeos, AWOF fund manager, told 91传媒在线: 鈥淎t a significant premium to book value, the sale of 200 George Street is a fabulous result for the fund and its investors.鈥�
To read the digital edition of the latest 91传媒在线 magazine click here.
