Brookfield sells 50.1pc stake in two Sydney offices
Brookfield has sold a 50.1 per cent stake in neighbouring CBD offices.
In the biggest deal, Marprop is paying $140.1m for the interest in 60 Carrington Street.
EG Funds, meanwhile, is outlaying $107m for its share of 50 Carrington St.
This buyer (EG), also recently acquired a 49.9pc stake in both 50 and 60 Carrington streets from an AMP Capital managed mandate for Swiss Re.
Its properties will be placed in the EG Australian Core Enhanced Fund (ACE).
Cushman & Wakefield’s Mark Hansen, Josh Cullen and Steven Kearney represented Brookfield.
Marprop sending spree
The 60 Carrington St acquisition, which settled in January, comes nine months since Marprop outlaid $35.3m for neighbouring Newcastle offices, including the town’s family court.
In 2019, the Sydney based buyer, with GLL Real Estate, spent c$80m on Bendigo Bank’s headquarters, at Melbourne’s Docklands.
The same partnership acquired a St Kilda Road commercial building, also in the Victorian capital, in 2018 (story continues below).
EG Funds
EG Funds meanwhile, has been a particularly active buyer, this year.
A fortnight ago, it paid a speculated $109m for 32 Walker St, North Sydney – again from Swiss Re, and for ACE.
Last month the manager spent $27.3m on a B-grade office with significant development upside in Melbourne’s inner east Abbotsford.
In February, it outlaid $4.2m for a 4.8ha industrial investment in Sydney’s west Vineyard.
Dutch pension fund PGGM recently made a $500m commitment with EG.
More to come.
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