Centuria eyes World Square stake
Centuria Capital Group is in due diligence for a half stake in Sydney’s World Square office complex.
The interest was quietly offered by Brookfield Asset Management.
Investa with Barrenjoey were reportedly in negotiations for it late last year – for $450 million.
Centuria is speculated to be paying a similar amount.
The balance is held by the Australian Wholesale Property Fund, formerly known as the Allco Wholesale Property Fund.
World Square offices
Part of a mixed use project, the World Square office component comprises two A-grade buildings – the most prominent, 680 George Street, with 62,098 square metres over 36 levels, 101 sqm in ground floor retail and 321 car parks (continues below).
The other asset, 50 Goulburn St, contains 5,748sqm over five floors with 28 basement car parks. Austereo is a high profile occupier here, for 2Day FM and Triple M.
Developed in 2004, the assets were renovated three years ago.
Any deal would come 15 months since Brookfield sold Sydney Luna Park to Oscars Hotels, led by Bill and Mario Gravanis, for more than $50m.
Savills’ Ben Azar, Ben Schubert and Adrian Bokolis and JLL’s Luke Billiau, Simon Storry and Kate Low marketed 680 George St and 50 Goulburn.
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